(RTTNews) - Adding to the losses in the previous three sessions, the Australian stock market is sharply lower on Tuesday, following the sharp sell-off Wall Street overnight. The benchmark S&P/ASX 200 is falling well below the 7,700 level, with losses across most sectors led by gold miners and technology stocks.
The benchmark S&P/ASX 200 Index is losing 100.30 points or 1.29 percent to the day's low of 7,652.20. The broader All Ordinaries Index is down 103.60 points or 1.29 percent to 7,905.70. Australian stocks closed slightly lower on Monday.
Among the major miners, Rio Tinto and Fortescue Metals are losing more than 1 percent each, while BHP Group is down almost 1 percent and Mineral Resources is declining more than 2 percent.
Oil stocks are mostly lower. Santos and Woodside Energy are losing more than 1 percent each, while Origin Energy and Beach energy are down almost 1 percent each.
Among tech stocks, WiseTech Global is edging down 0.5 percent, Zip is declining more than 3 percent, Afterpay owner Block is slipping almost 5 percent, Xero is losing more than 1 percent and Appen is sliding more than 3 percent.
Gold miners are mostly lower. Newmont is down almost 1 percent, Resolute Mining is declining more than 6 percent and Gold Road Resources is losing more than 2 percent, while Evolution Mining and Northern Star resources are edging down 0.2 percent each.
Among the big four banks, Commonwealth Bank and Westpac are losing more than 1 percent each, while National Australia Bank and ANZ Banking are declining almost 1 percent each.
In the currency market, the Aussie dollar is trading at $0.643 on Tuesday.
On Wall Street, stocks showed another substantial move to the downside over the course of the trading session on Monday following the steep drop seen last Friday. The major averages moved notably higher early in the session, but pulled back sharply as the day progressed.
The major averages all closed firmly in the red, with the tech-heavy Nasdaq showing a particularly steep drop. The Nasdaq plunged 290.08 points or 1.8 percent to 15,885.02, the S&P 500 tumbled 61.59 points or 1.2 percent to 5,061.82 and the Dow slid 248.13 points or 0.7 percent to 37,735.11.
Meanwhile, the major European markets turned in a mixed performance on the day. While the U.K.'s FTSE 100 Index fell 0.4 percent, the French CAC 40 Index rose by 0.4 percent and the German DAX Index climbed by 0.5 percent.
Crude oil prices fell on Monday amid slightly easing concerns about supply disruptions after Iran's drone and missile attack on Israel did not cause any big damage. Concerns about the outlook for oil demand in China and a strong U.S. dollar also weighed on oil prices. West Texas Intermediate Crude futures for May ended lower by $0.25 at $85.41 a barrel.
