Australian Market Modestly Lower

Snapping a three-session winning streak, the Australian stock market is modestly lower on Friday, despite the mostly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling below the 7,800 level, with weakness in iron ore miners and energy stocks partially offset by gains in gold miners and technology stocks.

The benchmark S&P/ASX 200 Index is losing 16.80 points or 0.22 percent to 7,796.80, after hitting a low of 7,765.30 earlier. The broader All Ordinaries Index is down 16.20 points or 0.20 percent to 8,057.90. Australian markets ended notably lower on Thursday.

Among major miners, Mineral Resources is edging down 0.3 percent and Rio Tinto is losing almost 1 percent, while BHP Group and Fortescue Metals are declining more than 1 percent each.

Oil stocks are mostly lower. Origin Energy is edging down 0.4 percent, Santos is losing almost 1 percent and Woodside Energy is declining more than 1 percent, while Beach energy is gaining almost 1 percent.

Among tech stocks, WiseTech Global is gaining more than 1 percent, Zip is advancing more than 2 percent, Afterpay owner Block is adding almost 1 percent, Xero is edging up 0.4 percent and Appen is surging almost 5 percent.

Among the big four banks, National Australia Bank and Commonwealth Bank are edging down 0.2 to 0.4 percent each, while Westpac is edging up 0.1 percent. ANZ Bank is flat.

Gold miners are mostly higher. Evolution Mining is gaining more than 2 percent, Newmont is edging up 0.3 percent, Resolute Mining is adding more than 4 percent, Gold Road Resources is up more than 1 percent and Northern Star Resources is advancing almost 1 percent.

In other news, shares in Avita Medical plunged 17 percent after the burns treatment business yesterday warned sales for the March quarter dropped below guidance.

In the currency market, the Aussie dollar is trading at $0.654 on Friday.

On Wall Street, stocks showed a strong move back to the upside during trading on Thursday, after ending the previous session sharply lower. Technology stocks led the rebound on Wall Street, with the tech-heavy Nasdaq surging to a new record closing high.

The Nasdaq pulled back off its highs of the session going into the close but still ended the day up 271.84 points or 1.7 percent at 16,442.18. The S&P 500 also climbed 38.42 points or 38.42 points or 0.7 percent to 5,199.06, but the narrower Dow edged down 2.43 points or less than a tenth of a percent to 38,459.08.

Meanwhile, the major European markets all moved to the downside on the day. While the German DAX Index slumped 0.8 percent, the U.K.’s FTSE 100 Index slid by 0.5 percent and the French CAC 40 Index dipped by 0.3 percent.

Crude oil prices dropped from five-month highs on Thursday amid concerns the Federal Reserve will keep interest rates higher for a longer period due to inflationary pressures. West Texas Intermediate crude oil futures for May ended down by $1.19 at $85.02 a barrel.

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