Plenty of S&P/ASX 200 Index (ASX: XJO) shares are now trading below their 200-day moving average, and on Thursday, the benchmark index joined them.

The ASX 200 Index fell 1.68% to 8,762 points, its lowest level in six weeks.

Its 200-day moving average was sitting near 8,816 points before the open.

The index has now dropped through it, which is the sort of thing technical investors notice.

Why so many ASX 200 shares have broken trend

Three forces arrived at once.

Brent crude pushed to US$101.60 a barrel as tensions involving the United States and Iran escalated.

The US 10-year Treasury yield climbed to around 4.84%, its highest since 2023.

Markets now price roughly a 70% chance the Reserve Bank raises rates again on 29 September.

The selling was broad, with 153 shares falling against 36 rising at one point on Thursday.

Here are three stocks that have been particularly hard hit.

1. Judo Capital Holdings Ltd (ASX: JDO)

Judo trades at 99.5 cents against a 52-week range of 82 cents to $2.07.

The shares are down almost 40% over twelve months and have not recovered from June’s guidance downgrade.

However, the FY26 result did not justify that. Statutory net profit rose 29% to $111.1 million and profit before tax climbed 34% to $168.1 million.

Deposits jumped 24% to $12.2 billion and now fund more than 70% of the balance sheet.

Chief executive Chris Bayliss addressed the credit issue directly.

FY26 has been another year of genuine momentum for Judo. While the increase in specific provisions late in the year was disappointing, the underlying performance of the Bank has remained strong, with record revenue, continued operating leverage, strong deposit growth and lending at the top end of guidance.

FY27 guidance calls for profit before tax of $210 million to $220 million.

2. JB Hi-Fi Ltd (ASX: JBH)

JB Hi-Fi is the most extreme case here.

JB Hi-Fi shares traded at $64.60 on Thursday, below their previous 52-week low of $65.45.

However, like Judo Capital, results remain strong.

FY26 revenue rose 4.8% to $11.06 billion and net profit after tax lifted 6% to $489.9 million.

The total ordinary dividend rose 22.5% to 337 cents per share, fully franked.

JB Hi-Fi ended the year with $206.5 million in net cash and no interest-bearing debt.

However, investors are selling due to potentially higher rates, which would encourage households to pull back spending on discretionary purchases.

3. Qantas Airways Ltd (ASX: QAN)

Qantas sits near $9, close to its 52-week low of $8.03.

Unlike the previous two, earnings have fallen in recent times.

FY26 underlying profit before tax fell $330 million to $2.06 billion.

Almost all of that came from one source, with the Middle East conflict producing a $420 million net impact through record fuel prices and route disruption.

Qantas Loyalty still lifted underlying earnings before interest and tax 12%.

Oil at US$101 is the obvious problem, and it is why this one is among the cheapest ASX 200 shares on an earnings multiple.

Foolish takeaway

I would rather buy a profitable business experiencing a temporary share price downturn than a stock everyone already likes.

The catch is that such stocks can stay below trend for a very long time.

The post Top 3 ASX 200 shares now below their 200-day moving average appeared first on The Motley Fool Australia.

More reading

• JB Hi-Fi, GPT Group, Charter Hall shares hit 52-week low: Is there any chance of a rebound?
• Top 3 ASX shares I’d buy after the most recent sell-off
• Brokers rate these 5 ASX shares as a strong buy, and tip upsides of 28% to 62%
• 3 ASX 200 shares tipped to return 27% to 87%
• Morgan Stanley tips Qantas shares to climb 38%

Motley Fool contributor Mark Verhoeven 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.

S&P/ASX 200 Index (ASX: XJO) shares are down 1.5% to 8,780.4 points on Thursday.

Meanwhile, brokers have indicated continued confidence in several ASX 200 shares this week.

Let’s take a look.

Santos Ltd (ASX: STO)

The Santos share price is $8.55, up 0.3% today.

Over the past month, this ASX 200 energy share has risen 12%.

Citi renewed its buy rating on Santos shares on Tuesday.

The broker raised its 12-month price target from $9 to $9.35.

This suggests a potential 9% upside ahead.

Goodman Group (ASX: GMG)

The Goodman Group share price is $26.92, down 0.9% today.

Over the past month, this ASX 200 property share has fallen 10%.

UBS reiterated its buy rating on Goodman shares today with a price target of $33.66.

This implies potential capital gains of 25% ahead.

Telstra Group Ltd (ASX: TLS)

The Telstra share price is $4.81, up 0.5% today.

Over the past month, this ASX telco share has declined 4%.

Citi renewed its buy recommendation with a 12-month price target of $5.25 this week.

This implies a potential 10% upside ahead.

Pls Group Ltd (ASX: PLS)

The PLS Group share price is $4.84, down 3.5% today.

Over the past month, this ASX 200 lithium share has lifted 2%.

Citi renewed its buy rating on PLS Group shares on Wednesday.

The broker increased its target price from $5 to $5.70.

This implies potential capital growth of 17% over the next year.

AMP Ltd (ASX: AMP)

The AMP share price is $2.48, down 0.4% on Thursday.

Over the past month, this ASX 200 financial share has risen 5%.

Jefferies renewed its buy rating on AMP shares yesterday.

The broker raised its target from $2.55 to $2.77.

This implies potential capital growth of 12% over the next year.

Life360 Inc (ASX: 360)

The Life360 share price is $19.43, down 1% today.

