In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and dropped deep into the red. At the time of writing, the benchmark index is down 4.5% to 7,321 points.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

Capricorn Metals Ltd (ASX: CMM)

The Capricorn Metals share price is down over 4% to $8.11. This follows a pullback in the gold price on Friday night and the release of a quarterly update from the gold miner this morning. In respect to the latter, the company revealed that its Karlawinda Gold Project (KGP) delivered another strong quarter of operations. It produced 30,599 ounces of gold, up slightly from 28,702 ounces in the previous quarter. This means that FY 2025 year to date production is 84,860 ounces, putting it a position to achieve the mid-point of its guidance range of 110,000 ounces to 120,000 ounces.

Nuix Ltd (ASX: NXL)

The Nuix share price is down 6% to $2.55. This has been driven by the market selloff and the release of a trading update this morning. The investigative analytics and intelligence software provider advised that it now expects Annualised Contract Value (ACV) growth to come in at the lower end of its previously guided range of 11% to 16% in constant currency for the full year. Management explained: "Recent increases in uncertainty and volatility in the geopolitical and global economic landscape, while creating opportunities, are impacting the predictability of deal closure timeframes. Against this backdrop Nuix currently expects Annualised Contract Value (ACV) growth for the full year to be in the lower end of the previously advised range of 11-16% in constant currency."

Westpac Banking Corp (ASX: WBC)

The Westpac share price is down 5.5% to $29.31. Investors have been selling Westpac and the other big four banks amid broad market weakness. On Wall Street on Friday, many of its major banks lost over 7% of their value during the session. Investors appear concerned about what could happen to the global economy from a trade war.

Woodside Energy Group Ltd (ASX: WDS)

The Woodside Energy share price is down almost 6% to $19.27. This has been driven by another pullback in oil prices on Friday night. Oil prices plunged over 6% during the session due to concerns about increasing supply and softening demand. Woodside shares are now down 17% since this time last week.