Australian Market Modestly Lower

(RTTNews) - The Australian stock market is trading modestly lower on Friday, following the losses in the previous two sessions, following the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling well below the 8,800 level, with weakness in financial and technology stocks partially offset by gains in energy stocks.

The benchmark S&P/ASX 200 Index is losing 17.70 points or 0.20 percent to 8,775.70, after hitting a low of 8,759.90 earlier. The broader All Ordinaries Index is down 20.80 points or 0.23 percent to 9,003.40. Australian stocks closed notably lower on Thursday.

Among major miners, Rio Tinto is losing almost 1 percent, while Fortescue and BHP Group are edging down 0.3 percent each. Mineral Resources is edging up 0.3 percent.

Oil stocks are mostly higher. Woodside Energy is gaining almost 1 percent and Beach energy is edging up 0.2 percent, while Origin Energy and Santos are adding more than 1 percent each.

Among tech stocks, Afterpay-owner Block is losing more than 2 percent, Xero is declining almost 4 percent and WiseTech Global is slipping almost 3 percent, while Appen and Zip are down almost 2 percent each.

Among the big four banks, National Australia Bank and ANZ Banking are edging down 0.1 to 0.2 percent each, while Westpac and Commonwealth Bank are losing almost 1 percent each. Gold miners are mixed. Northern Star Resources and Genesis Minerals are declining almost 2 percent each, while Evolution Mining is losing more than 1 percent. Newmont is gaining more than 3 percent and Resolute Mining is edging up 0.4 percent.

In other news, shares in IGO are tumbling almost 10 percent after the critical minerals miner cut back guidance on spodumene production from its Greenbushes operation.

In the currency market, the Aussie dollar is trading at $0.713 on Friday.

On Wall Street, stocks moved mostly lower over the course of the trading day on Thursday following the rally seen during Wednesday's session. The major averages all moved to the downside, with the Nasdaq and the S&P 500 pulling back off record closing highs.

The major averages regained ground after an early afternoon nosedive but remained firmly negative. The Nasdaq slid 219.06 points or 0.9 percent to 24,438.50, the S&P 500 declined 29.50 points or 0.4 percent to 7,108.40 and the Dow fell 179.71 points or 0.4 percent to 49,310.32.

Meanwhile, the major European markets turned in a mixed performance on the day. While the French CAC 40 Index advanced by 0.9 percent, the German DAX Index and the U.K.'s FTSE 100 Index both dipped by 0.2 percent.

Crude oil prices surged on Thursday as the Strait of Hormuz remains closed, keeping oil supply concerns elevated. West Texas Intermediate crude for June was up $2.49 or 2.68 percent at $95.45 per barrel.