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The Australian stock market is trimming its early losses in mid-market trading on Tuesday, but extending the losses in the previous session, following the broadly negative cues from Wall Street overnight. The benchmark S&P\/ASX 200 is falling below the 7,900 level, with weakness is mining and technology<\/span> stocks partially offset by gains in energy and financial stocks.<\/p>\n The benchmark S&P\/ASX 200 Index is losing 70.40 points or 0.88 percent to 7,891.90, after hitting a low of 7,818.30 earlier. The broader All Ordinaries Index is down 87.90 points or 1.07 percent to 8,103.80. Australian stocks closed modestly higher on Monday.<\/p>\n Among the major miners, Mineral Resources is sliding more than 3 percent and Fortescue Metals is declining more than 1 percent, while BHP Group and Rio Tinto are edging up 0.3 to 0.4 percent each.<\/p>\n Oil stocks are mostly higher. Beach energy, Santos and Woodside Energy are gaining almost 1 percent each, while Origin Energy is adding more than 1 percent.<\/p>\n Among tech stocks, Afterpay owner Block is sliding almost 8 percent and Xero is slipping more than 5 percent, while Appen, Zip and WiseTech Global are declining more than 3 percent each.<\/p>\n Gold miners are mostly lower. Evolution Mining is losing almost 4 percent, Resolute Mining is declining more than 1 percent, Newmont is tumbling more than 3 percent, Gold Road Resources is slipping more than 4 percent and Northern Star resources is down almost 3 percent.<\/p>\n Among the big four banks, National Australia Bank is edging up 0.5 percent, while ANZ Banking and Westpac are gaining more than 1 percent each. Commonwealth Bank is edging down 0.1 percent.<\/p>\n In other news, shares in Star Entertainment are still under a trading halt amid financial rescue plan as US casino giant Bally’s offered to buy a controlling stake in the beleaguered casino operator.<\/p>\n Shares in Nickel Industries are tumbling almost 18 percent after news the Indonesian government is considering a major overhaul of its mining royalty system. The company operates a portfolio of mining and downstream nickel processing assets.<\/p>\n Shares in PolyNovo are slipping almost 8 percent after it said chief executive Swami Raote would step down with immediate effect.<\/p>\n In the currency market, the Aussie dollar is trading at $0.628 on Tuesday. <\/p>\n<\/p>\n Market Analysis<\/p>\n<\/div>\n