The S&P/ASX200 pared back some early losses on Wednesday to end the session 16.2 points lower, down 0.18 per cent, to 9,053.8.
The broader All Ordinaries lost 19 points, or 0.2 per cent, to 9,255.2.
Local shares tracked a weak lead from global peers after debt concerns sent sovereign bond yields higher, while oil prices rose as markets priced an open-ended Hormuz Strait crisis.
"The ASX 200 is extending its losing streak to a sixth day, after global bond markets flashed a yellow flag over borrowing costs worldwide," Vantage senior market analyst Hebe Chen told AAP.
"There could certainly be more volatility ahead because the forces driving yields higher — from inflation and higher-for-longer interest rates to fiscal borrowing and AI funding — are showing little sign of peaking."
Health care stocks outperformed the market, up 2.6 per cent as CSL shares extended their post-earnings surge to hit a six month high of $166.48.
The major banks continued to drag on the heavyweight financials sector, which has fallen for eight of the previous nine sessions.
Resources stocks were mixed, with BHP running out of steam after rallying on Tuesday's strong financial report.
Fellow mega miners Rio Tinto and Fortescue inched higher despite steady iron ore and copper prices.
Gold stocks were mixed, as segment giant Evolution Mining gained 0.2 per cent after posting a record dividend, while smaller minnows eased as the spot price hovered near $US4,342 ($A6,136) an ounce.
Earnings season continued to deliver a series of company-level beats and bombs, with Santos, Stockland and Mirvac shares rallying on strong results, while Temple & Webster, Breville, Whitehaven Coal and Hansen Technologies sold off.
Technology was the worst performing sector, down more than three per cent after an overnight sell-off in chip stocks.
Making matters worse, WiseTech Global slumped almost nine per cent after the competition watchdog executed a search warrant on its offices.
Real estate stocks were also under pressure (outside of Mirvac and Stockland), as property market concerns continue hamper a rebound in the sector.
Thursday is another huge day for earnings, with Fortescue, SkyCity Entertainment, Medibank, Super Retail, Zip, Brambles and Northern Star among companies reporting, and investors will also be watching July jobs data due before midday.
The Australian dollar is buying 70.75 US cents, down from 71.01 US cents on Tuesday at 5pm AEST.
ON THE ASX:
* The S&P/ASX200 lost 16.2 points, or 0.18 per cent, to 9,053.8
* The broader All Ordinaries fell 19 points, or 0.2 per cent, to 9,255.2
One Australian dollar trades for:
* 70.75 US cents, from 71.01 US cents at 5pm AEST on Tuesday
* 112.68 Japanese yen, from 113.42 Japanese yen
* 61.03 euro cents, from 61.36 euro cents
* 52.22 British pence, from 52.50 pence
* 120.46 NZ cents, from 120.82 NZ cents
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