CANBERA (dpa-AFX) - Reversing the gains in the previous session, the Australian stock market is modestly lower on Friday, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 is staying above the 7,700 level, with weakness across most sectors led by gold miners and technology stocks.
The benchmark S&P/ASX 200 Index is losing 31.40 points or 0.41 percent to 7,718.30, after hitting a low of 7,718.00 earlier. The broader All Ordinaries Index is down 33.40 points or 0.42 percent to 7,969.10. Australian markets ended modestly higher on Thursday.
Among major miners, BHP Group and Rio Tinto are edging down 0.1 to 0.3 percent each, while Fortescue Metals and Mineral Resources are losing almost 1 percent each.
Oil stocks are mostly lower. Santos is edging down 0.1 percent, while Beach energy and Woodside Energy are losing almost 1 percent each. Origin Energy is gaining almost 1 percent.
Among tech stocks, Afterpay owner Block and Appen are plunging more than 4 percent each, while Xero is edging down 0.4 percent and WiseTech Global is losing more than 1 percent. Zip is gaining almost 1 percent.
Among the big four banks, Commonwealth Bank and Westpac are edging down 0.3 to 0.4 percent each, while National Australia Bank and ANZ Banking are flat.
Gold miners are mostly lower. Evolution Mining is losing almost 3 percent, Northern Star Resources is declining almost 2 percent, Resolute Mining is plunging almost 5 percent, while Newmont and Gold Road Resources are down almost 1 percent.
In the currency market, the Aussie dollar is trading at $0.663 on Friday.
On Wall Street, stocks turned in a relatively lackluster performance during trading on Thursday, as traders took a breather following the rally seen in the previous session. Despite the choppy trading, the Nasdaq and the S&P 500 once again reached new record closing highs.
The Nasdaq climbed 59.12 points or 0.3 percent to 17,667.56 and the S&P 500 rose 12.71 points or 0.2 percent to 5,433.74. The Dow once again bucked the uptrend, however, with the blue chip index slipping 65.11 points or 0.2 percent to 38,647.10.
Meanwhile, the major European markets all moved to the downside on the day. While the U.K.'s FTSE 100 Index slid by 0.6 percent, the German DAX Index and the French CAC 40 Index both plunged by 2.0 percent.
Crude oil prices settled higher on Thursday amid expectations of increased demand for oil and tighter supplies. West Texas Intermediate Crude oil futures for July ended up by $0.12 at $78.62 a barrel.
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