Australian Markets Notably Lower

(RTTNews) - The Australian stock market is notably lower on Tuesday, after a relatively flat close in the previous session, despite the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 index is falling well below the 8,700 level, with weakness in gold miners and financial stocks partially offset by gains in technology stocks.

The benchmark S&P/ASX 200 Index is losing 50.70 points or 0.58 percent to 8,678.70, after hitting a low of 8,668.90 earlier. The broader All Ordinaries Index is down 48.60 points or 0.54 percent to 8,921.20. Australian stocks closed relatively flat on Monday.

Among the major miners, Mineral Resources is losing more than 2 percent and Fortescue is down almost 1 percent, while BHP Group is gaining more than 1 percent and Rio Tinto is adding almost 1 percent.

Oil stocks are mixed. Beach energy is edging down 0.5 percent and Origin Energy is losing almost 1 percent, while Woodside Energy is adding more than 1 percent and Santos is gaining almost 1 percent.

Among tech stocks, Afterpay owner Block is edging down 0.3 percent, while Zip is edging up 0.2 percent, WiseTech Global is surging more than 5 percent, Xero is jumping almost 7 percent and Appen is advancing almost 3 percent.

Gold miners are mostly lower. Northern Star Resources is jumping almost 8 percent. Evolution Mining is losing almost 2 percent and Newmont is edging down 0.4 percent, while Resolute Mining and Genesis Minerals are declining almost 4 percent each.

Among the big four banks, Commonwealth Bank is losing almost 2 percent, ANZ Banking is declining almost 3 percent, National Australia Bank is down more than 1 percent and Westpac is slipping more than 2 percent.

In the currency market, the Aussie dollar is trading at $0.716 on Tuesday.

On Wall Street, stocks continued to show a lack of conviction during trading on Monday but once again managed to end the day mostly higher, following the relatively lackluster performance seen during last Friday's sessions.

The major averages ended the day off their best levels but still at new record closing highs. The tech-heavy Nasdaq climbed 114.19 points or 0.4 percent to 27,086.81, the S&P 500 rose 19.90 points or 0.3 percent to 7,599.96 and the Dow inched up 46.42 points or 0.1 percent to 51,078.88.

Meanwhile, the major European markets all moved to the downside on the day. While the U.K.'s FTSE 100 Index slid by 0.7 percent, the French CAC 40 Index declined by 0.5 percent and the German DAX Index decreased by 0.4 percent.

Crude oil prices skyrocketed Monday on reports the U.S. and Iran exchanging attacks while the U.S. is yet to endorse a negotiated settlement to end the war. West Texas Intermediate crude for July delivery was up $4.64 or 5.31 percent at $92.00 per barrel.

However, crude oil prices pulled back off their highs after President Donald Trump said talks with Iran are continuing at a "rapid pace," while positive communications with Israeli Prime Minister Benjamin Netanyahu and Hezbollah also spurred hopes for an end to the war.