Over the past month, this ASX 200 tech share has fallen 34%.

Citi renewed its buy rating on Life360 shares with a $28.80 target this week.

This suggests a potential 49% upside ahead.

Pro Medicus Ltd (ASX: PME)

The Pro Medicus share price is $166.83, up 0.2% today.

This ASX 200 healthcare share has fallen 6% over the past month.

Citi reiterated its buy rating on Pro Medicus shares today.

The broker decreased its price target from $240 to $225.

This still implies a healthy potential upside of 35% ahead.

Pro Medicus is one of 40 ASX shares going ex-dividend this week.

Sigma Healthcare Ltd (ASX: SIG)

The Sigma Healthcare share price is $2.65, down 0.9% today.

Over the past month, this ASX 200 healthcare share has fallen 11%.

Macquarie renewed its buy rating on Sigma Healthcare shares on Monday.

The broker has a 12-month price target of $3.20.

This suggests a potential 21% upside ahead.

ANZ Group Holdings Ltd (ASX: ANZ)

The ANZ share price is $36.39, down 1.1% today.

Over the past month, this ASX 200 bank share has fallen 2%.

Citi reiterated its buy rating on ANZ shares with a $39.25 target this week.

This implies a potential 7% upside ahead.

ASX 200 bank shares weakened last month amid investor concerns over a housing credit downturn.

ANZ shares fared best as the bank continues to benefit from a reset under CEO Nuno Matos.

The post 9 ASX 200 shares earning strengthened buy ratings this week appeared first on The Motley Fool Australia.

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Citigroup is an advertising partner of Motley Fool Money. 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 positions in and has recommended Goodman Group, Jefferies Financial Group, Life360, and Macquarie Group. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Pro Medicus. The Motley Fool Australia has positions in and has recommended Life360 and Telstra Group. The Motley Fool Australia has recommended Goodman Group, Macquarie Group, and Pro Medicus. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

BHP Group Ltd (ASX: BHP) shares fell 3.02% to $62.63 on Thursday as iron ore slipped back below US$100 a tonne.

Rio Tinto Ltd (ASX: RIO) dropped 3.45% to $173.15, and Fortescue Ltd (ASX: FMG) lost 2.41% to $17.19.

Overall, mining shares did much of the damage to the index on the day.

The question is whether a sub-US$100 iron ore price will lead to sustained declines for these miners.

Why BHP shares are less exposed than they look

The composition of BHP’s earnings has changed.

Copper now accounts for 54% of group earnings before interest, tax, depreciation and amortisation.

Iron ore is still enormous, but it is no longer the majority of the business.

The FY26 result showed what that mix produced.

Underlying EBITDA rose 27% to a record US$32.9 billion and underlying attributable profit climbed 30% to US$13.2 billion.

Net operating cash flow grew 17% to US$21.8 billion.

BHP determined US$8.7 billion of dividends, or 172 US cents per share, on a 66% payout ratio.

Net debt finished at US$8.7 billion, around 0.3 times EBITDA.

Management is guiding to 3% to 4% compound annual growth in copper equivalent volumes through to FY35, with capital expenditure steady near US$11 billion in FY27.

What the miners earn at these prices

Fortescue is the most pure iron ore exposure of the three.

The company’s FY26 revenue grew 9% to US$17.0 billion and underlying EBITDA rose 9% to US$8.6 billion at a 51% margin.

Free cash flow increased 25% to US$3.2 billion and shipments hit a record 201.3 million tonnes.

The company’s Hematite C1 unit cost was US$18.74 per wet metric tonne.

That cost number is one to watch.

At under US$19 a tonne to dig it out, Fortescue still makes very good money with iron ore near US$100.

FY27 guidance does show costs rising to between US$20.50 and US$21.75 a tonne.

What brokers make of BHP shares

Not everyone is convinced after the run.

Gray Perry Wealth Advisers’ Blake Halligan has a hold recommendation on the miner.

BHP remains a high-quality diversified miner with large, low-cost assets and increasing exposure to copper.

His reasoning for holding was equally direct.

Commodity-price sensitivity and project execution risks support retaining BHP rather than increasing exposure.

That caution is understandable given the starting point.

Including dividends, BHP has returned about 62% over the past 12 months and reclaimed its position as the largest company on the ASX.

How the three compare today

The valuations tell three different stories.

BHP trades on a price-to-earnings ratio of 23.3 with a 3.87% fully franked yield after gaining 43% this calendar year.

Rio Tinto sits on 17.2 times earnings with a 3.81% yield and is up 24% year to date.

Fortescue is on 13.6 times with a 6.16% yield, and is down 15% for the year.

Foolish takeaway

Iron ore below US$100 matters most to the company that sells nothing else.

That is Fortescue, and it is also the cheapest of the three by a wide margin.

BHP shares are the highest quality and most expensive, and the copper transition provides valuable diversification benefits.

The post Iron ore is back below US$100. Are BHP and Rio Tinto shares still buys? appeared first on The Motley Fool Australia.

More reading

• ASX 200 dives to a 6-week low. What’s behind today’s sell-off?
• How many Fortescue shares do I need to buy to earn $1,000 per month in passive income?
• How much could the Fortescue share price rise in the next year?
• Up 62% in a year are BHP shares now a buy, hold or sell?
• Here are the top 10 ASX 200 shares today

Motley Fool contributor Mark Verhoeven 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.