FX.co ★ Australian Market Significantly Lower

The Australian stock market extended its losses from the previous session, experiencing significant declines on Friday. The downturn follows predominantly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 has dropped well below the 8,000 mark, retreating from recent all-time highs, with weakness observed in most sectors, particularly mining and technology.

The S&P/ASX 200 Index fell by 81.90 points or 1.02 percent to 7,954.60, having dipped to a low of 7,923.60 earlier. Similarly, the broader All Ordinaries Index declined by 81.80 points or 0.99 percent to 8,190.90. Australian markets had already ended modestly lower on Thursday.

Among the major mining stocks, BHP Group, Fortescue Metals, and Rio Tinto each saw nearly a 2 percent decline, while Mineral Resources fell by over 2 percent. The oil sector experienced mixed results. Origin Energy edged down by 0.5 percent, Woodside Energy lost nearly 1 percent, while Beach Energy edged up by 0.3 percent, and Santos remained flat.

Tech stocks faced notable losses with Afterpay owner Block declining almost 5 percent, Zip losing nearly 3 percent, and Xero down by almost 1 percent. Conversely, Appen gained more than 1 percent, and WiseTech Global edged up by 0.2 percent.

In the banking sector, Commonwealth Bank and Westpac each lost almost 1 percent, while National Australia Bank and ANZ Banking fell by over 1 percent each. Gold mining stocks were also largely lower: Evolution Mining declined by almost 5 percent, Newmont and Gold Road Resources each lost nearly 3 percent, and Northern Star Resources and Resolute Mining slipped by more than 3 percent each.

In other news, Lifestyle Communities shares plummeted by 15 percent after the land lease operator withdrew its guidance, citing media influence and uncertainties in its home-building business. In the currency market, the Australian dollar was trading at $0.670 on Friday.

On Wall Street, stocks showed initial indecision on Thursday, only to come under significant selling pressure later in the session. Consequently, the Nasdaq and the S&P 500 compounded the steep losses from the previous session.

The major averages ended firmly in negative territory. The Dow plunged by 533.06 points or 1.3 percent to 40,665.02, the Nasdaq fell by 125.70 points or 0.7 percent to 17,871.22, and the S&P 500 dropped by 43.68 points or 0.8 percent to 5,544.59.

In Europe, the major markets closed with mixed results. The German DAX Index fell by 0.5 percent, whereas both the U.K.'s FTSE 100 Index and the French CAC 40 Index rose by 0.2 percent.

Crude oil prices eased slightly on Thursday due to concerns about the outlook for oil demand from China, further pressured by the dollar's recovery. West Texas Intermediate Crude oil futures for August declined by $0.03, closing at $82.82 a barrel.