Australian shares retreated on Friday after a six-session rally, dragged down by banking and technology stocks, as stronger-than-expected US CPI data stoked fears of more interest rate hikes by the Federal Reserve.

The S&P/ASX 200 index fell 0.5% to 7,053.1 by 0005 GMT.

The benchmark has risen 1.4% so far in the week and is set to snap three weeks of losses.

Wall Street closed lower on Thursday after data showed that consumer prices surged more than anticipated in September amid higher costs for rent and gasoline.

In Sydney, all major sectoral indexes except mining were trading in negative territory. Financials were the major laggards, falling 0.7%. The “Big Four” banks slid, with Commonwealth Bank of Australia , the country’s largest lender, down 0.8%.

Tech stocks tracked their overseas peers lower and were last down 0.8%.

ASX-listed shares of Block fell 1.6%, while Megaport slipped 0.3%.

Healthcare stocks lost 0.3%, with biotech firm CSL extending losses on news that rival Novo Nordisk’s Ozempic drug showed early signs of success.

Among other healthcare majors, Sonic Healthcare and Cochlear fell 0.7% and 0.5%, respectively. Real estate stocks fell 1.8%, with LendLease and Dexus shedding 2% and 1.8%, respectively.

Australian shares end a tad higher as financials, gold stocks gain

Mining stocks gained 0.2% after iron ore futures closed higher for the second straight session on Thursday.

BHP Group, the world’s largest miner, rose 0.2%. Across the Tasman Sea, New Zealand’s benchmark S&P/NZX 50 index fell 0.7% to 11,211.6.

Shares of Sky Network Television jumped nearly 16% to hit an 18-month high after the company said it was in early discussions over a recent non-binding indicative takeover offer.