Market Updates

The ASX 200 recovered to close down just 8 points at 8,720 after hitting a low this morning of 8,641 on a pullback in AI and risk across the board. The catalyst for the turnaround was the banks, which had a very strong day, with CBA up 3.3%, WBC up 2.9%, and good results from BOQ helping sentiment. The Big Bank Basket rallied 3%. The jobs data came in at a headline rate of 4.7%, which may give the RBA an excuse to pause for the time being. Insurers, too, rallied, with QBE up 2.7% and SUN up 2.2%, although we did see financials generally weaker and MQG slipping 1.3%. Industrials, and interest-rate-sensitive stocks had a good day, with TCL up 1.9%, QAN rallying 1.1%, and TLS up 1.9% on the back of defensive buying. Both WOW and COL also had good days on defensive qualities. Tech stocks, though, slipped again, with XRO down 3.0%, and TNE down 1.9%, with MP1 crashing another 10.1%, along with other data centre companies like NXT, off 7.4%. Healthcare stocks were mixed, with CSL pushing another 1.3% higher, but PME slipping today.

Resources were where the damage was done, together with the data centres. BHP fell 4.7%, with RIO also down heavily. Once again, we saw lithium and rare earth stocks under serious pressure, with PLS down 6.3%, LYC down 6.6%, and MIN down 4.9%. Gold miners slipped slightly on lower bullion prices as fears of further rate rises in the U.S. hurt sentiment. A slowdown in the rollout of the data centres in the U.S. continues to hurt the uranium sector, with PDN down 5.1% and DYL down 5.8%. Coal stocks are joining in the weakness today, with WHC falling 4.5%.

In corporate news, the rot continues at MGH, down 11.0%, as its founder pulled out of a conference. We also saw numbers today from BOQ which were slightly better than anticipated, and an update from TWE also helped them rise 4.6%. In takeover news today, TPG (PE Group) surprised the market by taking a 14.9% stake in EQT. INA also had a tough day after Warburg Pincus gave the company a Monday deadline on its acquisition proposal. It dropped 11.6%.

On the economic front, unemployment fell to 4.7%, worse than expected by economists, with employment falling by nearly 40,000 against a consensus of 20,000 jobs created.

10-year yields ease to 5.21%. US Futures – Dow down 6, Nasdaq down 242.

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The S&P 500 pulled back on Wednesday, pressured by losses in the artificial intelligence trade, as investors reacted to hotter-than-expected September consumer inflation data.

The broad market index fell 1.11% to end at 7,718.94, while the Nasdaq Composite shed 1.88% to close at 26,692.87. The Dow Jones Industrial Average declined 48.62 points, or 0.09%, to 51,621.48. Gains in key healthcare stocks such as UnitedHealth and Amgen kept the 30-stock index’s losses in check.

The consumer price index rose 0.6% in September month over month, with its year-over-year gain coming in at 3.7%. While the former was in line with expectations, the latter was hotter than expected, as economists polled by Dow Jones had anticipated a 3.6% advance on the year.

Excluding food and energy prices, core CPI posted a monthly and yearly advance of 0.3% and 2.6%, respectively. Both were also slightly higher than the increase of 0.2% and 2.5% that economists had expected.

SPI down 18 - Gold eases - BOQ results - TWE update

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The ASX 200 finished the day down 56 points to 8,728, or 0.6% lower, off its lows for the day, but weighed down by the banking sector taking its cue from the U.S. bank results last night. The Big Bank Basket fell to $262.71, with CBA down 2.2% after its AGM and WBC down 1.3%. Financials generally were weaker, with MQG down 0.8%, and the insurers slipping away slightly too. QBE dropped 1.7%, and IAG was also falling a similar amount. The REITs were mixed, with GMG up 3.6%, although others slipped. VCX was down 0.4%, and GPT was down 0.9%. Industrials, too, were a little weaker, with CPU down 0.6%, QAN falling on higher oil prices, and the healthcare sector relatively unchanged. Retail stocks were patchy, with WES up 0.6%, JBH up 0.6%, but APE dropped 2.0%. Tech stocks rallied after a weaker start, with WTC finishing up 1.3% and TNE up 1.9%. NXT had a better day today, but the rot continued in MP1, off 1.9%. 

Resources were once again on the nose, with BHP down 0.7% and RIO falling after its quarterly production update. Gold miners, too, eased off slightly, with EVN down 3.2% and NEM down 2.0%. Finally, we saw some bargain hunting appear in the lithium stocks, with PLS up 2.9% and MIN up 1.8%. The oil and gas space was better, with WDS and STO both putting on over 1%. Uranium stocks fell, led by PDN, with a disappointing quarterly production update.

In corporate news today, GLC made its debut on the ASX, trading much in line with its London listing. We also saw the GYG chairman, Guy Russo, selling 1.4 million shares, and the CBA AGM leading to some cost increases through pay negotiations.

On the economic front, nothing locally, but China reported a jump in September producer inflation on the crisis in Iran.

10-year yields ease to 5.31%. US Futures showing solid gains.

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The S&P 500 ended near the flatline on Tuesday, with traders digesting a slew of corporate earnings reports from major banks along with a steep overnight decline in South Korea that put pressure on memory chip names.

The broad market index was down 0.02% to end at 7,805.45, while the Nasdaq Composite dropped 0.15% to 27,204.38. The Dow Jones Industrial Average slipped 180.45 points, or 0.35%, to close at 51,670.10. At its high of the day, the 30-stock index was up more than 460 points.

