The S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and dropped deep into the red on Monday. At the time of writing, the benchmark index is down 0.7% to 8,898.2 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Block Inc (ASX: XYZ)
The Block share price is down almost 5% to $117.08. This follows a pullback in the payments company's NYSE listed shares on Friday night amid a selloff on Wall Street. The selling was particularly severe in the tech sector, with the Nasdaq falling heavily. This has led to the S&P/ASX All Technology Index tumbling 2.4% today. The driver of Wall Street's weakness has been concerns that global economic growth could be negatively impacted by US-China trade tariffs.
Treasury Wine Estates Ltd (ASX: TWE)
The Treasury Wine share price is down 13% to $6.07. Investors have been selling this wine giant's shares after it released another disappointing update and withdrew its guidance for FY 2026. This was driven by softer sales in China. It stated: "If the performance trends indicated by the preliminary data continue through F26, Penfolds depletions targets for F26 in China are unlikely to be achieved. As a result, TWE no longer believes it is appropriate to retain the Penfolds guidance for low to mid double-digit EBITS growth in F26 and approximately 15% EBITS growth in F27."
Vulcan Energy Resources Ltd (ASX: VUL)
The Vulcan Energy share price is down 4% to $6.51. This is despite the lithium developer making a big announcement this morning. The high-flying lithium developer announced an offtake agreement with Glencore (LSE: GLEN) to provide battery-quality lithium hydroxide monohydrate (LHM) from its Phase One Lionheart Project. Management notes that this represents the final offtake agreement required for project financing. CEO, Cris Moreno, commented: "We welcome the start of a long-term relationship with Glencore. With this agreement – a key requirement for Phase One financing – Vulcan has now achieved a good mix of offtake partners for Phase One lithium production: an automaker, a battery maker, a cathode manufacturer, and a commodities trader, all with a strong European focus."
Woodside Energy Group Ltd (ASX: WDS)
The Woodside Energy share price is down almost 2% to $22.15. This has been driven by a sharp pullback in oil prices on Friday night. Traders were selling oil in response to Trump's plans to put 100% tariffs on China. The S&P/ASX 200 Energy index is down 1.5% at the time of writing.
