End-of-day summary:
The share market unwound most of last week's advance as the materials sector slumped to an eight-month low and high-flying banking stocks took a breather.
The ASX 200 dropped 62 points or 0.8%. The benchmark put on 72 points last week after the Reserve Bank left the cash rate unchanged.
Further falls today in iron ore, copper, gold and other metals helped push the materials sector down almost 1.1% to its lowest since late November. Notable falls included Deep Yellow, Evolution Mining and Boss Energy. The financial sector eased 0.57% from Friday's record close.
The week ahead brings May inflation data on Wednesday that could tip the RBA towards another unwelcome rate rise. Alternatively, a decline could put to bed lingering doubts that this hiking cycle is not yet over.
