The ASX All Ordinaries Index plunged 1.4% on Friday, 8 May 2026, closing at 8,980 points. This sharp decline, which wiped approximately $50 billion from the market, was the largest one-day fall in seven weeks. The sell-off was primarily driven by a "triple threat" of geopolitical escalation, surging energy costs, and domestic interest rate pressures. The downturn was broad-based, with 10 of the 11 local sectors closing in the red.