ASX 200 slips as weakness spreads across the board

The S&P/ASX 200 Index (ASX: XJO) is drifting lower on Thursday, despite some parts of the market holding up.

At the time of writing, the ASX 200 is down 0.20% to 8,612 points.

The move follows a weak session on Wednesday, when heavy selling across the major banks dragged the benchmark lower.

At present, 129 ASX 200 shares are trading lower, while 63 are higher and 8 are unchanged.

Let’s take a closer look.

Most stocks are in the red

Most stocks in the index are falling today, with the benchmark being supported by a handful of heavyweight names.

BHP Group Ltd (ASX: BHP) is up 1.15% to $62.23, while Rio Tinto Ltd (ASX: RIO) is up 1.56% to $191.95.

Fortescue Ltd (ASX: FMG) is also higher, rising 1.91% to $22.99.

The big miners are benefiting from strength in commodity markets, with copper and iron ore stocks still attracting buyers.

Macquarie Group Ltd (ASX: MQG) is also lending a helping hand, rising 2.26% to $242.14.

Weakness spreads beyond the major stocks

Lynas Rare Earths Ltd (ASX: LYC) is one of the weakest links today, falling 7.34% to $18.44.

Xero Ltd (ASX: XRO) is also under pressure, dropping 7.21% to $75.16 after its latest result left investors unimpressed.

Other major fallers include Wisetech Global Ltd (ASX: WTC), REA Group Ltd (ASX: REA), and Pro Medicus Ltd (ASX: PME). They are down 5.16%, 4.30%, and 4.53%, respectively.

Bapcor Ltd (ASX: BAP) is also another weak spot after cutting its FY26 earnings guidance.

CBA steadies after record fall

Commonwealth Bank of Australia (ASX: CBA) is another stock in focus after Wednesday’s record fall.

The bank’s shares are bouncing slightly today, up 0.79% to $154.89.

That follows a painful session during midweek, when CBA shares dropped more than 10% after the bank released its quarterly update.

The bank reported an unaudited quarterly cash profit of $2.7 billion, down 1% on the prior quarter. Investors also concentrated on higher loan impairment expenses and the bank’s stretched valuation.

Foolish Takeaway

A small decline in the index is not too worrying. But when most stocks are trading lower, it shows investors are still cautious and not willing to buy the market more broadly.

That doesn’t mean the ASX 200 is in trouble. It just tells us that the rally needs wider support if it is going to keep pushing higher.

For now, the market is still rewarding strong updates but punishing anything that looks expensive or disappointing.

The post ASX 200 slips as weakness spreads across the board appeared first on The Motley Fool Australia.

More reading

• Worley unveils new growth strategy and $300m buyback at Investor Day
• GrainCorp shares: 1H26 profit drops but guidance stands
• Air New Zealand flags sharp FY26 loss as rising fuel costs bite
• Megaport secures $254 million in contracts, boosts ARR and outlook
• Xero FY26 result: Revenue surges 31% but profit dips due to Melio acquisition costs

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Macquarie Group, WiseTech Global, and Xero. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Lynas Rare Earths Ltd and Pro Medicus. The Motley Fool Australia has positions in and has recommended Macquarie Group, WiseTech Global, and Xero. The Motley Fool Australia has recommended BHP Group and Pro Medicus. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.