Why Block, Brickworks, Resolute, and Rio Tinto shares are falling today

These ASX shares are ending the week in the red.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is off its lows but still in the red. At the time of writing, the benchmark index is down 0.4% to 7,034.9 points.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

Block Inc (ASX: SQ2)

The Block share price is down 2.5% to $71.43. This follows another poor night of trade for the payments company's NYSE-listed shares. Block's shares on Wall Street hit a new 52-week low overnight and are now down by 30% since the start of the year. Earlier this week, the company announced the exit of its Square CEO.

Brickworks Limited (ASX: BKW)

The Brickworks share price is down 2% to $26.04. This is despite there being no news out of the building products company. However, it is worth noting that the company is due to release its FY 2023 results next week. Some investors may have decided to take a bit of profit off the table ahead of the release.

Resolute Mining Ltd (ASX: RSG)

The Resolute Mining share price is down almost 3% to 34 cents. Investors have been selling Resolute and other ASX gold shares today after the gold price pulled back overnight. Traders were selling down the precious metal amid concerns that interest rates will be higher for longer than previously expected.

Rio Tinto Ltd (ASX: RIO)

The Rio Tinto share price is down almost 2% to $113.93. This follows a pullback in the iron ore price overnight. In addition, the market appears concerned by the potential for a repeat of the Juukan Gorge incident. This follows news that blasts at the Nammuldi iron ore mine in August damaged another ancient rock shelter.

Motley Fool contributor James Mickleboro 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 Block and Brickworks. The Motley Fool Australia has positions in and has recommended Block and Brickworks. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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