JPMorgan Chase reported third-quarter earnings and revenue that missed analyst expectations, but the bank raised its net interest income guidance for 2026. Shares ended the session 0.9% lower. Wells Fargo shed 3% on mixed Q3 numbers, while Goldman Sachs inched down 0.2% even after its revenue for the third quarter surpassed expectations.

SPI down 30 - Gold eases  - Oil up - RIO results - Glencore lists .

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The S&P 500 closed just below the flatline on Monday after the major averages posted a winning week and as investors looked ahead to a busy week of earnings results and inflation data. 

The broad market index fell 0.06% to end at 7,807.24, while the Dow Jones Industrial Average outperformed, rising 195.60 points, or 0.38%, to 51,850.55. It was the third straight positive day for the 30-stock index. The Nasdaq Composite, however, underperformed and lost 0.44% to close at 27,245.90.

The Nasdaq was weighed down by a 3.9% drop in shares of Micron Technology. 

SPI up 9 - Gold eases - Oil higher - US earnings in focus.

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The ASX 200 Jumped 67 points to close at 8,783 (0.8%), slightly off the day's highs but a solid performance nonetheless. A recovery in the banking sector helping push things along, with CBA up 1.2%, NAB up 2.3%, and MQG also having a good day, up 2.1%. Insurers were generally positive, and other financials also in the green.

Elsewhere, REITs fell, with GMG down 1.9% and SCG also falling 1.2%. SGP fell on a broker downgrade. In the industrials, generally weaker across the board, with retail under a little pressure. JBH down 0.5% and APE down 1.4%. With TLS continuing to stumble after the SpaceX Spectrum deal last week, both WOW and REA slipped too. Tech stocks again showing some signs of life, although the sector was well off its intraday highs as well. XRO up 2.8% on a broker upgrade, and WTC also doing okay, although NXT continues to stumble, with MP1 up 4.8%.

Resources were a little mixed, with the iron ore majors doing well, led by BHP up 2.5% on copper prices pushing higher in Asia. Gold miners had a good day, with NST up 2.5% and GMD up 0.7%, but lithium stocks remained depressed, PLS down 3.7%, and rare earth stocks also falling, LYC down 3.1%. Not much happening in WDS or STO today, and uranium stocks continue to struggle somewhat.

In corporate news, MGH continues to slide on the Firmus fiasco last week. TWE announced it had sold the Rosemount brands back to the Oatley family.

Nothing significant today on the economic front.

10-year yields ease to 5.32%. US Futures showing solid gains. Bond markets closed for Colombus Day.

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Wall St rose Friday as AI jitters eased, ending the week close to record highs. Dow Jones up 423 points. S&P 500 up 0.59%. Nasdaq up 0.64%. Russell 2000 up 0.46%. Mag7 up 1.01%. SOX down 0.41% (failing to bounce).

ASX set to rise. SPI futures up 37 points or 0.42%. Gold and commodities firm - Columbus Day in US tonight - Bond markets closed.

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The ASX 200 rose 56 points to 8,717 to finish the week on a strong note. Up 34 pts on the week. A solid rebound in most sectors after yesterday's fall. News that the Firmus float had been cancelled may have helped sentiment slightly.

The banking sector rose slightly, with CBA up 0.8% and MQG also having another good day, up 0.6%. The REITs were also doing well today, with GMG up 3.2% and CHC also having a good day, up 3.3%. Interest-rate-sensitive stocks in the retail space were better, with JBH up 2.1% and WES up 1.7%, with both WOW and COL rising too. The tech space was in a much better place today, with WTC rising 4.3% and XRO rising 3.5%. There were still some casualties, with WBT crashing 11.1% and MP1 also falling hard. The old-school platform stocks in REA, CAR, and SEK are also showing good, solid gains today.

In resources, we saw FMG ease 2.9%, but the gold miners were better across the board, with NST up1.5%, GMD up 4.0%, and VAU also doing well, up 3.6%. Lithium stocks slipped slightly, with PLS down 5.4%, but LYC recovered modestly. Oil and gas stocks were mixed, and uranium stocks once again on the nose. Some broker downgrades in the sector not helping DYL down 7.1% and BOE down 9.9%

In corporate news today, the big story was obviously Firmus and the fallout, to some, with MGH returning from a trading halt and falling 6.7%. We also saw serious volatility in EOS on the back of a big contract win in the Middle East. It finished down 4.3%. Not much other news around on the corporate front. In the economic space, Schroders now says the RBA's rate hiking cycle may finally have reached its peak.

10-year yields ease to 5.34%. US Futures drifting higher. 

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The Nasdaq Composite slid on Thursday as new details about OpenAI spooked investors, putting the artificial intelligence trade under pressure.

The tech-heavy Nasdaq was down 1.25% to close at 27,193.34, while the S&P 500 declined 0.47% to 7,765.36. The Dow Jones Industrial Average added 51.77 points, or 0.1%, to end at 51,231.64.

Shares of key tech names came under pressure after OpenAI’s annualized revenue was revealed to be short of the amount previously signaled. Shares of Oracle were down more than 5%, while chipmakers such as Nvidia and Advanced Micro Devices lost nearly 3% and almost 4%, respectively.

Adding to the downbeat sentiment, oil prices spiked also after President Donald Trump said he doesn’t want to make a deal with Iran to end the war, while the U.S. is reportedly preparing for “massive bombing” in the Middle East.

SPI up 18 - Gold up a little - Oil volatile - Firmus in the balance.

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