ASX 200 stuck in the red as investors wait for US lead

ASX 200 slips as investors wait for Wall Street.

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The S&P/ASX 200 Index (ASX: XJO) is having a fairly quiet start to the week as investors wait for US markets to reopen.

At the time of writing, the ASX 200 is down 0.09% to 8,821 points.

At the latest check, 106 ASX 200 shares are trading higher, 81 are falling, and 13 are unchanged.

However, some of the stocks going backwards are among the larger names on the market, which is why the index is still stuck in the red.

Here's what is weighing on the ASX 200 today.

ASX board.

Image Source: Getty Images

Waiting on Wall Street

Aussie investors are still waiting for the US markets to reopen after the Juneteenth holiday kept Wall Street closed on Friday night.

This has left the ASX 200 trading mostly around local company news and the latest overseas developments.

The Middle East uncertainty is still one of the main issues being watched by markets. Oil prices have been moving around as traders react to tensions involving Iran, the US, and the Strait of Hormuz.

Currently, Brent crude is down 1.5% to US$79.38 a barrel, while WTI crude is down 2.16% to US$75.66 a barrel.

Our local market has avoided a heavier fall so far. But with Wall Street back tonight, investors may be reluctant to take on too much risk before seeing how US markets react.

Large names weigh on the index

While more stocks are rising than falling, the ASX 200 is being held back by weakness in some of its larger companies.

BHP Group Ltd (ASX: BHP) shares are down 0.66% to $60.995, while Rio Tinto Ltd (ASX: RIO) shares are 0.24% lower at $176.94.

Fortescue Ltd (ASX: FMG) shares are also in the red, falling 0.81% to $19.59.

Healthcare is another big drag. CSL Ltd (ASX: CSL) shares are down 3.92% to $111.76, which is a sizeable fall for one of the biggest stocks on the market.

WiseTech Global Ltd (ASX: WTC) is under even more pressure. Its shares are down around 15.27% to $31.25 after media reports that the AFP is investigating chairman Richard White.

Banks are helping limit the damage

The big banks are doing some of the heavy lifting today.

Commonwealth Bank of Australia (ASX: CBA) shares are up 0.90% to $163.86, while Westpac Banking Corp(ASX: WBC) shares are slightly higher at $35.03.

National Australia Bank Ltd (ASX: NAB) shares are up 0.09% to $37.775, and ANZ Group Holdings Ltd (ASX: ANZ) shares are 0.47% higher at $35.195.

There are also gains from QBE Insurance Group Ltd (ASX: QBE), which is up 1.52% to $24.425, and Aristocrat Leisure Ltd (ASX: ALL), which is rising 2.27% to $56.195.

Motley Fool contributor Aaron Teboneras 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 CSL and WiseTech Global. The Motley Fool Australia has positions in and has recommended WiseTech Global. The Motley Fool Australia has recommended BHP Group and CSL. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Economy

the australian flag lies alongside the united states flag on a flat surface.
Economy

US chip stocks were smashed overnight. So why are ASX tech shares rising?

ASX tech shares are bouncing as US chip stocks tumble.

Read more »

Man looking at his grocery receipt, symbolising inflation.
Share Market News

Why is the ASX 200 jumping on the latest inflation data?

ASX investors appear pleased with the latest ABS inflation print. But why?

Read more »

Red line going down on an ASX market chart, symbolising a falling share price.
Economy

Why is the ASX 200 stuck in the red today?

ASX 200 edges lower as resources and tech fall.

Read more »

stock chart growth background
Economy

Why has the ASX 200 given up its early rebound today?

The ASX 200 has slipped after briefly moving higher.

Read more »

A little boy takes a flying leap over a ditch.
Economy

Why is the ASX 200 hitting a fresh 2 month high today?

The ASX 200 is closing in on the 9,000 point mark.

Read more »

Magnifying glass on a rising interest rate graph.
Share Market News

Buying ASX shares? Here's when to expect the first RBA interest rate cuts

The RBA opted to keep interest rates on hold at 4.35%. When can investors expect to see the central bank…

Read more »

Blue % sign with white dollar signs.
Share Market News

ASX 200 jumps back into the green as RBA keeps interest rates on hold

ASX 200 investors are favouring their buy buttons following the latest RBA interest rate announcement.

Read more »

ASX board.
Economy

Why is the ASX 200 falling despite a huge Wall Street rally?

The ASX 200 has failed to follow Wall Street higher.

Read more »