S&P/ASX All Ords Index (ASX: XAO) shares are 1.3% lower at 8,895.6 points on Friday.

Brokers cut their ratings on several ASX All Ords shares this week.

Let’s take a look.

Sims Ltd (ASX: SGM)

The Sims share price is $24.53, down 3.2% today.

Over the past month, this ASX materials share has fallen 7%.

Morgan Stanley downgraded Sims shares to a sell rating on Monday.

The broker cut its 12-month price target from $24 to $22.

This implies a potential 10% downside ahead.

Elders Ltd (ASX: ELD)

The Elders share price is $6.37, up 1.8% today.

Over the past month, this ASX consumer staples share has increased 13%.

Bell Potter downgraded Elders shares to a hold rating yesterday.

The broker raised its 12-month price target from $6.45 to $6.70.

This suggest a potential 5% upside ahead.

The broker said:

Following the recent recovery in the share price we are moving our rating from Buy to Hold.

Investments in Delta and SYSMOD are the largest drivers of near term growth, however, we see the large livestock tailwinds the agency business has benefited from the past two years facing more difficult comparisons moving forward.

We are cognisant cattle prices no longer carry the value arbitrage they once did to US90CL indicators, trading at a premium for the first time since early CY23.

Charter Hall Retail REIT (ASX: CQR)

The Charter Hall Retail REIT share price is $3.68, down 1.3% today.

Over the past month, this real estate investment trust (REIT) has fallen 13%.

UBS downgraded Charter Hall Retail REIT shares to a hold rating on Wednesday.

The broker lowered its 12-month price target from $4.65 to $4.20.

This implies a potential 14% upside ahead.

Dyno Nobel Ltd (ASX: DNL)

The Dyno Nobel share price is $3.92, down 2.4% today.

Over the past month, this ASX materials share has risen 0.4%.

Jarden downgraded Dyno Nobel shares to a hold rating this week.

The broker has a 12-month price target of $3.80.

This indicates a potential 3% downside over the next year. 

Tabcorp Holdings Ltd (ASX: TAH)

The Tabcorp share price is 92 cents, down 3.2% today.

Over the past month, this ASX consumer discretionary share has risen 1.1%.

Morgans downgraded Tabcorp shares from buy to accumulate.

The broker has a 12-month price target of $1.02.

This suggests a potential 14% upside ahead.

Morgans said:

We gained encouragement from TAH’s FY26 result, with the company responding to a modest growth environment (+1%) with disciplined cost control, while softer D&A helped underlying NPAT come in +6% ahead of market expectations and broadly in line with our estimates.

Other highlights for us included strong customer retention following the introduction of the new retail commercial model, the rollout of next-generation terminals, and a strong sports performance through the FIFA World Cup. 

EchoIQ Ltd (ASX: EIQ)

The EchoIQ share price is 50 cents, down 12% today.

Over the past month, this ASX tech share has crashed 68%.

Bell Potter downgraded EchoIQ shares from speculative hold to speculative sell this week.

The broker slashed its 12-month price target from $1.75 to 30 cents.

This suggests potential further downside of 40% over the next year. 

The post 6 ASX shares downgraded by brokers this week appeared first on The Motley Fool Australia.

More reading

• Morgans says these ASX shares could return 48% to 95%
• Here are the top 10 ASX 200 shares today
• This ASX 300 stock has rebounded 30% from yearly lows – can it keep rallying?
• 5 things to watch on the ASX 200 on Thursday
• EchoIQ shares just crashed 48%. What happens now?

Motley Fool contributor Bronwyn Allen 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 positions in and has recommended Charter Hall Retail REIT. The Motley Fool Australia has recommended Elders. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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.

More reading

• How much should I have in my superannuation by age 53?
• 5 things to watch on the ASX 200 on Friday
• Here are the top 10 ASX 200 shares today
• Is the ASX heading for a stock market crash?
• 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

• 5 things to watch on the ASX 200 on Friday
• How much superannuation do I need to earn $80,000 per year in passive income?
• 9 ASX 200 shares earning strengthened buy ratings this week
• 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.