The S&P/ASX 200 Index (ASX: XJO) is a touch lower on Tuesday, despite another decent session for the big banks.
At the time of writing, the ASX 200 is down 0.07% to 8,809 points.
The index has moved around during the session. It climbed as high as 8,849.9 points earlier in the day before falling to a low of 8,798.4 points.
At the latest check, 139 of the top 200 shares are trading lower, while 51 are higher and 10 are unchanged.
Bank stocks provide some support
The main reason the ASX 200 isn’t down further is the support coming from the big banks.
Commonwealth Bank of Australia (ASX: CBA) shares are up 0.67% to $164.50, while Westpac Banking Corp (ASX: WBC) shares are 1.01% higher at $35.475.
National Australia Bank Ltd (ASX: NAB) shares are up 1.19% to $38.32, and ANZ Group Holdings Ltd(ASX: ANZ) shares are 1.28% higher at $35.70.
Macquarie Group Ltd (ASX: MQG) is also helping, with its shares up 0.81% to $249.92.
That strength is helping offset weakness elsewhere, especially with several large resource names trading lower.
CSL Ltd (ASX: CSL) is also lending a hand. Its shares are up 1.36% to $114.41.
Resources stocks hold back the ASX 200
The resources side of the market is under pressure today.
BHP Group Ltd (ASX: BHP) shares are down 0.18% to $60.23, while Woodside Energy Group Ltd (ASX: WDS) shares are 0.57% lower at $28.605.
Although gold and lithium stocks are seeing heavier selling.
Northern Star Resources Ltd (ASX: NST) shares are down 2.45% to $20.68, Evolution Mining Ltd (ASX: EVN) shares are 1.81% lower at $12.75, and Lynas Rare Earths Ltd (ASX: LYC) shares are down 2.44% to $18.165.
PLS Group Ltd (ASX: PLS) is also being sold off, with its shares down 2.80% to $5.37.
US tech jitters are still being watched
Local investors are keeping an eye on Wall Street after another choppy session for US tech stocks.
The Nasdaq Composite Index (NASDAQ: .IXIC) was pressured by weakness in large tech names, including Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) and Space Exploration Technologies Corp (NASDAQ: SPCX).
US futures are also lower during local trade, which has kept buyers cautious around growth stocks.
That is flowing through to some ASX tech shares. Pro Medicus Ltd (ASX: PME) shares are down 1.20% to $172.55, while REA Group Ltd (ASX: REA) shares are 1.78% lower at $133.35.
Where does the ASX 200 go from here?
The ASX 200 is still up 1.1% since the start of 2026 and around 4% over the past year.
Still, today’s session shows the market is leaning heavily on the banks.
If resources and tech keep slipping, the index may need more support from offshore markets to move higher.
The post Why is the ASX 200 stuck in the red 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 Alphabet, CSL, and Macquarie Group. 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 recommended Alphabet, BHP Group, CSL, Macquarie 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.