Australian Market Notably Lower

(RTTNews) - The Australian stock market is notably lower on Friday, snapping a ten-session winning streak, following the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling below the 8,000 mark, with weakness across most sectors led by mining and energy stocks as traders book some profits after the recent winning run. The benchmark S&P/ASX 200 Index is losing 36.00 points or 0.45 percent to 7,991.00, after hitting a low of 7,990.30 earlier. The broader All Ordinaries Index is down 38.70 points or 0.47 percent to 8,219.40. Australian markets ended modestly higher on Thursday.

Among major miners, BHP Group and Fortescue Metals are losing almost 1 percent each, while Mineral Resources is declining more than 3 percent and Rio Tinto is down more than 1 percent.

Oil stocks are mostly lower. Origin Energy is losing almost 2 percent, Woodside Energy is down almost 1 percent and Santos is edging down 0.3 percent. Beach energy is flat.

Among tech stocks, Afterpay owner Block and WiseTech Global are losing almost 2 percent each, while Xero is edging down 0.5 percent. Zip is edging up 0.2 percent and Appen is gaining almost 1 percent.

Among the big four banks, Commonwealth Bank, National Australia Bank and Westpac are edging up 0.1 to 0.2 percent each, while ANZ Banking is losing more than 1 percent. Gold miners are mostly lower. Evolution Mining is losing almost 2 percent and Resolute Mining is declining almost 3 percent, while Northern Star Resources and Gold Road Resources are declining more than 2 percent each. Newmont is edging up 0.1 percent.

In other news, shares in Fisher & Paykel are skyrocketing almost 10 percent after the healthcare group lifted its financial 2025 profit guidance.

Shares in Accent Group are tumbling almost 13 percent after the footwear retailer missed expectations with its profit report.

Shares in Inghams are plummeting more than 18 percent after the poultry group warned on slowing volumes.

In the currency market, the Aussie dollar is trading at $0.671 on Friday.

On Wall Street, stocks came under considerable selling pressure over the course of the trading session on Thursday after failing to sustain an early move to the upside. The major averages pulled back well off their early highs and firmly into negative territory.

The Nasdaq and the S&P 500 finished the day just off their lows of the session. The Nasdaq tumbled 299.63 points or 1.7 percent to 17,619.35, the S&P 500 slumped 50.21 points or 0.9 percent to 5,570.64 and the Dow fell 177.71 points or 0.4 percent to 40,712.78.

Meanwhile, the major European markets moved to the upside on the day. The German DAX Index rose by 0.2 percent and the U.K.'s FTSE 100 Index inched up by 0.1 percent, although the French CAC 40 Index closed just below the unchanged line.

Crude oil prices have seen a notable rebound during trading on Thursday, regaining ground following the sell-off seen over the past several sessions. After plummeting by 8.0 percent over the four previous sessions, West Texas Intermediate Crude oil futures for September jumped $1.01 to 1.4 percent to $72.94 a barrel.