In the recently concluded trading session, the Australian stock market witnessed a slight dip, relinquishing some of its gains from the prior two sessions. This development followed mixed signals from Wall Street. However, the key S&P/ASX 200 Index managed to stay above the 7,700 mark, primarily due to losses in the technology and gold mining sectors.
The S&P/ASX 200 Index fell by 15.60 points or 0.20 percent to 7,734.40, having touched a low of 7,732.70 earlier. The broader All Ordinaries Index experienced a similar decrease, losing 15.70 points or 0.20 percent, ending at 8,003.70. Yet, it's noteworthy that the Australian stocks had closed marginally higher on Monday.
Major mining stocks showed mixed results. Rio Tinto and Mineral Resources saw marginal increases of 0.2 to 0.4 percent each, while Fortescue Metals and BHP Group observed slight decreases of 0.4 to 0.5 percent each.
In the oil sector results were also mixed. Stocks for Woodside Energy and Beach Energy rose by 0.1 to 0.2 percent each, while those for Origin Energy and Santos dipped by 0.3 to 0.4 percent each. As for technology stocks, WiseTech Global, Xero, and Afterpay owner Block declined by 0.5 percent, around 1 percent, and 1.5 percent, respectively. However, Appen gained almost 2 percent while Zip's stock remained unchanged.
Furthermore, most gold miner stocks, were lower; Gold Road Resources, Evolution Mining, and Northern Star resources declined by more than 1 percent each, while Newmont saw a marginal increase of 0.1 percent. Resolute Mining stocks remained steady.
The big four banks showed a similar mixed trend. Westpac and ANZ Banking stocks declined 0.2 to 0.4 percent each, while the National Australia Bank crept up by 0.1 percent. The Commonwealth Bank's stock remained unchanged.
In Tuesday's currency market, the Australian dollar was trading at $0.661.
On Wall Street, Monday's trading session saw a lackluster performance following last week's significant upward trend. The major averages initially moved upwards but spent the day fluctuating across the unchanged line. The Nasdaq rose 47.37 points or 0.3 percent to 16,388.24, while the S&P 500 and the Dow dipped marginally.
Similarly, major European markets experienced modest decreases. The French CAC 40 Index slipped by 0.1 percent, and the German DAX Index along with the U.K.'s FTSE 100 Index dipped by 0.2 percent.
Crude oil prices increased on Monday, prompted by positive expectations regarding demand outlook after OPEC extended supply cuts into the second half of the year. West Texas Intermediate Crude Oil futures for June ended higher by $0.86 at $79.12 a barrel.