(RTTNews) - The Australian stock market is notably lower on Monday, reversing the slight losses in the previous session, following the broadly negative cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is falling below the 8,600.00 level, with weakness in mining stocks partially offset by gains in energy stocks. Technology and financial stocks were mixed.
The benchmark S&P/ASX 200 Index is losing 46.60 points or 0.54 percent to 8,584.20, after hitting a low of 8,565.40 earlier. The broader All Ordinaries Index is down 48.40 points or 0.55 percent to 8,822.20. Australian stocks closed slightly lower on Friday.
Among the major miners, Fortescue and Rio Tinto are declining almost 3 percent each, while BHP Group is losing more than 2 percent and Mineral Resources is down almost 1 percent.
Oil stocks are mostly higher. Origin Energy is edging up 0.4 percent and Santos is adding almost 2 percent, while Beach energy and Woodside Energy are gaining more than 2 percent each.
Among tech stocks, Afterpay owner Block is edging down 0.2 percent and Appen is losing more than 1 percent, while Xero is gaining almost 2 percent, Zip is up almost 1 percent, WiseTech Global is adding more than 2 percent.
Gold miners are mostly lower. Newmont and Evolution Mining are declining almost 4 percent each, while Resolute Mining and Genesis Minerals are slipping more than 4 percent each. Northern Star Resources is losing more than 3 percent.
Among the big four banks, Commonwealth Bank and Westpac are gaining almost 1 percent each, while ANZ Banking is edging up 0.2 percent. National Australia Bank is edging down 0.4 percent.
In other news, shares in Brambles are tumbling more than 16 percent after it downgraded its 2026 fiscal year earnings guidance..
Shares in Elders are plunging almost 18 percent after the agribusiness group warned of the high risk posed by diesel fuel prices to the industry, despite upbeat half-year results. However, earnings per share were negatively impacted by a higher share count following its capital raising.
In the currency market, the Aussie dollar is trading at $0.712 on Monday.
On Wall Street, stocks pulled back sharply over the course of the trading day on Friday following the strength seen in the previous session. The major averages all showed significant moves to the downside on the day.
The major averages finished the day off their lows of the session but still firmly negative. The Dow slumped 537.29 points or 1.1 percent to 49,526.17, the Nasdaq plunged 410.08 points or 1.5 percent to 26,225.14 and the S&P 500 tumbled 92.74 points or 1.2 percent to 7,408.50.
The major European markets also showed significant moves to the downside. While the German DAX Index dove by 2.1 percent, the U.K.'s FTSE 100 Index and the French CAC 40 Index shed 1.7 percent and 1.6 percent, respectively.
Crude oil prices surged on Friday after the U.S.-China summit ended with no announcement of Chinese intervention to end the gulf war, leaving the Strait of Hormuz blockade in place. West Texas Intermediate crude for June was up $4.18 or 4.13 percent at $105.35 per barrel.
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