ASX 200 claws back its early losses. What's moving the market?

The S&P/ASX 200 Index (ASX: XJO) has spent Monday struggling to pick a direction.

After falling as low as 8,681 points shortly after the open, the benchmark has clawed its way back to 8,731 points in early afternoon trade.

That leaves the ASX 200 basically flat for the day and around 50 points above its morning low.

It's a pretty mixed session underneath as well, with 99 shares higher, 94 lower, and 7 unchanged.

The index is still down around 3.8% over the past month, despite recovering slightly over the past 3 sessions.

So, what's moving the market today?

Wall Street offers little help

There wasn't much of a lead from Wall Street heading into today's session.

The Dow Jones Industrial Average Index (DJX: .DJI) slipped 0.18% on Friday, while the S&P 500 Index (SP: .INX) gained 0.17% and the Nasdaq Composite Index (NASDAQ: .IXIC) rose 0.40%.

Bond yields remain elevated as well, with the US 10-year Treasury yield pushing back above 5% on Friday.

According to Reuters, investors are still weighing the prospect of further US interest rate hikes, while oil prices remain above US$100 per barrel.

Banks help turn things around

One of the bigger changes since the open has been the performance of the major banks.

ANZ Group Holdings Ltd (ASX: ANZ) shares are up 1.29% to $38.17, while National Australia Bank Ltd (ASX: NAB) has gained 1.17% to $38.92.

Commonwealth Bank of Australia (ASX: CBA) is also 0.56% higher at $153.28, and Westpac Banking Corp (ASX: WBC) has added 0.52% to $34.93.

That has helped offset some weakness among the miners.

BHP Group Ltd (ASX: BHP) shares are down 0.72% to $60.61, while Rio Tinto Ltd (ASX: RIO) has fallen 1% to $165.82.

Fortescue Ltd (ASX: FMG) is also trading lower, down 0.54% to $16.64.

Some big individual moves

There are also some much bigger moves elsewhere on the market today.

Perpetual Ltd (ASX: PPT) shares have dropped around 13.5% to $16.95 after the company rejected EQT's revised $22.50-per-share takeover proposal.

The board said the offer undervalued the business and carried unacceptable execution risks.

Meanwhile, Telix Pharmaceuticals Ltd (ASX: TLX) shares are down around 6% to $16.77.

The healthcare company announced a deal to combine with Germany's ITM, with upfront consideration of US$1.65 billion and another US$700 million potentially payable through milestones.

RBA back in focus

Interest rates are likely to remain a major focus over the next week.

RBA Governor Michele Bullock and Assistant Governor Sarah Hunter are both scheduled to speak tomorrow. Bullock will appear at a CEDA event, while Hunter will take part in a separate interview earlier in the day.

This comes ahead of the central bank's next monetary policy decision on 29 September.

The post ASX 200 claws back its early losses. What's moving the market? appeared first on The Motley Fool Australia.

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Telix Pharmaceuticals. The Motley Fool Australia has recommended BHP Group and Telix Pharmaceuticals. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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