The local share market has ended its seven-day winning streak, with traders apparently skittish of what Fed chairman Jerome Powell might say to the US Congress in the overnight hours.
The benchmark S&P index on Wednesday finished down 42.9 points, or 0.58 per cent, to 7,314.9, while the broader All Ordinaries dropped 42.9 points, or 0.57 per cent, to 7,505.6.
St George bank economist Jameson Coombs said investors remained apprehensive in the lead-up to Powell's two-day semi-annual congressional testimony, which begins at midnight AEST with an appearance before the Senate Banking Committee.
Traders will be watching for guidance on the future path of interest rates after the Fed last week left rates unchanged for the first time in 11 meetings, while forecasting that rates would have to rise twice more before the end of the year.
Traders were also likely taking something off the table after the ASX200 jumped 3.6 per cent in just a week and a half to close Tuesday at a two-month high.
Flight Centre was the biggest loser among the ASX200 on Wednesday, falling 6.9 per cent to $19.90 after the travel company forecast full-year earnings of $270 million to $290 million - up slightly from its February guidance, but apparently disappointing investors who were hoping for more.
TPG dropped 5.4 per cent to $5.26 after the Australian Competition Tribunal backed the Australian Competition and Consumer Commission's rejection of its $1.8 billion spectrum-sharing arrangement with Telstra.
Telstra was flat at $4.42 with its CEO Vicki Brady, calling the outcome disappointing and saying the two telcos would consider the decision in full before deciding on further action.
In the heavyweight mining sector, BHP dropped 1.1 per cent to $46.22, Fortescue Metals retreated 1.7 per cent to $22.02 and Rio Tinto finished down 1.4 per cent at $115.79.
The Big Four banks were mixed, with CBA and NAB up 0.1 per cent to $101.68 and $26.53, respectively, while Westpac dropped 1.0 per cent to $21.22 and ANZ fell 0.5 per cent to $23.68.
Regional Express (Rex) fell 12.0 per cent to $1.06 after the regional airline said it wouldn't turn a profit this financial year after all, and instead forecast a $35 million loss. A shortage of pilots and engineers has forced it to cut back on flights recently.
Bubs soared 31 per cent to a five-week high 19c after the infant formula company declared revenue would be at the upper end of guidance and said it was on track to meet all regulatory requirements for permanent access to the US market.
But Bubs shares are still down 36 per cent for the year amid a messy fight between its board and ex-CEO and founder, Kristy Carr.
Telix Pharmaceuticals gained 5.8 per cent to an all-time high of $12.28 after Australia's second-largest biotech prepared to brief investors in New York about its vision for urology treatments following the success of its prostate cancer imaging agent, Illucix.
The Australian dollar was buying 67.76 US cents, from 68.10 US cents at Tuesday's ASX close.
ON THE ASX:
* The benchmark S&P/ASX200 index finished Wednesday down 42.9 points, or 0.58 per cent, at 7,314.9
* The broader All Ordinaries fell 42.9 points, or 0.57 per cent, to 7,505.6
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 67.76 US cents, from 68.10 US cents at Wednesday's ASX close
* 96.23 Japanese yen, from 96.53 Japanese yen
* 62.05 Euro cents, from 62.23 Euro cents
* 53.03 British pence, from 53.19 British pence
* 109.73 NZ cents, from 109.98 NZ cents
