Market Updates

The ASX 200 fell 100 points to close at 8686 _1.1%), with losses across the board. Banks held up better, with CBA down 0.6%, and WBC the worst of the bunch, down 1.7%, with MQG also falling 1.1%. The Big Bank Basket dropped to $270.46 (-1.8%). Insurers were better as bond yields rose, with QBE up 1.2% and the rest of the financials losing ground. Tech stocks were struggling today, with XRO falling back to earth by 4.2% and the All-Tech Index falling 1.4% as profit-taking moved in after the recent bounce. In the industrials, we saw TLS fall 2.9%, although defensive stocks bucked the downtrend, with WOW and COL both positive, along with utilities ORG and APA. Healthcare stocks were showing some signs of life, with RMD finding a bottom, at least temporarily, up 2.6%, and CSL up 0.4%. 

The real damage, though, today was done in the resource sector, as the iron ore price came under pressure and profit-takers moved into the iron ore stocks, with BHP down 3.3%, RIO down 3.3%, and FMG down 4.1%. Elsewhere in the gold space, we saw selling again in NST, off 6.1%, and EVN falling 3.0%, with lithium and rare earth stocks all under pressure. PLS dropped 4.5%. Big losers today as well were the big winners yesterday in the uranium sector, with PDN falling 8.2% and DYL down 5.2%. The oil and gas space was modestly higher, with both Woodside and Santos rising, together with coal stocks, with WHC rising 3.0%.

In corporate news today, PME secured a five-year renewal in the U.S. TWE had a very good day as it presented to investors with no downgrades and some optimistic outlook statements. IPX fell 4.6% after its DFS study for its Critical Minerals project in Tennessee.

Nothing significant on the economic front, although we did have some international goods trade data out, showing exports increased 7.2%, driven by metal ores and minerals.

Asian markets mixed. Japan down 1.5%, Hong Kong down 1.4%, and China down 0.6%. South Korea eases back around 1.6%

US futures: Dow up 26 and Nasdaq down 151. 

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Stocks fell on Wednesday, with the S&P 500 snapping a nine-day win streak, as oil prices and Treasury yields moved higher amid worries the U.S.-Iran conflict could keep lifting inflation.

The 30-stock Dow Jones Industrial Average pulled back 620.72 points, or 1.21%, to end at 50,687.07. The broad market S&P 500 fell 0.74% to end at 7,553.68, while the tech-heavy Nasdaq Composite declined 0.89% to 26,853.98.

Oil prices rose following the U.S. and Iran launching new strikes. West Texas Intermediate futures rose 2.41% to settle at $96.02 per barrel, while Brent crude gained 1.89% to settle at $97.81 per barrel.

SPI down 75 - Commodities fall - Gold down - Iron ore eases

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The ASX 200 jumped 61 points after a slow start to 8756, with GDP coming in a little light, giving the RBA room to hold rates. Banks rebounded, with CBA up 1.1% and ANZ doing well, up 1.9%, as the Big Bank Basket rose to $275.51 (+1.1%). Other financials were a little mixed, GQG fell 1.4%, AMP slid 2.0% and HUB fell 0.9%. Insurers were steady as she goes.

Industrials firmed in places, with WES down 0.2 %, while WOW and COL did better. Healthcare remains in ICU, with CSL falling another 0.4% and RMD down 0.7%. Tech stocks were under pressure after a great run in recent days, with XRO down 3.5% and WTC falling 2.1%, while the All Tech Basket down 0.7%.

Resources, and especially copper stocks, were the stars of the show again. BHP hit new records, up 2.4%, and RIO gained 1.6%. Rare earths got a boost, with LYC up 2.8% and ARU gaining %. Uranium stocks fired up on some Urenco news from the US, with PDN up 11.5% and BOE gaining 7.6% as the shorts ran for cover. STO had a good day too, while WDS was flat.

In corporate news, SLC jumped 0.3% on an upgrade to earnings, MP1 entered a trading halt pending a large capital raising, ALD rallied 3.4% on watchdog approvals and INA soared 5.4% on earnings confirmation. TLC lowered guidance and slipped 1.5%. In economic news, GDP came in a little light at 0.3% for the quarter and 2.6% for the year, giving the RBA a good excuse to stay pat.

