Australian Market Modestly Lower

(RTTNews) - The Australian stock market is trading modestly lower on Tuesday, extending the losses in the previous session, following the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is staying below the 8,200 level, with weakness in iron ore miners, financial and some technology stocks partially offset by strong gains in gold miners.

The benchmark S&P/ASX 200 Index is losing 14.40 points or 0.18 percent to 8,143.40, after hitting a low of 8,138.40 earlier. The broader All Ordinaries Index is down 16.90 points or 0.20 percent to 8,357.10. Australian stocks closed significantly lower on Monday.

Among the major miners, BHP Group, Fortescue Metals and Rio Tinto are edging down 0.1 to 0.5 percent each, while Mineral Resources is losing almost 2 percent.

Oil stocks are mixed. Origin Energy is losing almost 1 percent and Woodside Energy is edging down 0.4 percent, while Beach energy is up almost 1 percent and Santos is edging up 0.3 percent.

Among tech stocks, Afterpay owner Block is gaining almost 2 percent and Zip is adding more than 1 percent, while WiseTech Global is declining almost 3 percent, Appen is losing almost 2 percent and Xero is edging down 0.4 percent.

Gold miners are mostly higher. Evolution Mining is advancing almost 5 percent, Gold Road Resources is up more than 1 percent, Northern Star resources is gaining more than 2 percent, Newmont is adding almost 1 percent and Resolute Mining is surging more than 6 percent.

Among the big four banks, National Australia Bank is losing almost 1 percent and Westpac is down more than 1 percent, while ANZ Banking and Commonwealth Bank are edging down 0.1 to 0.2 percent each.

In other news, shares in Skycity Entertainment Group are plunging more than 7 percent after the gambling company downgraded its full-year 2025 earnings guidance.

Shares in NextDC are climbing almost 7 percent after an operation update showed new customer contract wins at the AI-fuelled data centre operator.

In the currency market, the Aussie dollar is trading at $0.645 on Tuesday.

On Wall Street, stocks saw considerable volatility over the course of the trading session on Monday before eventually ending the day mostly lower. The major averages recovered from an early slump but once again came under pressure in the latter part of the session.

The major averages ended the day off their early lows but still in negative territory. The Nasdaq slid 133.49 points or 0.7 percent to 17,844.24, the S&P 500 fell 36.29 points or 0.6 percent at 5,650.38 and the Dow dipped 98.60 points or 0.2 percent to 41,218.83.

Meanwhile, the major European markets ended the day mixed, with the U.K. market closed for a holiday. While the German DAX Index jumped by 1.1 percent, the French CAC 40 Index fell by 0.6 percent.

Crude oil prices moved sharply lower on Monday to a four-year low after several members of OPEC+ agreed to increase oil production for a second month. West Texas Intermediate crude for June delivery tumbled $1.16 or 2 percent to $57.13 a barrel.