BHP Group Limited shares fell 3.3% on the ASX this Friday. The decline helped drive the S&P/ASX 200 index 0.8% lower for the session. Materials and mining stocks emerged as the market's biggest losers.
Weak U.S. economic data fueled the sell-off by lowering benchmark bond yields. These indicators sparked concerns over slowing global growth and cooling commodity demand. BHP shares had already dropped during overnight trading in London and New York.
The movement comes as investors prepare for BHP’s full-year earnings results next week. Market participants rotated capital out of the recently rallied materials sector and into technology stocks.