The S&P/ASX 200 Index (ASX: XJO) is taking another hit on Friday, with investors facing one of the weakest stretches of the year.

At the time of writing, the benchmark index is down 1.28% to 8,706 points and trading around its session low.

That follows losses of 1.03% on Thursday, 0.11% on Wednesday, and 1% on Tuesday, meaning the ASX 200 has now fallen more than 3% in the past 4 sessions.

The rebound from Thursday’s low of 8,742 points didn’t last long either.

The index has now effectively wiped out its gains for 2026 and is around 6% below its 52-week high of 9,267 points.

So, what’s worrying investors?

Oil, bond yields, and rate hikes

There is plenty happening at once, but rising oil prices and interest rate expectations are doing a lot of the damage.

Brent crude has jumped to US$107.87 a barrel as the conflict in the Middle East continued to disrupt energy markets.

That has added to inflation concerns and pushed bond yields higher around the world.

Australia’s 3-year government bond yield climbed above 5% on Friday, reaching its highest level in around 15 years.

And rate expectations have moved quickly as well.

The RBA cash rate is currently at 4.35%, but markets are now pricing a high chance of another 25-basis point increase at the 29 September meeting.

Citi now reportedly expects hikes in both September and November, which would take the cash rate to 4.85%.

Miners are getting hit hard

The selling is widespread across the ASX 200, with 151 stocks falling, 47 rising, and just 2 unchanged.

Resources stocks are tanking after copper prices dropped more than 4% following reports that the US has delayed a decision on tariffs on refined copper.

BHP Group Ltd (ASX: BHP) shares are down 4.34% to $60.69, while Rio Tinto Ltd (ASX: RIO) shares have fallen 3.54% to $168.30.

Northern Star Resources Ltd (ASX: NST) shares are also down 3.66% to $21.715, and Evolution Mining Ltd (ASX: EVN) has dropped 4.56% to $13.695.

What should investors watch next?

The big question now is whether Friday’s sell-off starts to settle down or carries into next week.

Investors will also be watching US inflation data due later today, which could influence expectations for another Fed Reserve rate rise.

I’ll also be watching whether the weakness remains concentrated in miners or starts to spread into other parts of the market.

The post ASX 200 tumbles to a 2-month low and wipes out its 2026 gains. What on earth is going on? appeared first on The Motley Fool Australia.

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• Megaport shares have surged 10% in a week to $18. I think they could hit $25

Citigroup is an advertising partner of Motley Fool Money. 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 no position in any of the stocks mentioned. 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.

Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) shares are both marching higher today, even as the S&P/ASX 200 Index (ASX: XJO) drops another 0.9%.

While the broader index is under pressure amid the re-escalation of hostilities in the Middle East, investors are bidding up the ASX 200 energy stocks as oil prices continue to climb.

Brent crude oil topped US$109 per barrel overnight. A barrel of Brent is currently trading for US$108.32, according to data from Bloomberg. That’s up 19.7% from US$90.50 per barrel on 1 September.

That’s today’s price action for you.

But if you’d invested $10,000 in Santos and Woodside shares three years ago, would you have beaten the 20% returns delivered by the ASX 200 since 15 September 2023?

Woodside shares endure long slide before a rebound

Three years ago, when Brent crude oil was on an upward trend at US$94 per barrel, you could have picked up Woodside shares for $38.39 apiece.

So, for $10,000, you could have bought 260 shares in the ASX oil and gas giant. From there, however, the stock was in a lengthy downward trend through to April 2025, when it commenced a strong rebound.

At time of writing, shares are changing hands for $33.14 each, down 13.7% in three years.

Though, thanks to the passive income Woodside pays, the losses are much less.

Here’s what I mean.

If you owned Woodside shares for the last three years, you would have received (or shortly will receive) the past six fully-franked Woodside dividends, totalling a rounded $5.24 a share.

Woodside stock traded ex-dividend on 3 September. Eligible stockholders can expect that passive income payout to land in their bank account on 25 September.

