The S&P/ASX 200 Index (ASX: XJO) is having a fairly quiet start to the week as investors wait for US markets to reopen.

At the time of writing, the ASX 200 is down 0.09% to 8,821 points.

At the latest check, 106 ASX 200 shares are trading higher, 81 are falling, and 13 are unchanged.

However, some of the stocks going backwards are among the larger names on the market, which is why the index is still stuck in the red.

Here’s what is weighing on the ASX 200 today.

Waiting on Wall Street

Aussie investors are still waiting for the US markets to reopen after the Juneteenth holiday kept Wall Street closed on Friday night.

This has left the ASX 200 trading mostly around local company news and the latest overseas developments.

The Middle East uncertainty is still one of the main issues being watched by markets. Oil prices have been moving around as traders react to tensions involving Iran, the US, and the Strait of Hormuz.

Currently, Brent crude is down 1.5% to US$79.38 a barrel, while WTI crude is down 2.16% to US$75.66 a barrel.

Our local market has avoided a heavier fall so far. But with Wall Street back tonight, investors may be reluctant to take on too much risk before seeing how US markets react.

Large names weigh on the index

While more stocks are rising than falling, the ASX 200 is being held back by weakness in some of its larger companies.

BHP Group Ltd (ASX: BHP) shares are down 0.66% to $60.995, while Rio Tinto Ltd (ASX: RIO) shares are 0.24% lower at $176.94.

Fortescue Ltd (ASX: FMG) shares are also in the red, falling 0.81% to $19.59.

Healthcare is another big drag. CSL Ltd (ASX: CSL) shares are down 3.92% to $111.76, which is a sizeable fall for one of the biggest stocks on the market.

WiseTech Global Ltd (ASX: WTC) is under even more pressure. Its shares are down around 15.27% to $31.25 after media reports that the AFP is investigating chairman Richard White.

Banks are helping limit the damage

The big banks are doing some of the heavy lifting today.

Commonwealth Bank of Australia (ASX: CBA) shares are up 0.90% to $163.86, while Westpac Banking Corp(ASX: WBC) shares are slightly higher at $35.03.

National Australia Bank Ltd (ASX: NAB) shares are up 0.09% to $37.775, and ANZ Group Holdings Ltd (ASX: ANZ) shares are 0.47% higher at $35.195.

There are also gains from QBE Insurance Group Ltd (ASX: QBE), which is up 1.52% to $24.425, and Aristocrat Leisure Ltd (ASX: ALL), which is rising 2.27% to $56.195.

The post ASX 200 stuck in the red as investors wait for US lead appeared first on The Motley Fool Australia.

More reading

• Growthpoint Properties Australia matches FY26 guidance with 18.4c distribution
• Centuria Capital Group launches $300m equity raising for AI Factory and real estate expansion
• Metcash shares: FY26 profit edges lower, dividend maintained
• SGH announces $500m buy-back and highlights financial strength
• AFIC reveals 2026 dividend plans for shareholders

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 CSL and WiseTech Global. The Motley Fool Australia has positions in and has recommended WiseTech Global. The Motley Fool Australia has recommended BHP Group and CSL. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

PLS Group Ltd (ASX: PLS) shares came under heavy pressure in Monday afternoon trade, sliding around 5% to $5.60.

The move extends a weak patch for the lithium producer, with the stock now down about 11% over the past month. That stands in sharp contrast to the broader market, with the S&P/ASX 200 Index (ASX: XJO) up roughly 2% over the same period.

Even so, PLS remains one of the ASX’s standout long-term performers, up 33% year to date and an extraordinary 302% over the past 12 months.

So why are PLS shares going backwards lately?

Lithium sentiment turns lower again

PLS sits at the centre of the global lithium cycle. That means its share price moves closely with spodumene and lithium carbonate pricing, which swing sharply with shifts in supply and demand expectations.

Today’s decline reflects renewed softness in lithium sentiment. Investors are once again questioning whether the market is still dealing with structural oversupply.

Global production has ramped up aggressively in recent years, while electric vehicle demand growth has cooled from earlier expectations. At the same time, the system is still working through elevated inventory levels built up during the boom.

When lithium sentiment weakens, the price of PLS shares almost always follows, even without any company-specific news.

