The Australian stock market experienced a slight decline on Friday, reversing the gains seen in the previous two sessions. This downward trend follows generally negative trends from Wall Street overnight. The S&P/ASX 200 index is approaching the 8,200 mark, with weaknesses observed in iron ore mining and financial stocks. However, these losses have been somewhat mitigated by gains in gold mining, technology, and energy sectors, supported by a surge in crude oil and bullion prices.
Currently, the S&P/ASX 200 Index has decreased by 15.60 points, or 0.19%, reaching 8,207.40, after dipping to a low of 8,201.70 earlier in the day. Meanwhile, the broader All Ordinaries Index has slipped by 13.60 points or 0.16% to 8,485.10. On Thursday, the Australian markets had closed with modest gains.
In the mining sector, major players such as BHP Group and Rio Tinto are each down by nearly 1%, with Fortescue Metals seeing a drop of over 1%, whereas Mineral Resources are showing a slight gain of nearly 1%.
Oil stocks are predominantly showing an upward trend. Woodside Energy is up by more than 1%, Santos is up by almost 1%, and Origin Energy and Beach Energy are making minor advances of 0.1 to 0.4% each.
In the technology sector, Block, the owner of Afterpay, is up by more than 3%, while Xero and Zip have each gained nearly 1%. WiseTech Global has declined by nearly 1%, and Appen remains stable.
Regarding the major banks, Commonwealth Bank has fallen by nearly 1%, with National Australia Bank, ANZ Banking, and Westpac each down by 0.2 to 0.4%. Gold miners are largely performing well, with Evolution Mining, Newmont, and Northern Star Resources each gaining close to 2%, while Resolute Mining has increased by over 3%, and Gold Road Resources added more than 2%.
In the currency market, the Australian dollar is trading at $0.674 on Friday.
On Wall Street, Thursday's trading showed moderate weakness following a strong performance in the previous session. The major indices retreated, with the Dow and the S&P 500 slipping from their recent record closing highs.
Despite an upward movement towards the end of the session, the indices remained negative. The Dow fell by 57.88 points, or 0.1%, to 42,454.12; the Nasdaq decreased by 9.57 points, or 0.1%, to 18,282.05; and the S&P 500 dropped by 11.99 points, or 0.2%, to 5,780.05.
European markets also declined, with the U.K.'s FTSE 100 Index down by 0.1%, and both the French CAC 40 Index and the German DAX Index decreasing by 0.2%.
Thursday saw a sharp rise in crude oil prices as concerns about escalating tensions in the Middle East outweighed uncertainties about the demand outlook. November futures for West Texas Intermediate Crude advanced by $2.61, or about 3.56%, closing at $75.85 per barrel.