The S&P/ASX 200 Index (ASX: XJO) is back in negative territory on Tuesday, despite a stronger lead from Wall Street overnight.
At the time of writing, the ASX 200 is down 0.37% to 8,798 points.
That puts the benchmark index close to its intraday low of 8,790.3 points and below yesterday’s close of 8,831 points.
It’s not a heavy fall, but it is another reminder that the local market is still finding it hard to build momentum.
Here’s what is weighing on the ASX 200 today.
Wall Street rally fails to lift our local share market
The fall comes after a positive night in the United States.
The Dow Jones Industrial Average (DJX: .DJI) lifted 0.29% to a record close of 53,055.91 points, while the S&P 500 Index (SP: .INX) rose 0.72% and the Nasdaq Composite Index (NASDAQ: .IXIC) climbed 1.12%.
Normally, that sort of lead would give local shares a better platform.
However, the ASX 200 has not been able to make much of it. Instead, selling across miners, gold shares, and parts of the energy sector is offsetting gains from the banks and tech stocks.
The broader market is also mostly in the red.
At the latest check, 121 of the top 200 shares were falling, compared with 75 rising and 4 trading flat.
Miners drag on the ASX 200
Resources stocks are doing much of the damage today, with the S&P/ASX 200 Resources Index (ASX: XJR) sliding 2.3% to 7,397 points.
BHP Group Ltd (ASX: BHP) shares are down 1.08% to $59.375, while Rio Tinto Ltd (ASX: RIO) shares are shedding 1.76% to $168.15.
Gold stocks are also under pressure with the gold price slipped to US$4,127 per ounce, down 0.91%.
Northern Star Resources Ltd (ASX: NST) shares are tumbling 3.17% to $21.08, while Evolution Mining Ltd (ASX: EVN) shares are falling 3.57% to $12.16.
Banks and tech stocks provide some support
The major banks are helping soften the fall.
Commonwealth Bank of Australia (ASX: CBA) shares are up 1.23% to $166.69, while Westpac Banking Corp (ASX: WBC) shares have added 0.85% to $35.59.
National Australia Bank Ltd (ASX: NAB) shares are 0.96% higher at $39.02, while ANZ Group Holdings Ltd (ASX: ANZ) shares have lifted 0.49% to $35.17.
Macquarie Group Ltd (ASX: MQG) shares are also stronger, rising 0.92% to $253.03.
Tech stocks are helping too, with WiseTech Global Ltd (ASX: WTC) shares jumping 8.4% to $38.34 after the company announced Raelene Murphy had been appointed independent chair.
Xero Ltd (ASX: XRO) shares are 1.5% higher to $74.66.
The post ASX 200 slips again: Why the market can’t follow Wall Street higher appeared first on The Motley Fool Australia.
Wondering where you should invest $1,000 right now?
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes could be the ‘five best ASX stocks’ for investors to buy right now. We believe these stocks are trading at attractive prices and Scott thinks they could be great buys right nowâ¦
* Returns as of 16 June 2026
.custom-cta-button p {
margin-bottom: 0 !important;
}
More reading
- Here’s what brokers tip for NAB shares over the next 12 months
- WiseTech shares surge 10% as Richard White steps back from chair role
- Forget CBA shares, I’d buy these ASX bank stocks instead
- Qube Holdings: Supreme Court approves takeover scheme
- Summerset Group delivers Q2 update
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 has positions in and has recommended WiseTech Global and Xero. The Motley Fool Australia has recommended BHP Group and Macquarie Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.