ASX 200 slips again: Why the market can't follow Wall Street higher

The ASX 200 is slipping despite a strong Wall Street lead.

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The S&P/ASX 200 Index (ASX: XJO) is back in negative territory on Tuesday, despite a stronger lead from Wall Street overnight.

At the time of writing, the ASX 200 is down 0.37% to 8,798 points.

That puts the benchmark index close to its intraday low of 8,790.3 points and below yesterday's close of 8,831 points.

It's not a heavy fall, but it is another reminder that the local market is still finding it hard to build momentum.

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

A bright graphic showing neon green and red arrows in a downwards direction with a world map behind them in neon blue.

Image source: Getty Images

Wall Street rally fails to lift our local share market

The fall comes after a positive night in the United States.

The Dow Jones Industrial Average (DJX: .DJI) lifted 0.29% to a record close of 53,055.91 points, while the S&P 500 Index (SP: .INX) rose 0.72% and the Nasdaq Composite Index (NASDAQ: .IXIC) climbed 1.12%.

Normally, that sort of lead would give local shares a better platform.

However, the ASX 200 has not been able to make much of it. Instead, selling across miners, gold shares, and parts of the energy sector is offsetting gains from the banks and tech stocks.

The broader market is also mostly in the red.

At the latest check, 121 of the top 200 shares were falling, compared with 75 rising and 4 trading flat.

Miners drag on the ASX 200

Resources stocks are doing much of the damage today, with the S&P/ASX 200 Resources Index (ASX: XJR) sliding 2.3% to 7,397 points.

BHP Group Ltd (ASX: BHP) shares are down 1.08% to $59.375, while Rio Tinto Ltd (ASX: RIO) shares are shedding 1.76% to $168.15.

Gold stocks are also under pressure with the gold price slipping to US$4,127 per ounce, down 0.91%.

Northern Star Resources Ltd (ASX: NST) shares are tumbling 3.17% to $21.08, while Evolution Mining Ltd (ASX: EVN) shares are falling 3.57% to $12.16.

Banks and tech stocks provide some support

The major banks are helping soften the fall.

Commonwealth Bank of Australia (ASX: CBA) shares are up 1.23% to $166.69, while Westpac Banking Corp (ASX: WBC) shares have added 0.85% to $35.59.

National Australia Bank Ltd (ASX: NAB) shares are 0.96% higher at $39.02, while ANZ Group Holdings Ltd (ASX: ANZ) shares have lifted 0.49% to $35.17.

Macquarie Group Ltd (ASX: MQG) shares are also stronger, rising 0.92% to $253.03.

Tech stocks are helping too, with WiseTech Global Ltd (ASX: WTC) shares jumping 8.4% to $38.34 after the company announced Raelene Murphy had been appointed Independent Chair.

Xero Ltd (ASX: XRO) shares are 1.5% higher to $74.66.

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 Macquarie Group, WiseTech Global, and Xero. The Motley Fool Australia has positions in and has recommended WiseTech Global and Xero. The Motley Fool Australia has recommended BHP Group and Macquarie Group. 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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