The Australian share market is trading in negative territory on Monday, reversing a portion of the gains recorded during the previous session.
This modest pullback comes despite broadly positive signals from Wall Street on Friday, which had been expected to support sentiment in early trade.
The benchmark S&P/ASX 200 Index has slipped 7.50 points or 0.09 percent to 8,798.50, dipping below the closely watched 8,800.00 level during the session.
The broader All Ordinaries Index is also lower, falling 7.50 points or 0.08 percent to 8,996.20, reflecting the subdued tone across the wider market.
Weakness in gold miners and technology stocks is the primary drag on the index, partially offset by gains among iron ore miners and energy companies.
Among the major miners, Fortescue is gaining more than 1 percent, while BHP Group and Rio Tinto are each edging up between 0.1 and 0.4 percent.
Gold miners are broadly under pressure, with Resolute Mining slipping more than 3 percent, Northern Star Resources declining almost 3 percent, and Evolution Mining losing more than 2 percent.
In the technology sector, Xero is declining more than 3 percent, while WiseTech Global and Zip are each losing almost 2 percent, adding to the index’s overall drag.
Oil stocks are providing some support, with Beach Energy gaining more than 1 percent and both Woodside Energy and Santos edging higher between 0.1 and 0.5 percent.
A standout mover on Monday is Dateline Resources, with shares jumping almost 26 percent after the US Department of Justice filed documents opposing a legal challenge surrounding the Colosseum project, the company’s 100%-owned gold and rare earths project in California.
The Aussie dollar is trading at $0.693 against the US dollar on Monday, reflecting steady currency conditions heading into the week.
On Wall Street, the major averages all closed higher on Friday, with the Dow rising 149.60 points or 0.3 percent to 52,637.01, the Nasdaq increasing 74.72 points or 0.3 percent to 26,281.61, and the S&P 500 climbing 31.75 points or 0.4 percent to 7,575.39.
European markets posted a mixed session, with Germany’s DAX Index dipping 0.2 percent while both the French CAC 40 Index and the UK’s FTSE 100 Index rose by 0.2 percent.
Crude oil prices fell on Friday, with West Texas Intermediate crude for August delivery down $0.75 or 1.04 percent to $71.33 per barrel, amid reports of third-party mediation efforts to bring the US and Iran back to the negotiating table.
