Australian Market Modestly Lower

(RTTNews) - Australian shares are trading modestly lower on Wednesday, snapping a four-session winning streak, with the benchmark S&P/ASX 200 staying above the 8,300 level, following the mixed cues from Wall Street overnight, with weakness in technology, financial and energy stocks partially offset by gains in mining stocks.

The benchmark S&P/ASX 200 Index is losing 26.10 points or 0.31 percent to 8,347.90, after hitting a low of 8,336.60 earlier. The broader All Ordinaries Index is down 29.40 points or 0.34 percent to 8,599.80. Australian stocks ended significantly higher on Tuesday.

Among major miners, Rio Tinto is edging up 0.5 percent, Fortescue Metals is gaining more than 1 percent and Mineral Resources is advancing more than 3 percent, while BHP Group is edging down 0.1 percent.

Oil stocks are mostly lower. Woodside Energy and Santos are edging down 0.1 or 0.3 percent each, while Beach energy is losing almost 2 percent. Origin Energy is edging up 0.1 percent. In the tech space, Afterpay owner Block is gaining almost 2 percent, while Zip is slipping 1.5 percent, WiseTech Global is losing almost 1 percent, Xero is down more than 1 percent and Appen is tumbling more than 9 percent.

Among the big four banks, Commonwealth Bank is edging up 0.5 percent, while Westpac, ANZ Banking and National Australia Bank are edging down 0.1 or 0.4 percent each.

Among gold miners, Evolution Mining, Northern Star Resources, Resolute Mining, Gold Road Resources and Newmont are all gaining more than 1 percent each.

In other news, shares in PWR Holdings are tumbling 30 percent after the automotive cooling parts provider flagged its profit after tax in the first half of FY25 will be around $3.5 million, one-third of what it reported in the same half last year.

In the currency market, the Aussie dollar is trading at $0.653 on Wednesday.

On the Wall Street, stocks moved to the downside early in the session on Tuesday but showed a significant rebound over the course of the trading day. The Nasdaq and the S&P 500 climbed well off their early lows and into positive territory, although the narrower Dow remained stuck in the red.

The major averages eventually ended the day mixed. While the Dow fell 120.66 points or 0.3 percent to 43,268.94, the S&P 500 rose 23.36 points or 0.4 percent to 5,916.98 and the Nasdaq jumped 195.66 points or 1.0 percent to 18,987.47.

Meanwhile, the major European markets moved to the downside on the day. While the U.K.'s FTSE 100 Index edged down by 0.1 percent, the French CAC 40 Index and the German DAX Index both slide by 0.7 percent.

Crude oil prices settled higher on Tuesday amid the rising possibility of supply disruptions after Ukraine launched long-range U.S. made missiles to hit a facility in Russia's Bryansk region. West Texas Intermediate Crude oil futures for December rose $0.23 or about 0.3 percent at $69.39 a barrel.