SYDNEY — The S&P/ASX 200 fell 24.4 points, or 0.27%, to 9,045.6 as of 3:22 p.m. AEST Wednesday, as sliding gold prices and surging global bond yields weighed on the market a day after biotechnology giant CSL delivered one of the strongest single-session rallies of the current earnings season.

Wednesday's decline followed a steadier session Tuesday, when the index closed nearly flat at 9,070 points, halting a four-day losing streak that had pushed the benchmark to a two-week low. According to Trading Economics, bargain hunters stepped into the market Tuesday as August consumer confidence data improved, with mortgage holders reporting less anxiety about the prospect of further interest rate hikes.

CSL was the standout performer of Tuesday's session, surging 17.25% after the biopharmaceutical company's underlying profit exceeded analyst forecasts and management signaled a return to growth following what had been described as a difficult reset year for the business. Following the result, brokerage Bell Potter retained its hold rating on CSL shares while lifting its price target significantly, to $150.00 from $120.00. "Based on the new underlying NPAT metric, CSL trades on a PE multiple of ~19x FY26 and ~18x FY27 earnings, with flat revenue growth and low-to-mid single digit earnings growth expected for FY27," Bell Potter said in a note. "While the result today suggests the worst (by way of earnings declines) is in the rear-view for CSL, we find it difficult to justify a........

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