SYDNEY — The S&P/ASX 200 index ended Tuesday's session virtually unchanged, closing at 8,604.1 after swinging sharply in volatile trading that reflected global market jitters and shifting expectations for interest rates in Australia and the United States.

The benchmark Australian share index shed a minimal 0.1 points, or 0.00%, in a session marked by an early plunge of more than 1.5% before a partial recovery driven by strength in consumer and defensive sectors. The day's action underscored ongoing investor caution amid elevated U.S. rate expectations following strong American jobs data and concerns over commodity prices.

Trading volume was solid as the market returned from a public holiday, with investors digesting Friday's heavy losses on Wall Street. U.S. non-farm payrolls data boosted bets on a potential Federal Reserve rate hike later in 2026, pressuring growth-sensitive assets globally.

Sector Divergence Highlights Market Rotation

Materials stocks, heavily weighted toward iron ore and gold miners, led declines as commodity prices came under pressure. The sector faced headwinds from softer metal prices and broader risk-off sentiment. Major players like BHP Group and Rio Tinto contributed to the drag, with the index experiencing intraday lows around 8,490 before rebounding.

In contrast, consumer staples, discretionary retailers,........

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