The S&P/ASX 200 Index (ASX: XJO) is having another difficult session on Wednesday as investors respond to a weaker lead from global markets.

At the time of writing, the benchmark index is down 0.69% to 8,743 points.

The session looked much worse earlier on. The ASX 200 fell as low as 8,676.7 points this morning before trimming some of those losses.

Still, the decline has been enough to push the index back near its lowest levels in weeks.

Here’s what is dragging on the market today.

Oil is back in focus

Crude prices have been pushed higher after renewed tensions around the Strait of Hormuz.

Fresh attacks on commercial vessels, along with another round of US military strikes against Iran, have put supply risk back in the spotlight.

According to Trading Economics, WTI crude is trading at around US$72.32 a barrel, up 2.66%, while Brent crude is near US$76.05 a barrel, up 2.55%.

That has helped support energy shares, even as the broader market loses ground.

Santos Ltd (ASX: STO) shares are up 4.8% to $7.43, while Woodside Energy Group Ltd (ASX: WDS) shares are 2.79% higher to $28.75.

Origin Energy Ltd (ASX: ORG) shares are also up 1.63% to $10.315.

Miners and tech drag on the index

The problem for the ASX 200 is that the gains in energy are being offset elsewhere.

BHP Group Ltd (ASX: BHP) shares are down 3.3% to $56.925, while Rio Tinto Ltd (ASX: RIO) shares are 2.35% lower to $164.19.

Fortescue Ltd (ASX: FMG) shares are also weaker, falling 0.93% to $18.21.

The selling has also spread beyond resources.

Macquarie Group Ltd (ASX: MQG) shares are down 1.63% to $249.22, Goodman Group (ASX: GMG) shares have dropped 2.43% to $29.935, and Telstra Group Ltd (ASX: TLS) shares are off 2.47% to $4.945 following the recent outage.

Overall, 128 ASX 200 shares are falling, 62 are rising, and 10 are unchanged.

Banks and defensives soften the fall

The ASX 200 is still lower, but support from the banks and defensives is helping limit the damage.

Commonwealth Bank of Australia (ASX: CBA) shares are down 0.41% to $166.01, although the rest of the major banks are holding up a little better.

Westpac Banking Corp (ASX: WBC) shares are 0.25% lower at $36.04, National Australia Bank Ltd (ASX: NAB) is flat at $39.22, and ANZ Group Holdings Ltd (ASX: ANZ) has edged 0.31% higher to $35.55.

The supermarkets are also giving the market some support.

Woolworths Group Ltd (ASX: WOW) shares are up 0.79% to $39.73, while Coles Group Ltd (ASX: COL) has added 0.43% to $23.42.

QBE Insurance Group Ltd (ASX: QBE) is also in positive territory, climbing 0.96% to $25.23 on the back of a leadership update.

The post Why the ASX 200 is sliding towards a 4-week low 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 Goodman Group and Macquarie Group. The Motley Fool Australia has positions in and has recommended Telstra Group. The Motley Fool Australia has recommended BHP Group, Goodman 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.

WiseTech Global Ltd (ASX: WTC) shares are falling on Wednesday as investors weigh up concerns around the company’s leadership.

The selling is also coming on a weak day for the broader market, with geopolitical tensions and higher oil prices putting pressure on sentiment.

At the time of writing, the WiseTech share price is down 7.06% to $34.73.

The S&P/ASX 200 Index (ASX: XJO) tech stock had been recovering over the past week, but today’s fall shows investors are still nervous.

Here’s the latest.

Leadership concerns return

The latest pressure appears to be linked partly to fresh commentary around WiseTech’s leadership structure.

According to the report, one analyst has cut their fair value estimate on the stock by 6% to $130 per share after White stepped down as Chair.

But White isn’t walking away from the business. He remains on the board as an Executive Director, while Raelene Murphy has taken over as Independent Chair.

The move gives WiseTech a cleaner governance setup after months of scrutiny.

However, it doesn’t remove the question around White’s influence on the business.

The report quoted one analyst describing White’s exit as adding “friction” and creating a risk that “more signal gets lost at every step.”