Profit-taking after huge run

The selling is not isolated. Other lithium and battery materials stocks typically move in the same direction when sentiment turns.

The broader ASX resources sector has also been choppy, adding to the pressure. In softer market conditions, investors tend to rotate out of high-beta commodity names first, and lithium producers sit right at the centre of that trade. That rotation can easily amplify intraday moves, even when fundamentals remain unchanged.

PLS has also been volatile for months. After strong rallies driven by rebounds in lithium pricing, the stock often pulls back when momentum fades.

That’s the nature of cyclical commodities. Traders chase upside during rallies and exit quickly when sentiment shifts. That “hot money” effect can turn a normal trading day into a sharp 5% move.

What matters next for PLS shares

In the short term, PLS will focus on one of its key growth projects, P2000 at Pilgangoora. According to a release issued last week, PLS has approved early spending on the project, which it describes as the world’s largest independent hard-rock lithium operation.

Longer term, the key drivers for PLS shares remain unchanged: lithium pricing, electric vehicle demand growth, and supply discipline across the industry. They will determine the next major move for PLS shares.

The post PLS shares drop 5%: What’s driving the move? appeared first on The Motley Fool Australia.

More reading

• Growthpoint Properties Australia matches FY26 guidance with 18.4c distribution
• Centuria Capital Group launches $300m equity raising for AI Factory and real estate expansion
• Why Humm, Metcash, PLS, and WiseTech shares are sinking today
• Metcash shares: FY26 profit edges lower, dividend maintained
• SGH announces $500m buy-back and highlights financial strength

Motley Fool contributor Marc Van Dinther 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.

Northern Star Resources Ltd (ASX: NST) shares are marching higher today.

Shares in the S&P/ASX 200 Index (ASX: XJO) gold stock closed on Friday trading for $20.87. In early afternoon trade on Monday, shares are changing hands for $21.12 apiece, up 1.2%.

For some context, the ASX 200 is down 0.1% at this same time amid news that Iran has once more closed the vital Strait of Hormuz shipping route.

Northern Star shares look to be catching some tailwinds today from an uptick in the gold price. Gold is currently fetching US$4,188.41 per ounce, up 0.8%.

Still, with the gold price now down 3.5% in 2026, and Northern Star flagging rising costs and lower production for the full 2026 financial year (FY 2026), shares in the Aussie gold giant are down 13.5% year to date.

That’s well behind the 1.1% gains posted by the benchmark index since market close on 2 January.

And that underperformance will have only been modestly eased by the miner’s 25 cent per share dividend payout on 26 March. Northern Star stock currently trades on a 2.6% fully-franked trailing dividend yield.

Which brings us back to our headline question.

Northern Star shares: Buy, hold, or sell?

Baker Young’s Toby Grimm recently ran his slide rule over the Aussie gold mining giant (courtesy of The Bull).

“The emergence of prominent US based activist investor Elliott Investment Management has prompted optimism surrounding the gold miner,” Grimm said.

If you missed it, in early June, the United States-based investment manager reported that it had upped its stake in Northern Star to more than $1 billion. That sees Elliot among the top five shareholders in the ASX 200 gold stock.

Citing a series of “operational missteps and repeated failures to execute capital projects on time and on budget”, the US fund manager suggested a major board shakeup, a strategic review, and potential sale of the gold miner.

But Grimm doesn’t believe these steps justify holding onto the stock at this time.

Summarising his sell recommendation on Northern Star shares, he concluded:

However, in our view, it doesn’t alter the underperformance of NST’s asset base involving production volumes, costs and capital expenditure requirements.

A new management team will likely rebase expectations. But we would seek alternative gold exposure for those still playing the theme. The shares have fallen from $31.73 on March 2 to trade at $21.44 on June 18.

The post With the gold price up on Monday, are Northern Star shares a good buy now? appeared first on The Motley Fool Australia.

More reading

• Why CSL, Westpac, and this big-name ASX 200 share could be sells
• 5 things to watch on the ASX 200 on Monday
• 5 things to watch on the ASX 200 on Thursday
• 5 things to watch on the ASX 200 on Wednesday
• 5 things to watch on the ASX 200 on Tuesday

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.