The Australian stock market is trading slightly lower on Monday, reversing some of the gains made in the previous session despite broadly negative cues from Wall Street on Friday.
The benchmark S&P/ASX 200 Index is losing 4.70 points or 0.05 percent to 9,087.60, after hitting an earlier session low of 9,055.80.
The broader All Ordinaries Index is also in negative territory, down 10.10 points or 0.11 percent to 9,284.20, as sentiment remains cautious heading into the new trading week.
Weakness in the mining sector is dragging on the market, with Mineral Resources declining more than 2 percent and BHP Group (BHP) losing almost 2 percent on the day.
Rio Tinto (RIO) is down more than 1 percent, while Fortescue is slipping almost 1 percent as commodity-linked stocks face renewed selling pressure.
Gold miners are also broadly under pressure, with Evolution Mining and Northern Star Resources each sliding more than 4 percent, while Genesis Minerals is slipping almost 4 percent.
Resolute Mining is down more than 3 percent and Newmont (NEM) is losing more than 2 percent, adding to the drag from the broader resources sector.
Technology stocks are contributing to the market’s weakness, with Xero slipping more than 3 percent and both Appen and Zip declining more than 2 percent each.
Afterpay owner Block (SQ) and WiseTech Global are each losing more than 1 percent, reflecting continued pressure on growth-oriented technology names.
Energy stocks are providing a degree of offset, with Beach Energy and Santos each gaining more than 1 percent, while Woodside Energy is edging up 0.2 percent.
The big four banks are also supporting the market, with Commonwealth Bank and Westpac each gaining almost 2 percent, while National Australia Bank and ANZ Banking are both adding more than 1 percent.
In the currency market, the Australian dollar is trading at $0.716 against the US dollar on Monday, holding relatively steady.
On Wall Street, stocks moved mostly lower over the course of Friday’s trading session after considerable volatility early in the day, with all major averages finishing in negative territory.
The Nasdaq slid 138.93 points or 0.5 percent to 26,402.42, while the S&P 500 fell 19.23 points or 0.3 percent to 7,711.76.
The Dow posted a more modest decline, edging down 9.45 points or less than a tenth of a percent to 53,559.99, partly offsetting the strength seen in the prior session.
European markets moved in the opposite direction on Friday, with the French CAC 40 jumping 1 percent, the German DAX advancing 0.8 percent, and the UK’s FTSE 100 rising 0.3 percent.
Crude oil prices edged lower on Friday, with West Texas Intermediate crude for October delivery easing $0.13 or 0.16 percent to settle at $83.40 per barrel.
The modest decline in oil was attributed to the US shifting toward economic rather than military pressure on Iran, which reduced the risk premium built into crude prices.
