The S&P/ASX200 has fallen 0.3 per cent to 4899.6 after hitting a fresh two-month low of 4893.8 in mixed trading before tonight's US jobs data.
Materials and industrials stocks have recovered at the expense of defensive and high-yield sectors including health care, utilities, consumer staples, telcos and banks.
BHP Billiton, Rio Tinto, Newcrest Mining and Fortescue Metals Group rose between 0.4 per cent and 1.7 per cent, while CSL, Commonwealth Bank of Australia, APA Group, Woolworths and Telstra fell between 0.9 per cent and 1.5 per cent.
Traders are watching the Nikkei after the Bank of Japan's stronger-than-expected quantitative easing plans, which potentially improve the outlook for commodity prices and global economic growth.
"It looks like there's been some portfolio selling weighing on the market this week," says Macquarie Private Wealth investment adviser John Milroy. "Miners are having a fair day here after being friendless recently."