S&P/ASX 200 dips 0.24% to 9,241

Australian stocks slid modestly Monday morning, with the S&P/ASX 200 dropping 22.6 points, or 0.24%, to 9,241 amid broad weakness in energy and financials. The broader All Ordinaries Index fell 12.3 points, or 0.13%, to 9,432.80. Losses came despite a solid close on Wall Street Friday, where the Nasdaq jumped 1.1% and the S&P 500 gained 0.6%.

The dip extends a soft patch that began Friday, when the ASX closed slightly lower after earlier gains faded. Energy stocks led the drop, with Beach Energy and Origin Energy both down more than 1%, while Woodside and Santos slipped 0.2% each. Financial heavyweights also weighed on the market: Westpac led declines among the big four banks, falling nearly 5%, while Commonwealth Bank dropped more than 1% and NAB and ANZ both lost around 2%.

Mining stocks offered a partial offset, with Fortescue up 0.3%, Mineral Resources up nearly 2%, Rio Tinto up almost 1%, and BHP adding more than 1%. Gold miners outperformed, led by Newmont, which surged over 4%, and Resolute Mining, up more than 1%. Tech was mixed, with WiseTech Global and Xero up nearly 2% each, while Block, owner of Afterpay, fell almost 2%.

The Aussie dollar held at 70.6 US cents. Further out, investors will watch Middle East tensions after Houthi attacks on Saudi and Yemeni targets, which helped lift oil prices Friday. Any escalation could ripple through energy markets and weigh on global risk appetite.