The ASX 200 dropped 56 points to 7404 (0.8%) as iron ore falls below US$100 on Dalian Futures and brokers move to downgrade miners after the falls.

Iron ore miners stumbled yet again with FMG down 11.5% on huge volume. BHP off 3.7% and RIO down 4.7%. Second tier miners also in trouble, GRR down 5.6% and MGX off 10.5%. Gold miners too on the nose following bullion falls NCM down 3.1% and NST falling 2.8%. Base metals eased and uranium and lithium stocks lost their lustre as profit taking set in. Quadruple witching tonight in the US has made investors skittish. Couple that with the Evergrande issue in China and liquidity added by the PBoC, resources under pressure. The banks too suffered with the Big Bank Basket down to $184.35.

Insurers eased but MQG held relatively firm, up 0.2%. Tech better after APT followed Square higher by 3.9% and the All-Tech Index rose 1.7%.

Healthcare mixed, CSL up 0.3% but SHL fell 0.8%. Industrials eased but no real standouts. In corporate news, another PE bid has fallen over with EQT pulling the pin on the IRE deal. The stock dropped 10.7%. The AFR warning agriculture suppliers to China are at risk following Australia's nuclear sub deal. ELD down 0.6%.

Win up to $3000 by picking the best performing stock on the ASX. Submit your entry for the One Stock Portfolio Competition today.