Australian Market Modestly Lower

(RTTNews) - The Australian stock market modestly lower on Tuesday, snapping a four-session winning streak, with the benchmark S&P/ASX 200 staying above the 7,100 level, following the weak cues from Wall Street overnight, dragged by losses in gold miners and technology stocks.

The benchmark S&P/ASX 200 Index is losing 24.70 points or 0.35 percent to 7,126.60, after hitting a low of 7,126.20 earlier. The broader All Ordinaries Index is down 25.20 points or 0.34 percent to 7,330.60. Australian stocks closed significantly higher on Monday.

Among the major miners, Rio Tinto, BHP Group and Fortescue Metals are edging down 0.4 to 0.6 percent each, while Mineral Resources is gaining almost 1 percent. OZ Minerals is edging up 0.1 percent.

Oil stocks are mostly weak. Woodside Energy and Origin Energy are edging down 0.3 to 0.5 percent each, while Santos is losing almost 1 percent. Beach energy is gaining almost 1 percent. Among tech stocks, WiseTech Global is edging down 0.2 percent, Zip is losing more than 3 percent, Appen is declining almost 4 percent and Afterpay owner Block is down almost 2 percent. Xero is edging up 0.5 percent

Gold miners are mostly lower. Northern Star Resources and Newcrest Mining are losing more than 2 percent each, while Gold Road Resources and Evolution Mining are down 1.5 percent each. Resolute Mining is plunging more than 6 percent.

Among the big four banks, Commonwealth Bank, Westpac, National Australia Bank and ANZ Banking are all edging up 0.1 to 0.3 percent each. In the currency market, the Aussie dollar is trading at $0.692 on Tuesday.

On Wall Street, stocks failed to hold gains and ended on a mixed note on Monday as the mood turned cautious past mid-afternoon after some Fed officials said the central bank will have to keep raising rates. Stocks pared gains after comments from a couple of Fed officials that the central bank might raise rates to somewhere above 5 percent.

Among the major averages, the Dow ended down 112.96 points or 0.34 percent at 33,517.65 and the S&P 500 settled lower by 2.99 points or 0.08 percent at 3,892.09, while the Nasdaq settled with a gain of 66.36 points or 0.63 percent at 10,635.65.

Meanwhile, the major European markets moved to the upside on the day. The U.K.'s FTSE 100 gained 0.33 percent, Germany's DAX surged 1.25 percent, and France's CAC ended higher by 0.68 percent.

Crude oil prices climbed higher Monday, gaining for a third straight session amid hopes of increased demand - while a weak dollar also helped to support oil prices. West Texas Intermediate Crude oil futures for February rose $0.86 or 1.2 percent at $74.63 a barrel.