Australian Markets Sharply Lower

(RTTNews) - The Australian stock market is sharply lower on Tuesday, extending the losses in the previous two sessions, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 index is falling to near the 8,500 level, with weakness across most sectors led by mining and technology stocks. Energy stocks were the only bright spot amid spiking crude oil prices.

The benchmark S&P/ASX 200 Index is losing 123.40 points or 1.43 percent to 8,501.70, after hitting a low of 8,490.00 earlier. The broader All Ordinaries Index is down 135.00 points or 1.52 percent to 8,720.90. Australian stocks closed notably lower on Friday ahead of the holiday on Monday.

Among the major miners, Rio Tinto is slipping almost 3 percent and Mineral Resources is sliding almost 4 percent, while Fortescue and BHP Group are declining more than 3 percent each.

Oil stocks are mostly higher. Origin Energy is edging up 0.4 percent, Woodside Energy is adding almost 1 percent and Santos is gaining more than 2 percent. Beach energy is flat.

Among tech stocks, Afterpay owner Block is edging up 0.3 percent, while Zip is losing almost 2 percent, WiseTech Global is tumbling more than 5 percent, Xero is declining almost 3 percent and Appen is slipping more than 3 percent.

Gold miners are mostly lower. Evolution Mining and Resolute Mining are tumbling more than 7 percent each, while Northern Star Resources is declining more than 4 percent, Genesis Minerals is declining more than 6 percent and Newmont is sliding more than 6 percent.

Among the big four banks, Commonwealth Bank is losing more than 1 percent and ANZ Banking is declining almost 2 percent, while National Australia Bank and Westpac is slipping more than 2 percent each.

In the currency market, the Aussie dollar is trading at $0.704 on Tuesday.

On Wall Street, stocks showed a strong move back to the upside in early trading on Monday following Friday's sell-off but gave back ground over the course of the sessions. The major averages pulled back well off their highs of the session, with the Dow dipping into negative territory.

After surging by as much as 1.8 percent, the tech-heavy Nasdaq ended the day up 220.23 points or 0.9 percent at 25,929.66. The S&P 500 also rose 21.99 points or 0.3 percent to 7,405.73, but the narrower Dow slipped 80.77 points or 0.2 percent to 50,786.01.

Meanwhile, the major European markets all moved to the downside on the day. The German DAX Index slid by 0.6 percent and the French CAC 40 Index dipped 0.2 percent, although the U.K.'s FTSE Index bucked the downtrend and inched up by 0.1 percent.

Crude oil prices edged higher on Monday as delays in the reopening the Strait of Hormuz persists. West Texas Intermediate crude for July delivery was up $0.52 or 0.57 percent at $91.06 per barrel.