The Australian stock market pulled back from its worst levels during mid-market trading, though it snapped a three-session winning streak amid negative leads from Wall Street.
The benchmark S&P/ASX 200 Index shed 14.70 points, or 0.19 percent, to 7,845.70 after hitting an earlier session low of 7,808.80.
The broader All Ordinaries Index also declined, dropping 14.80 points or 0.18 percent to sit at 8,075.10 during the session.
Australian equities had ended slightly higher in the previous session on Tuesday, making the pullback a break from recent positive momentum.
Among major miners, BHP Group and Fortescue Metals each edged up between 0.3 and 0.5 percent, while Rio Tinto slipped 0.3 percent.
Mineral Resources suffered the sharpest decline in the mining sector, losing almost 6 percent after it ceased haulage on its crucial Onslow iron haul road following a sixth jumbo road train crash.
Oil stocks offered a brighter picture, with Beach Energy gaining almost 2 percent and Santos adding close to 1 percent, while Origin Energy moved in the opposite direction, losing 1.5 percent.
In the technology sector, Afterpay owner Block led gains with a rise of almost 3 percent, while WiseTech Global edged fractionally higher and Zip declined close to 2 percent.
Among the big four banks, ANZ Banking and Commonwealth Bank each dipped between 0.2 and 0.5 percent, while Westpac and National Australia Bank each managed a slight gain of 0.1 percent.
Gold miners faced broader selling pressure, with Gold Road Resources declining more than 3 percent and Resolute Mining losing more than 2 percent, though Newmont edged up 0.4 percent.
Northern Star Resources was largely flat as the sector absorbed ongoing uncertainty around commodity prices and global risk sentiment.
The Australian dollar was trading at $0.636 against the US dollar during the session, reflecting cautious sentiment across regional markets.
