The S&P/ASX 200 Index (ASX: XJO) is losing ground on Tuesday, with broad selling across the market and oil prices back in focus.
At the time of writing, the ASX 200 is down 0.48% to 8,650 points.
The benchmark index has fallen below its previous close of 8,692 points after touching an intraday low of 8,628.9 points. That marks its weakest level over the last 3 sessions.
The selling is fairly broad, with 9 of the 11 sectors in the red and 126 of the 200 stocks trading lower.
Property and financial stocks are doing much of the damage, while oil prices are adding another layer of uncertainty after a volatile few sessions.
Image Source: Getty Images
Oil swings keep investors nervous
Oil prices are still doing a lot of the work in setting the tone for markets of late.
Earlier in the session, investors had been weighing the prospect of a possible US-Iran deal. Brent crude had dropped below US$95 a barrel as traders considered whether pressure around the Strait of Hormuz could ease.
But the relief didn't last long.
Brent crude futures have bounced as much as 2.2% after recent US attacks on Iranian targets. US futures also trimmed part of their earlier gains, which added to the more cautious tone across the ASX.
The quick change in direction shows how sensitive markets remain to headlines out of the Middle East.
That has left investors dealing with another quick reversal in sentiment.
Property and financials drag on the index
Property stocks are doing some of the heavier work on the downside today, with Goodman Group Ltd (ASX: GMG) shares down around 2.46% to $29.31, despite the company reaffirming its earnings guidance.
The financial sector is also weighing on the ASX 200. Commonwealth Bank of Australia (ASX: CBA) shares are down 0.44% to $163.87, while Macquarie Group Ltd (ASX: MQG) is roughly flat at $240.20.
ASX Ltd (ASX: ASX) is one of the biggest drags, falling about 11.2% to $52.21 after its latest guidance pointed to another year of rapid expense growth.
Pexa Group Ltd (ASX: PXA) is also weaker, down around 6.3% to $10.76 after UBS cut its target price.
Some stocks are still finding buyers
Not every part of the market is being sold off today.
Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) is one of the stronger performers, with its shares up around 7.4% to $35.62 after a solid earnings update.
Kogan.com Ltd (ASX: KGN) is also jumping outside the ASX 200, with its shares up around 15% to $3.96 after reporting stronger earnings growth.
Those moves show investors are still willing to reward companies that give them a clearer reason to buy.
But they aren't doing enough to change the direction of the wider market.
The ASX 200 is now down around 0.7% in 2026 and about 1.5% over the past month. It remains up around 3.5% over the past year, but today's trading shows how uneven the recent momentum has become.
