Australian Market Notably Lower

(RTTNews) - The Australian stock market is notably lower on Monday, giving up the gains in the previous session, following the mixed cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is falling below the 8,800.00 level, with weakness across all sectors lod by mining and technology stocks.

The benchmark S&P/ASX 200 Index is losing 66.60 points or 0.75 percent to 8,798.30, after hitting a low of 8,794.00 earlier. The broader All Ordinaries Index is down 65.70 points or 0.72 percent to 9,063.00. Australian stocks closed notably higher on Friday.

Among the major miners, Rio Tinto, Mineral Resources and BHP Group are edging down 0.3 to 0.4 percent each, while Fortescue is losing almost 1 percent.

Oil stocks are mostly lower. Woodside Energy and Beach energy are declining almost 1 percent each, while Origin Energy is edging down 0.2 percent. Santos is edging up 0.3 percent.

Among tech stocks, Afterpay owner Block is declining almost 2 percent, Xero is losing almost 1 percent, Appen is down more than 1 percent and Zip is edging down 0.4 percent, while WiseTech Global is edging up 0.3 percent.

Gold miners are lower. Northern Star Resources and Newmont are losing more than 1 percent each, while Resolute Mining and Evolution Mining are declining almost 4 percent each. Gold Road Resources is edging down 0.3 percent.

Among the big four banks, Commonwealth Bank is losing more than 1 percent, while National Australia Bank and ANZ Banking are edging down 0.1 to 0.3 percent each. Westpac is edging up 0.2 percent.

In the currency market, the Aussie dollar is trading at $0.665 on Monday.

On Wall Street, stock indexes continued to turn in a mixed performance throughout the trading day on Friday after moving in opposite directions early in the session. While the tech-heavy Nasdaq climbed to a new record closing high, the Dow moved back to the downside.

The Nasdaq ended the session off its best levels of the day but still closed up 98.03 points or 0.4 percent at 22,141.10. The Dow, on the other hand, slid 273.78 points or 0.6 percent to 45,834.22 and the S&P 500 edged down 3.18 points or 0.1 percent to 6,584.29.

Meanwhile, the major European markets ended the day roughly flat. While the U.K.'s FTSE 100 Index dipped by 0.2 percent, the French CAC 40 Index and the German DAX Index both closed near the unchanged line.

Crude oil prices moved higher Friday as concerns over supply side disruptions linger, with the Russia-Ukraine war intensifying and a new conflict brewing in the Middle East. West Texas Intermediate crude for October delivery was up $0.31 or 0.50 percent at $62.68 per barrel.