Australian shares slipped on Friday, tracking overnight fall in Wall Street and snapping a two-day winning streak, led by losses in the financial sub-index as investors continue to re-calibrate their positions on the global rate hike trajectory.

The S&P/ASX 200 index fell 0.4% to 7,852.1 by 0049 GMT.

The benchmark, however, was on track to record its fourth consecutive week of gains. It ended 1.7% higher on Thursday.

Rate-sensitive financials sub-index slipped by 0.5% with shares of the “Big Four” banks falling between 0.6% and 0.9%.

However, the sub-index was on track to record its fourth consecutive week of gains with a 0.7% rise in the week.

Energy stocks slumped 0.4% with sector heavyweights Woodside and Santos shedding 0.3% and 0.4% respectively.

Technology stocks tracked their overseas peers lower, by losing 1%.

Shares of Xero and ASX-listed Block slipped by 2.1% and 0.6%, respectively.

Healthcare stocks were down 1.1%, with Ramsay Health Care and biotech giant CSL each recording a fall of 1.1%.

Among other sectors gold stocks slipped by 0.8%, on lower bullion prices, while local real-estate stocks shed 1.0%.

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However, heavyweight mining stocks gained 0.7% with mining behemoths BHP Group, Rio Tinto and Fortescue advancing between 0.8% and 1.2%.

Across the Tasman Sea, New Zealand’s S&P/NZX 50 index fell by 0.4% to 11,677.91.

The benchmark was on track to record its second straight week of losses.

Investors now await the Reserve Bank of New Zealand’s monetary policy decision due next week.

A Reuters poll showed that the central bank would leave its key interest rate unchanged and be at a hold at least until the end of September.