(RTTNews) - The Australian stock market is slightly lower on Tuesday, extending the slight losses 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 8,850 level, with weakness in gold miners and energy stocks.
The benchmark S&P/ASX 200 Index is losing 5.30 points or 0.06 percent to 8,825.70, after hitting a low of 8,812.50 earlier. The broader All Ordinaries Index is down 6.30 points or 0.07 percent to 9,030.70. Australian stocks closed slightly lower on Monday.
Among the major miners, Fortescue is edging up 0.5 percent, while Mineral Resources and Rio Tinto are losing almost 1 percent each. BHP Group is flat.
Oil stocks are mostly lower. Beach energy is losing almost 1 percent and Origin Energy is slipping almost 2 percent, while Woodside Energy and Santos are declining more than 1 percent each.
Among tech stocks, Afterpay owner Block and Appen are edging down 0.3 to 0.5 percent each, while Zip is edging up 0.2 percent, WiseTech Global is surging more than 5 percent and Xero is gaining more than 1 percent.
Gold miners are mostly lower. Evolution Mining and Resolute Mining are losing more than 3 percent each, while Northern Star Resources is slipping almost 3 percent, Newmont is down almost 1 percent and Genesis Minerals are declining more than 1 percent.
Among the big four banks, Commonwealth Bank and Westpac are edging up 0.1 to 0.2 percent each, while ANZ Banking and National Australia Bank are flat.
In the currency market, the Aussie dollar is trading at $0.695 on Tuesday.
On Wall Street, stocks moved mostly higher during trading on Monday following the long Independence Day weekend. The major averages all moved to the upside, with the Dow reaching a new record closing high.
The tech-heavy Nasdaq led the way higher, jumping 288.49 points or 1.1 percent to 26,121.16. The S&P 500 also advanced 54.19 points or 0.7 percent to 7,537.43, while the Dow rose 155.84 points or 0.3 percent to 53,055.91.
Meanwhile, the major European markets ended the day mixed. While the German DAX Index rose by 0.2 percent, the French CAC 40 Index and the U.K.'s FTSE 100 Index both fell by 0.3 percent.
Crude oil prices ticked lower on Monday as oil tanker traffic across the Strait of Hormuz increased gradually, while the Organization of Petroleum Exporting Countries (OPEC) agreed to increase output. West Texas Intermediate crude for August delivery was down $0.15 or 0.22 percent at $68.54 per barrel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
