New Zealand's stock market dropped 123 points, or 0.9%, to 13,738 on Wednesday, reversing an early gain and marking a second consecutive session of losses as the benchmark touched its lowest level since August 3. The decline tracked overnight weakness on Wall Street, where higher oil prices weighed on risk appetite amid uncertainty over the reopening of the Strait of Hormuz, a key oil transit route. Investors also stayed cautious before U.S. inflation data that could shape the Fed's (U.S. central bank) monetary policy decision at its upcoming meeting. Locally, markets assessed comments from New Zealand's Prime Minister Christopher Luxon after he survived a second confidence vote and reiterated the need to defeat the Labour-led opposition. Materials, industrials and financials led the retreat, with Mainfreight down 3.7%, Colonial Motor off 1.7%, Westpac Banking Corp. lower by 1.6%, ANZ Group down 1.3%, F&C Investment off 1.3% and Infratil falling 1.2%.