The Australian sharemarket retreated from record highs on Tuesday as a wave of earnings reports weighed on sentiment, led by a sharp decline in CSL.

The S&P/ASX 200 hovered in a tight range on Monday, up 0.1 per cent at 8948.70 by 2pm, as investors digested a wave of earnings reports. The benchmark briefly touched 8960.90, its sixth consecutive intraday record.

The Australian sharemarket is poised for a second consecutive weekly gain, with the S&P/ASX 200 rising 38.5 points, or 0.4 per cent, to 8912.3 at 1.55pm AEST after reaching an intraday high of 8914.2. The index is tracking a 1.1 per cent weekly gain, marking a fifth straight record close – the longest streak in a decade – driven by the Reserve Bank’s rate cut and steady July jobs data.

The Australian sharemarket advanced towards a record close on Thursday, buoyed by strong financial sector gains led by Westpac’s standout quarterly result. At 2pm AEST, the S&P/ASX 200 rose 48.9 points to 8876, after hitting an intraday peak of 8899.10 – its fourth consecutive record high this week.

The Australian sharemarket is on track for its sharpest one-day fall in nearly two weeks, driven by heavy selling in major bank stocks, particularly Commonwealth Bank (CBA). After opening at a record high of 8890.50, the S&P/ASX 200 Index slid 42.50 points, or 0.5%, to 8838.30 by 2.05pm AEST.

The S&P/ASX 200 climbed to a record high after the Reserve Bank of Australia unanimously cut the cash rate by 25 basis points to 3.6 per cent, its lowest level in over two years. The index gained 0.3 per cent, or 23.7 points, to 8,868.50 at 2:43pm AEST, after reaching an intraday peak of 8,870.10 moments after the 2:30pm decision.