Why BHP, Jupiter, Karoon, and Newmont shares are falling

These ASX shares are under pressure on Wednesday. What's going on?

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. The benchmark index is currently up 0.1% to 6,986.2 points.

Four ASX shares that have failed to follow the market's lead today are listed below. Here's why they are falling:

BHP Group Ltd (ASX: BHP)

The BHP share price is down 2.5% to $44.41. This follows a tough session for mining shares after a pullback in commodity prices overnight. Weak global economic data appears to have caused concerns over the outlook for demand and put pressure on prices.

Jupiter Mines Ltd (ASX: JMS)

The Jupiter Mines share price 2.5% to 18.5 cents. This follows the release of an update on its EV Battery Market entry strategy. While progress is being made, it is still some way off. It said: "While all dates will be determined by the business case, Jupiter may target any potential HPMSM [High Purity Manganese Sulphate Monohydrate] production plant to be in operation by around 2027/2028."

Karoon Energy Ltd (ASX: KAR)

The Karoon Energy share price is down 3% to $2.33. This seems to have been driven by a pullback in oil prices overnight caused by the aforementioned weak global economic data. In addition, a sizeable build in U.S. crude supplies weighed on sentiment. Together, this led to oil prices dropping to their lowest levels since July.

Newmont Corporation (ASX: NEM)

The Newmont share price is down 4% to $56.26. Investors have been selling Newmont and other ASX gold shares today after the price of the precious metal fell. This was driven by lessening demand for safe-haven assets. The S&P/ASX All Ordinaries Gold Index (ASX: XGD) is down 2.4% this afternoon.

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 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.

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