Day traders' after-market lounge March 4

Thanks afternoon crew.

End-of-day summary:

The share market set a new high before fading to only its second loss in eight sessions following weak economic data and a decline in iron ore prices in China.

The ASX succumbed to a loss of 10 points or 0.13% after mid-morning business inventory figures threw the brakes on a 23.5-point opening rally. ABS figures showed inventories contracted by 1.7% last quarter, casting a cloud over the outlook for Wednesday's GDP report. Other reports showed building approvals slumped to an 11-year low in January and job advertising contracted by 2.8% last month.

The heavyweight miners added to selling pressure as a sell-off in iron ore continued into a third week. Benchmark prices on the Dalian Commodity Exchange dropped 2% this afternoon.

Earlier, record closes for the S&P 500 and Nasdaq helped lift the ASX 200 to a record of 7769.1. On Friday, strong gains in AI-related stocks powered the S&P 500 to a gain of 0.8%.