The S&P/ASX 200 Index (ASX: XJO) is having its worst session in days as investors take some risk off the table.
At the time of writing, the benchmark index is down 1.41% to 8,661 points.
The move has pushed the ASX 200 back from a recent 4-week high, with the index touching a low of 8,652.2 points during the session.
At the latest check, 125 of the ASX 200’s 200 stocks are in the red, while 6 of the 11 sectors are trading lower.
The weakness follows a soft lead from Wall Street, where the Dow Jones Industrial Average Index (DJX: .DJI) fell 1.21%, the S&P 500 Index (SP: .INX) dropped 0.74%, and the Nasdaq Composite Index (NASDAQ: .IXIC) lost 0.89% as Middle East tensions weighed on sentiment.
Miners are doing most of the damage
The biggest hit is coming from the resources side of the market.
The S&P/ASX 200 Resources Index (ASX: XJR) is down 2.86%, making it one of the weakest parts of the local market today.
The pressure follows weaker moves across several major commodities.
According to Trading Economics, copper futures fell 2.5% to US$6.075 a pound, while Singapore iron ore futures dropped 1.9% to US$103.20 a tonne.
As a result, BHP Group Ltd (ASX: BHP) shares are down 3.27% to $62.79, while Rio Tinto Ltd (ASX: RIO) shares are down 3.37% to $187.91.
Fortescue Ltd (ASX: FMG) is also under pressure, with its shares down 3.33% to $21.19.
Gold miners are also weaker after the gold price slipped.
Northern Star Resources Ltd (ASX: NST) shares are sliding 4.70% to $20.69, and Sandfire Resources Ltd (ASX: SFR) shares are trading 2.91% lower to $19.68.
Uranium names have been hit even harder.
Paladin Energy Ltd (ASX: PDN) shares are sinking 8.78% to $10.81, while Boss Energy Ltd (ASX: BOE) shares are falling 4.07% to $1.295.
The selling follows weakness in offshore uranium-linked funds, including the Global X Uranium Miners ETF and the Sprott Physical Uranium Trust.
Tech and banks are also lower
Technology shares are also taking some heat after helping the market rally earlier in the week.
The S&P/ASX 200 Information Technology Index (ASX: XIJ) is down 1.45%, adding another drag on the benchmark.
Financials are also lower, with the major banks trading down after recent strength.
Commonwealth Bank of Australia (ASX: CBA) shares are down 1.32% to $162.58, with Westpac Banking Corp (ASX: WBC) falling 2.15% to $35.08.
National Australia Bank Ltd (ASX: NAB) shares are down 1.42% to $36.71, and ANZ Group Holdings Ltd (ASX: ANZ) is trading 1.27% lower at $34.22.
Macquarie Group Ltd (ASX: MQG) is also in the red, with its shares down 2.35% to $233.39.
The post Why is the ASX 200 being smashed today? appeared first on The Motley Fool Australia.
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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. The Motley Fool Australia has positions in and has recommended Macquarie Group. The Motley Fool Australia has recommended BHP Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.