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The Australian stock market is trading notably lower on Friday, snapping a three-session winning streak, despite the broadly positive cues from Wall Street overnight. The benchmark S&P\/ASX 200 is falling to near the 8,900 level, with weakness across most sectors led by mining and technology<\/span> stocks.<\/p>\n The benchmark S&P\/ASX 200 Index is losing 60.80 points or 0.68 percent to 8,912.40, after hitting a low of 8,905.20 earlier. The broader All Ordinaries Index is down 62.40 points or 0.68 percent to 9,106.50. Australian stocks closed modestly higher on Thursday.<\/p>\n Among major miners, Rio Tinto is down almost 1 percent and Mineral Resources is edging down 0.2 percent, while BHP Group and Fortescue are losing almost 2 percent each.<\/p>\n Oil stocks are mostly lower. Origin Energy, Woodside Energy and Santos are edging down 0.4 to 0.5 percent each, while Beach energy is losing almost 1 percent.<\/p>\n Among tech stocks, Afterpay-owner Block is losing almost 1 percent, Xero is slipping more than 3 percent and WiseTech Global is declining 2 percent, while Zip and Appen are down more than 1 percent each.<\/p>\n Among the big four banks, National Australia Bank, Westpac, ANZ Banking and Commonwealth Bank are edging down 0.2 to 0.5 percent each.<\/p>\n Gold miners are weak. Northern Star Resources is declining more than 1 percent, Evolution Mining is losing more than 3 percent and Newmont is down almost 1 percent, while Resolute Mining and Genesis Minerals are slipping almost 2 percent each.<\/p>\n In the currency market, the Aussie dollar is trading at $0.707 on Friday.<\/p>\n On Wall Street, stocks gave back ground in early trading on Thursday but showed a notable turnaround over the course of the day, following the substantial rally seen during Wednesday’s session. The major averages climbed well off their lows of the session and into positive territory.<\/p>\n The major averages added to the strong gains posted yesterday, reaching their best closing levels in over a month. The Nasdaq advanced 187.42 points or 0.8 percent to 22,822.42, the Dow climbed 275.88 points or 0.6 percent to 48,185.80 and the S&P 500 rose 41.85 points or 0.6 percent to 6,824.66.<\/p>\n Meanwhile, the major European markets<\/span> also moved back to the downside on the day. While the German DAX Index slumped 1.1 percent, the French CAC 40 Index dipped by 0.2 percent and the U.K.’s FTSE 100 Index edged down by 0.1 percent.<\/p>\n Crude oil prices surged on Thursday as Iran allowed only restricted naval traffic through the Strait of Hormuz, renewing supply disruption concerns. West Texas Intermediate crude for May delivery was up $3.25 or 3.44 percent at $97.66 per barrel. <\/p>\n<\/p>\n Market Analysis<\/p>\n<\/div>\n