Australian Market Significantly Higher

(RTTNews) - The Australian stock market is trading significantly higher on Tuesday, snapping a five-session losing streak, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving above the 8,550 level, with gains in mining, financial and technology stocks partially offset by weakness in energy stocks amid tumbling crude oil prices.

The benchmark S&P/ASX 200 Index is gaining 81.00 points or 0.96 percent to 8,555.90, after touching a high of 8,558.50 earlier. The broader All Ordinaries Index is up 83.70 points or 0.96 percent to 8,771.70. Australian stocks closed slightly lower on Monday.

Among the major miners, BHP Group is gaining almost 2 percent, while Rio Tinto, Fortescue Metals and Mineral Resources are adding almost 3 percent each.

Oil stocks are mostly lower. Origin Energy is losing almost 1 percent, Beach energy is sliding more than 5 percent, Woodside Energy is tumbling more than 7 percent and Santos is down more than 1 percent.

Among tech stocks, Afterpay owner Block is edging up 0.3 percent, Xero is adding more than 1 percent and Appen is surging more than 6 percent, while Zip and WiseTech Global are gaining almost 4 percent each.

Gold miners are mixed. Evolution Mining is losing more than 1 percent, while Northern Star resources and Newmont are edging down 0.5 percent each. Resolute Mining is adding more than 1 percent and Gold Road Resources is edging up 0.3 percent.

Among the big four banks, Commonwealth Bank, ANZ Banking and National Australia Bank are gaining more than 1 percent each, while Westpac is adding more than 2 percent.

In other news, shares in Collins Foods are skyrocketing more than 21 percent after the KFC operator reported better-than-expected results for the full-year 2025. However, it cut dividend by 7% due to a decline in profit.

In the currency market, the Aussie dollar is trading at $0.648 on Tuesday.

On Wall Street, stocks rallied late in the day to push Wall Street higher on Monday after some early indecision. The major averages opened lower and hugged the unchanged line for much of the day as investors waited for Iran's response to the weekend U.S. air strikes on its nuclear sites.

For the day, the Dow jumped 374.96 points or 0.89 percent to finish at 42,581.78, while the NASDAQ rallied 183.56 points or 0.94 percent to close at 19,630.97 and the S&P 500 climbed 57.33 points or 0.96 percent to end at 6,025.17.

Meanwhile, the major European stocks finished modestly lower on Monday in the aftermath and uncertainty following the U.S. air strikes in Iran. Germany's DAX sank 81.54 points or 0.35 percent to finish at 23,269.01, while the FTSE in London dipped 16.61 points or 0.19 percent to close at 8,758.04 and the CAC 40 in France shed 52.09 points or 0.69 percent to end at 7,537.57.

Crude oil prices were on a roller coaster ride on Monday, moving sharply higher earlier in the day in response to the U.S. bombing attack in Iran. But as it looks like Iran won't try to block the straight of Hormuz, prices plummeted later in the day. West Texas Intermediate crude for August delivery plunged $5.00 of 6.77 percent to $68.84 per barrel.