(RTTNews) - The Australian stock market is modestly lower on Tuesday, giving up gains from the previous session, with the benchmark S&P/ASX 200 just below the 6,800 level, following the mixed cues overnight from Wall Street as investors are cautious after a hedge fund default in the US. The market is weighed down by miners, financials and energy stocks.
The benchmark S&P/ASX 200 Index is losing 13.90 points or 0.20 percent to 6,785.60, after touching a high of 6,836.30 earlier. The broader All Ordinaries Index is down 17.40 points or 0.25 percent to 7,019.00. Australian stocks closed modestly lower on Monday.
Among the major miners, Rio Tinto is losing almost 2 percent and BHP Group is declining almost 1 percent, while OZ Minerals and Fortescue Metals are down more than 1 percent each.
Among oil stocks, Oil Search is losing almost 1 percent, Santos is edging down 0.2 percent, while Woodside Petroleum is edging up 0.1 percent and Origin Energy is gaining almost 1 percent.
Santos has given the go-ahead to its $4.7 billion Barossa gas project north of Darwin after its plans were put on hold last year amid the coronavirus-driven market crash.
Among the big four banks, Westpac is edging down 0.3 percent and National Australia Bank is down almost 1 percent, while ANZ Banking and Commonwealth Bank are flat.
Among tech stocks, Afterpay and Appen are edging down 0.2 percent each, while WiseTech Global is gaining almost 2 percent.
Gold miners are losing after gold prices drifted lower. Newcrest Mining is down almost 1 percent and Evolution Mining is edging down 0.2 percent, while Northern Star Resources is declining more than 2 percent.
Shares in AGL are gaining almost 2 percent after the power giant said it will split off its emissions-intensive coal- and gas-fired power plants from its retailing business as the shift to renewable energy accelerates.
Shares in Digital Wine Ventures are skyrocketing almost 21 percent after its online alcohol marketplace announced a foundation agreement with premium beverage distributor Bibendum Wines.
In the currency market, the Aussie dollar is trading at $0.763 on Tuesday.
On Wall Street, stocks closed mixed after a somewhat volatile session on Monday as the mood remained a bit cautious amid news about a large hedge fund defaulting on a margin call. US hedge fund Archegos Capital reportedly failed to meet its margin call obligations, prompting banks to sell more than $20 billion worth of shares in margin call on Friday.
The major averages ended mixed. The Dow, which hit a fresh high at 33,259.00, ended the session at 33,171.37 with a gain of 98.49 points or 0.3 percent. The Nasdaq settled at 13,059.65, losing 7.08 points or 0.6 percent, while the S&P 500 edged down 3.45 points or 0.09 percent to 3,971.09.
Meanwhile, the major European markets ended higher on Monday. While Germany's DAX climbed 0.47 percent, France's CAC 40 gained 0.45 percent and the U.K.'s FTSE 100 ended 0.07 percent down.
Crude oil futures settled higher on Monday amid concerns about possible supply disruptions, but news about freeing the container ship that had blocked the Suez canal helped limit oil's upside. West Texas Intermediate Crude oil futures for May ended higher by $0.59 or 1 percent at $61.56 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.
