(RTTNews) – Australia’s stock market is down sharply on Wednesday, recouping gains from the previous two sessions, with the benchmark S&P/ASX 200 index remaining above the 7,400 level, following broadly negative signals from Wall Street in the overnight, with weakness in most cases. sectors, especially materials and technology, due to falling commodity prices. The benchmark S&P/ASX 200 lost 86.00 points or 1.14% to 7,441.90, after hitting a low of 7,437.50 earlier. The broader All Ordinaries index is down 90.50 points or 1.16% at 7,742.70. Australian stocks ended slightly higher on Tuesday.
Among the major miners, OZ Minerals is down nearly 3% and mineral resources are down nearly 1%, while Rio Tinto, Fortescue Metals and BHP Group are down nearly 2% each.
Oil stocks are low. Origin Energy is down 0.3% and Woodside Petroleum is down more than 1%, while Santos and Beach Energy are down nearly 2% each.
In technology, WiseTech Global is down over 2%, Xero is down almost 3%, Block is down over 6%, Appen is down over 3%, and Zip is down almost 5%.
Among the big four banks, ANZ Banking and Commonwealth Bank rose 0.1% each, while National Australia Bank fell 0.2%. Westpac is flat.
Among gold miners, Gold Road Resources, Evolution Mining, Northern Star Resources and Newcrest Mining are all losing more than 2% each, while Resolute Mining is down 1.5%.
In the currency market, the Australian dollar is trading at $0.758 on Wednesday.
On Wall Street, stocks fell sharply during Tuesday’s trading day, offsetting the upward movement seen in the previous two sessions. The major averages all moved lower, with the tech-heavy Nasdaq posting a particularly large loss.
Selling pressure intensified over the past hour of trading, driving the major averages to fresh lows for the session. While the Nasdaq plunged 328.39 points or 2.3% to 14,204.17, the S&P 500 fell 57.52 points or 1.3% to 4,525.12 and the Dow slipped 280, 70 points or 0.8% at 34,641.18.
The main European markets had a mixed performance on the day. Britain’s FTSE 100 climbed 0.72%, while Germany’s DAX and France’s CAC 40 slipped 0.65% and 1.28%, respectively.
Crude oil futures pared early gains and fell on Tuesday amid concerns about the outlook for energy demand due to a rise in coronavirus cases in China. West Texas Intermediate crude oil futures for May ended down $1.32, or about 1.3%, at $101.96 a barrel, after climbing above $105.00 on barrel earlier in the day.
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