(RTTNews) – The Australian stock market is slightly lower in choppy trading on Tuesday, extending the losses in the previous two sessions, with the benchmark S&P/ASX 200 staying above the 7,000 mark, following the broadly negative cues from Wall Street on Monday, on inflation concerns amid a spike in crude oil prices and as traders continue to monitor developments surrounding the escalating Russia-Ukraine crisis.
The benchmark S&P/ASX 200 Index is losing 6.70 points or 0.10 percent to 7,031.90, after hitting a low of 7,007.90 earlier. The broader All Ordinaries Index is down 16.50 points or 0.23 percent to 7,304.70. Australian stocks closed significantly lower on Monday.
Among the major miners, BHP Group and Fortescue Metals are losing almost 2 percent each, while OZ Minerals and Rio Tinto are declining more than 2 percent each. Mineral Resources is down almost 1 percent.
Oil stocks are lower, with Beach energy losing almost 2 percent, Woodside Petroleum declining almost 3 percent, Santos slipping more than 3 percent and Origin Energy is down more than 1 percent.
Among tech stocks, Appen is edging up 0.2 percent and WiseTech Global is adding more than 1 percent, while Xero is losing more than 1 percent, Block is declining almost 4 percent and Zip is slipping more than 3 percent.
Gold miners are mixed. Evolution Mining is edging 0.2 percent and Newcrest Mining is gaining almost 1 percent, while Resolute Mining is losing almost 1 percent and Gold Road Resources declining almost 2 percent. Northern Star Resources is flat.
Among the big four banks, Commonwealth Bank is gaining more than 1 percent and ANZ Banking is adding almost 1 percent, while National Australia Bank and Westpac are edging 0.2 percent each.
In the currency market, the Aussie dollar is trading at $0.734 on Tuesday.
On Wall Street, stocks moved sharply lower over the course of the trading day on Monday, extending the downward move seen over the two previous sessions. The major averages all showed substantial moves to the downside on the day.
The major averages saw further downside going into the close, ending the session at their worst levels of the session. The Dow plunged 797.42 points or 2.4 percent to 32,817.38, the Nasdaq plummeted 482.48 points or 3.6 percent to 12,830.96 and the S&P 500 tumbled 127.78 points or 3 percent to 4,201.09.
The major European markets also moved to the downside on the day. While the U.K.’s FTSE 100 Index fell by 0.4 percent, the French CAC 40 Index slumped by 1.3 percent and the German DAX Index plunged by 2 percent.
Crude oil futures surged on Monday amid rising concerns over global oil supplies amid talks the U.S. and its Western allies are likely to impose a ban on Russian oil. West Texas Intermediate Crude oil futures for April ended higher by $3.72 or 3.2 percent at $119.40 a barrel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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