Group 1 - The Australian earnings season has seen significant stock sell-offs, particularly for companies like Woolworths and WiseTech Global, which reported disappointing results [1] - Woolworths experienced its largest decline since 1997, with its stock price dropping significantly due to underperformance in Australian food sales compared to competitor Coles Group [1] - The S&P/ASX200 index is nearing historical highs, with price-to-earnings ratios at their highest in four years, putting pressure on companies to deliver strong performance to justify high valuations [1] Group 2 - Despite the overall downturn, Coles Group reported sales growth that exceeded expectations, leading to a record high stock price [2] - Tabcorp Holdings also surpassed analyst profit expectations, resulting in a substantial increase in its stock price [2] - Market volatility is expected to continue as more companies report their earnings during the Australian earnings season [2]