Australian Market Marginally Lower

(RTTNews) - The Australian stock market is marginally lower on Tuesday, giving up some of the gains in the previous two sessions, with the benchmark S&P/ASX 200 floating just above the 7,400 level, following the mixed cues from Wall Street, with financial and technology stocks dragging the market.

Australia's two biggest cities, Sydney and Melbourne, are still under lockdown as the nation struggles to contain the domestic coronavirus situation, primarily in New South Wales and Victoria.

NSW has reported 1,127 new locally acquired cases of COVID-19 and two deaths on Monday. Victoria also recorded 445 new locally acquired cases and two deaths, with the active cases totalling 3,799 across Victoria.

The benchmark S&P/ASX 200 Index is losing 17.30 points or 0.23 percent to 7,407.90, after hitting a low of 7,388.90 earlier. The broader All Ordinaries Index is down 16.30 points or 0.21 percent to 7,709.80. Australian stocks closed slightly higher on Monday.

Among the major miners, BHP Group is edging down 0.4 percent, Fortescue Metals is down 1.5 percent and Mineral Resources is losing almost 2 percent. OZ Minerals is gaining more than 2 percent and Rio Tinto is flat.

Oil stocks are mostly higher. Santos and Origin Energy are gaining almost 2 percent each, while Woodside Petroleum and Oil Search are adding almost 4 percent each. Beach energy is adding more than 5 percent.

Among the big four banks, Commonwealth Bank and Westpac are losing almost 1 percent each, while ANZ Banking and National Australia Bank are edging down 0.3 percent each. Westpac confirmed that the sale of its Pacific businesses has been blocked by regulators.

Among tech stocks, Xero and Afterpay are losing almost 2 percent each, while Appen is down 1.5 percent and WiseTech Global is declining more than 1 percent. Gold miners are mostly higher. Resolute Mining is gaining almost 6 percent and Gold Road Resources is adding more than 2 percent, while Northern Star Resources is up 1.5 percent. Newcrest Mining is flat and Evolution Mining is rising almost 1 percent. In the currency market, the Aussie dollar is trading at $0.737 on Tuesday.

On Wall Street, stocks moved mostly higher during trading on Monday, with the Dow and the S&P 500 both snapping five-session losing streaks. The Nasdaq bucked the uptrend, however, as the tech-heavy index closed lower for the fourth straight session.

The Dow climbed 261.91 points or 0.8 percent to 34,869.63 and the S&P 500 rose 10.15 points or 0.2 percent to 4,468.73. Meanwhile, the Nasdaq climbed off its worst levels but still edged down 9.91 points or 0.1 percent to 15,105.58.

Meanwhile, the major European markets also moved to the upside on the day. While the French CAC 40 Index inched up by 0.2 percent, the U.K.'s FTSE 100 Index and the German DAX Index both climbed by 0.6 percent.

Crude oil futures showed a notable move to the upside during trading on Monday, reflecting lingering concerns about U.S. supply. After jumping $1.58 or 2.3 percent to $69.72 a barrel last Friday, crude for October delivery climbed $0.73 or 1 percent to $70.45 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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