Now, if we add that $5.24 back into today’s share price, then the accumulated value of the Woodside shares you bought three years ago is worth $38.38 today.

And the 260 shares you bought for $10,000 are worth an accumulated $9,979.

So, how about Santos?

Santos shares lead the three-year race

While not shooting the lights out, Santos outperformed Woodside shares over the last three years.

On 15 September 2023, you could have bought Santos shares for $7.91 each. Meaning your $10,000 investment would have netted you 1,264 shares.

At time of writing, Santos shares are swapping hands for $8.65 apiece, up 9.4% in three years.

If you owned the stock over this period, you’d also have received (or shortly will) the last six Santos dividends, mostly unfranked, totalling a rounded $1.13 a share.

Santos traded ex-dividend on 24 August. Eligible investors can expect to receive that passive income payment on 23 September.

If we add that $1.13 back in to today’s share price, then the Santos shares you bought for $7.91 three years ago are now worth an accumulated $9.78 each.

And the 1,264 shares you bought for $10,000 are worth an accumulated $12,362.

How have the ASX 200 energy stocks fared in 2026?

Both ASX 200 energy stocks are enjoying a banner year amid tight global oil markets.

Santos shares have gained 40.6% in 2026, while Woodside shares are up 39.9%, not including their dividends.

The post $10,000 invested in Santos and Woodside shares 3 years ago is now worth… appeared first on The Motley Fool Australia.

More reading

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• How much superannuation do I need to earn $80,000 per year in passive income?
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• 5 things to watch on the ASX 200 on Thursday
• Here’s what brokers tip for Santos shares over the next 12 months

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Alkane Resources Ltd (ASX: ALK) shares are having a rough time during Friday midday.

The gold and antimony producer is down 4.23% to $1.81, extending what has already been a weak few days for the stock.

There was also an update after Thursday’s close that could be getting some attention.

Alkane revealed that managing director and CEO Nicholas Earner has sold 2 million shares.

It’s a decent sale, and I’d expect investors to want to know a bit more about it.

Why did the CEO sell?

According to Alkane’s ASX filing, Earner sold the 2 million shares on market at $1.947 each.

That puts the total value of the sale at around $3.89 million.

The company said the sale was made to meet Earner’s expected personal tax obligations and other commitments.

It also pointed out that this was his first personal sale of Alkane shares since 2020.

Even after the transaction, Earner still owns just over 4 million Alkane shares through related entities, along with almost 3 million performance rights.

So, I wouldn’t be hitting the panic button here just yet. It’s not like Earner has cashed out and walked away.

Alkane shares have had a big year

Even at $1.81, Alkane shares are still up around 35% in 2026 and roughly 75% over the past 12 months.

The company has been putting up some strong financial numbers too.

FY26 revenue jumped 257% to $935.8 million, while net profit after tax (NPAT) surged to $228.7 million.

Alkane produced 168,337 gold equivalent ounces across the year.

The balance sheet is in good shape, with cash and bullion of $438.9 million at 30 June.

And shareholders are getting some of that back, with Alkane declaring its first fully-franked dividend of 2 cents per share.

The company has even approved an on-market share buyback of up to $50 million.

Should investors be worried?

Personally, I wouldn’t be too concerned about one director sale.

That’s especially the case when Alkane has explained the reason and Earner still owns a sizeable holding.

What matters more is how the business performs.

Alkane is guiding for FY27 production of 163,000 to 177,000 gold equivalent ounces at an all-in sustaining cost of $2,900 to $3,200 per ounce.

I think those numbers, along with where the gold price goes next, will have a much bigger say on the share price.

There is plenty for shareholders to watch over the next few quarters, particularly after the huge run Alkane shares have already had.

The post CEO sells $3.9 million of shares. Should investors be worried? appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Monday
• 9 ASX mining shares going ex-dividend this week
• 40 ASX shares with ex-dividend dates next week
• Here are the top 10 ASX 200 shares today
• This ASX 200 gold stock could be a top buy after a ‘transformational’ year

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 no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.