The S&P/ASX 200 Index (ASX: XJO) is heading lower again on Tuesday as the recent sell-off across the market continues.
At the time of writing, the benchmark index is down 0.91% to 8,669 points after touching an intraday low of 8,667 points.
That takes the ASX 200 to its lowest level in around 2 months and leaves it down almost 5% over the past month.
The index is now around 6.7% below its late August record high of 9,296 points, with selling picking up noticeably over the past week.
So, what is weighing on the market today?
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A weak lead from Wall Street
Investors have had a negative lead to work with after US shares finished lower overnight.
The S&P 500 Index (SP: .INX) fell 0.48%, the Nasdaq Composite Index (NASDAQ: .IXIC) dropped 0.56%, and the Dow Jones Industrial Average Index (DJX: .DJI) lost 0.29%.
Rising bond yields are another concern for markets.
The US 10-year Treasury yield briefly moved above 5% for the first time since 2023.
Investors are weighing higher inflation and the prospect of another interest rate rise from the US Fed Reserve.
A Reuters poll found 85% of economists expect the Fed to lift rates by 25 basis points this week.
Oil prices keep climbing
Oil is another thing investors are watching closely.
According to Trading Economics, Brent crude is trading around US$106 a barrel today as supply concerns remain in focus.
Saudi Arabia's East-West pipeline is offline, while traffic through the Strait of Hormuz is still heavily disrupted.
The pipeline can carry around 4 million barrels per day, which is roughly 4% of global oil supply.
Commercial vessel traffic through the strait also fell to single digits over the weekend.
And with oil above US$100 a barrel again, investors will be watching what that could mean for inflation and interest rates.
Miners and banks under pressure
Closer to home, some of the ASX's biggest companies are weighing on the index.
BHP Group Ltd (ASX: BHP) shares are down 2.34% to $59.18, while Rio Tinto Ltd (ASX: RIO) shares have fallen 2.69% to $163.67.
Northern Star Resources Ltd (ASX: NST) shares are down 2.96% to $21.96, and PLS Group Ltd (ASX: PLS) shares have dropped 3.52% to $4.26.
The banks are lower as well, with Commonwealth Bank of Australia (ASX: CBA) shares down 1.65% to $152.41.
Selling is fairly widespread across the market, with 110 of the top 200 shares lower, 81 higher and 9 unchanged in early afternoon trade.
