Oil stocks are mostly lower as well, with Origin Energy down more than 2 percent and Beach Energy declining almost 6 percent.

On April 11, 2025, the Australian stock market is facing a significant downturn, reversing gains from the previous day, primarily influenced by negative trends from Wall Street.

Conversely, gold miners have shown resilience, with Evolution Mining and Northern Star Resources both up more than 2 percent, and Newmont increasing by 3.5 percent.

Investor sentiment remains volatile, heavily influenced by the US tariff regime and mixed reactions to Trump's trade policies.

This decline has resulted in a loss of nearly $60 billion in early trading, driven by escalating fears over the US-China trade war and recent policy changes from Donald Trump.

Major miners are particularly affected, with BHP Group, Fortescue Metals, and Rio Tinto each down nearly 3 percent, while Mineral Resources has seen a significant drop of over 6 percent.

In the technology sector, stocks are struggling, with Afterpay-owner Block and Zip each losing nearly 6 percent, and WiseTech Global and Appen also experiencing declines.

Reserve Bank of Australia governor Michele Bullock has warned of anticipated financial market volatility and indicated uncertainty in economic conditions moving forward.

The benchmark S&P/ASX 200 Index has dropped 172.60 points, or 2.24 percent, to 7,537.00, marking a low of 7,524.50 earlier in the day.

Similarly, the All Ordinaries Index has decreased by 110.40 points, or 1.40 percent, to 7,803.50, reflecting a broader market decline.

In currency trading, the Australian dollar is valued at approximately $0.624, showing some resilience despite earlier threats of falling below 59 cents.

On Wall Street, stocks fell sharply on April 10, with the Nasdaq dropping 4.3 percent, the S&P 500 down 3.5 percent, and the Dow Jones slumping 2.5 percent.