Australian Market Notably Lower

(RTTNews) - The Australian stock market is trading notably lower on Tuesday, reversing the gains in the previous session, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling below the 8,850 level, with weakness in iron ore miners, financial, energy and technology stocks partially offset by gains in gold miners and stocks.

Traders cautiously look ahead to the Reserve Bank of Australia's interest rate decision later in the day and RBA Governor Michele Bullock's press conference.

The benchmark S&P/ASX 200 Index is losing 52.00 points or 0.59 percent to 8,842.80, after hitting a low of 8,841.20 earlier. The broader All Ordinaries Index is down 52.30 points or 0.57 percent to 9,130.20. Australian stocks closed modestly higher on Monday.

Among the major miners, BHP Group is losing almost 3 percent, Rio Tinto is declining more than 2 percent and Fortescue is down more than 1 percent, while Mineral Resources is edging up 0.2 percent. Oil stocks are mostly lower. Santos is edging down 0.2 percent and Origin Energy is declining more than 3 percent, while Woodside Energy and Beach energy are losing almost 1 percent each.

Among tech stocks, Afterpay owner Block is losing more than 2 percent, Appen is down almost 1 percent, Xero is edging down 0.1 percent and Zip is slipping more than 1 percent, while WiseTech Global is adding almost 2 percent.

Gold miners are mostly higher. Northern Star resources is gaining more than 1 percent and Genesis Minerals is adding more than 2 percent, while Evolution Mining and Newmont are edging up 0.3 to 0.4 percent each. Resolute Mining is declining almost 4 percent.

Among the big four banks, Commonwealth Bank is losing almost 2 percent, while National Australia Bank, ANZ Banking and Westpac are edging down 0.2 to 0.5 percent each.

In other news, shares in Novonix are tumbling more than 11 percent following the cancellation of an offtake agreement with Stellantis for synthetic graphite material.

In the currency market, the Aussie dollar is trading at $0.653 on Tuesday.

On Wall Street, stocks showed a more significant move to the upside during trading on Monday, following the upward move seen over the course of last Friday's session. The major averages all moved sharply higher, climbing back within striking distance of their record highs.

The major averages moved roughly sideways after an early rally, hovering firmly in positive territory. The Nasdaq surged 310.57 points or 1.4 percent to 22,990.53, the S&P 500 jumped 71.12 points or 1.1 percent to 6,735.13 and the Dow shot up 515.97 points or 1.1 percent to 46,706.58.

The major European markets also moved to the upside on the day. While the German DAX Index jumped by 1.8 percent and the U.K.'s FTSE 100 Index and the French CAC 40 Index rose by 0.5 percent and 0.4 percent, respectively.

Crude oil prices edged lower on Monday as traders assess recent IEA reports of an oil market surplus in 2026. West Texas Intermediate crude for November delivery was down $0.10 or 0.17 percent at $57.44 per barrel.