White has been closely tied to WiseTech’s strategy, product direction, and culture for a long time.

Even with White still on the board, some shareholders may be wondering whether WiseTech can keep the same pace with a different person in the Chair.

Shipping worries add to the pressure

The broader market is also working against WiseTech today.

The S&P/ASX 200 Index (ASX: XJO) is down 0.8% to 8,735 points after US-Iran tensions pushed oil prices higher and rattled global markets.

The benchmark index fell as much as 1.5% earlier in the session, with a large majority of stocks trading in the red.

There is also a more direct sentiment issue here.

WiseTech provides software to the logistics, trade, and supply chain industries. This means that any disruption around major shipping routes can still weigh on how investors think about the stock.

The Strait of Hormuz is one of the world’s most important oil and shipping routes.

If attacks on commercial vessels continue, freight costs and shipping delays could all become bigger talking points.

A rough ride for shareholders

WiseTech shares are still up around 5% over the past week, but the longer-term damage is pretty hard to miss.

The stock is down close to 50% in 2026 and almost 70% over the past year. It also remains a long way below its 52-week high of $121.31.

Recent trading has also been messy.

The stock jumped 7.31% on Monday and another 5.65% on Tuesday. Earlier, it rose 14.26% on 24 June after falling 18.44% two days before.

The business remains profitable, and brokers are still positive on WiseTech. But today’s fall shows investors are still not ready to move past the recent uncertainty yet.

The post Why the WiseTech share price is sinking 7% 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 WiseTech Global. The Motley Fool Australia has positions in and has recommended WiseTech Global. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Adairs Ltd (ASX: ADH) shares are sliding on Wednesday after the homewares retailer released its latest trading update.

At the time of writing, the Adairs share price is down 4.03% to $1.43.

The fall comes after a better recent run for the ASX retail stock. Adairs shares are still up around 14% over the past month, although they remain down 18% since the start of 2026.

The update had a few moving parts, with growth in parts of the business offset by a weaker result elsewhere.

Here’s what the company told investors.

Weak furniture sales weigh on Adairs

In its trading update, Adairs expects FY26 group sales to land between $640 million and $641.5 million.

At the midpoint, this represents an increase of 3.7% on FY25.

However, group underlying EBIT is expected to come in between $53.5 million and $55.5 million, which would be down 1.3% on FY25.

The main drag is Focus on Furniture, where Adairs now expects to recognise a non-cash impairment of between $62 million and $68 million against goodwill and brand intangible assets.

After the impairment and other significant items, the company expects to report a statutory net loss after tax of around $43 million for FY26.

Focus on Furniture drags

Adairs said its core retail business and Mocka both delivered sales and earnings growth in FY26.

The Adairs division is expected to report sales of about $458.5 million to $459 million, up 3.7%, with underlying EBIT up 14.6%.

Mocka also had a strong year, with sales expected to rise 22.1% and underlying EBIT up 28.1%.

However, the furniture side of the group was much weaker.

Focus on Furniture sales are expected to fall 5.7% to between $111 million and $111.5 million. Underlying EBIT is expected to drop 68.3% to between $3.5 million and $4 million.

Management pointed to heavy competitor discounting, weaker conversion, product underperformance, and execution challenges.

Adairs has brought in new management and is working through changes across the business, including clearing poorly positioned stock and improving operations.

Balance sheet holds up

Adairs said net debt was about $49 million at the end of June, down from $67.6 million a year earlier. It was also well below the company’s $135 million facility limit.

The Focus on Furniture impairment is also non-cash. Adairs said it shouldn’t cause any issues with its lenders, franking account, or ability to pay a dividend.

Still, the update gives shareholders a lot to think about.

The core Adairs business is growing, and Mocka is having a strong run. But Focus on Furniture is bringing down group earnings and now needs a proper turnaround.

Attention now turns to when Adairs will release its FY26 results on 24 August.

The post This ASX retail stock is falling as a $68 million furniture headache bites 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 Adairs. The Motley Fool Australia has positions in and has recommended Adairs. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.