In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 0.4% to 8,267.6 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling on Tuesday:

ANZ Group Holdings Ltd (ASX: ANZ)

The ANZ share price is down 2% to $28.62. The catalyst for this has been the banking giant's shares going ex-dividend for its upcoming interim dividend. When a share goes ex-dividend, it means the rights the payout are settled. As a result, anyone buying ANZ shares today would not be entitled to receive this dividend on pay day. But for those that are eligible, they can now look forward to receiving ANZ's 70% franked 83 cents per share interim dividend at the very start of July.

Coles Group Ltd (ASX: COL)

The Coles share price is down almost 4% to $21.45. Investors have been selling this supermarket giant's shares despite there being no news out of it. However, a number of shares that could be classed as safe haven assets have come under pressure today. Investors have been switching back into risk-on assets after the United States and China signed a trade deal. Woolworths Group Ltd (ASX: WOW) shares are down by a similar margin this afternoon.

Lynas Rare Earths Ltd (ASX: LYC)

The Lynas Rare Earths share price is down 5% to $7.27. This also appears to have been caused by news that the United States and China have signed a trade deal. Lynas has been among the best performers on the market since the start of April. With China threatening to block rare earths exports, the company was seen as one of the biggest winners from a trade war. However, with a trade deal being agreed, it may not benefit as greatly as once hoped.

Northern Star Resources Ltd (ASX: NST)

The Northern Star share price is down 6.5% to $17.95. The catalyst for this has been a significant pullback in the gold price overnight in response to the aforementioned trade deal between the United States and China. Traders were selling the safe haven asset on the news and putting their money back into risk-on assets. It isn't just Northern Star shares that are falling today. The S&P/ASX All Ords Gold index is down 7% at the time of writing.