Asian markets mixed. Japan up 2.8%, Hong Kong down 1.7%, and China up 1.6%. South Korea closed for local elections.

US futures: Dow down 32 and Nasdaq down 13. Oil up 1.0%. Surprising given the hostilities in the Gulf.

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The S&P 500 ticked up to a record close after reaching a new all-time high on Tuesday as traders monitored the latest U.S.-Iran developments as well as moves in major tech names.

The broad-based index advanced 0.13% to end at 7,609.78 for its first close above the 7,600 threshold, while the Dow Jones Industrial Average gained 228.91 points, or 0.45%, to 51,307.79. The latter also rose to a new all-time intraday high earlier in the session. The Nasdaq Composite eked out a gain of 0.03% to end at 27,093.90.

Alphabet weighed on the S&P 500, with shares down almost 4% after the company said it would raise $80 billion from stock sales to fund its artificial intelligence buildout. That includes a $10 billion investment from Berkshire Hathaway.

SPI up 38 - Copper in focus - MP1 to raise $823m - GDP today

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The ASX 200 rallied hard off lows to close down 5 pts at 8724 (0.1%). CBA turned around, recovering well, the Big Bank Basket closed at $269.61 (- 0.8%). Insurers slipped, led by QBE off 1.3% and IAG down 2.2%. REITs too were under pressure, GMG off 0.4% and CHC falling 1.0%. Healthcare remains in the kennel, CSL falling another 1.7% with RMD off 2.1% and COH down 4.3%. Industrials slipped a little, BXB down 1.6% and ALQ falling 1.1%. Retail stocks were also on the nose following the minimum pay award update. JBH crumbled 5.4%, NCK down 3.1%. DMP dropped 5.9% on the wage news. Tech stocks were the stars of the show again today, WTC up 7.9% and XRO jumping 7.5%, with the All-Tech Index up 3.9%. REA had a good day, as did CAR.

BHP and RIO once again pushed higher on copper exposure, the Big Australian hitting new records, up 1.4%. Gold miners recovered, with NST shooting the lights out as activist shareholder Elliott took a big position and called for change. Uranium stocks eased back again, PDN down 5.9% and DYL falling 5.3%.

In corporate news, SRG jumped 16.6% on $1.85bn in new contracts. TEA soared 16.2% on an acquisition, DRO up 3.6% on a new $24.1m contract, and 4DX had a bad day on CT news. NST jumped on calls for change. On the economic front, consumer sentiment rose and the BoP fell as exports eased back. 

Asian markets mixed. Japan down 0.5%, Hong Kong up 1.8%, and China up 1.3%. 

US futures: Dow down 172 and Nasdaq down 83. Oil up 1.2%.

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The S&P 500 rose on Monday, even as oil prices advanced, with Nvidia leading technology higher following the launch of a new chip for PCs.

The broad market index advanced 0.26% to close at 7,599.96, while the Nasdaq Composite gained 0.42% to close at 27,086.81. The Dow Jones Industrial Average added 46.42 points, or 0.09%, and ended at 51,078.88. All three indexes reached new all-time intraday highs and closed at records. 

SPI down 38 - Oil up - Gold down - NST moves - Software stocks jump.

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The ASX 200 consolidated Friday’s gains with a loss of 2 point to 8729. Tech stocks were the star attraction, with REA up 1.5%, WTC up 8.7% and XRO rising 7.6%. The All-Tech Index rose 3.8%. Healthcare remains on the nose, with CSL dropping another 2.5% and RMD pummeled down 7.6%. REITs also slid, with CHC off % and SCG falling %. Banks were mixed, with CBA down 1.0% and WBC up 0.4%, leaving the Big Bank Basket down to $271.87 (-0.6%). Financials were mostly better, with ZIP rallying 5.2% as tech took off. Industrials were a mixed bag. TCL fell 1.8% and LNW dropped 1.0%, while BXB rallied 1.4% and CPU rose 0.9%.

In resources, BHP was slightly firmer, RIO rose 1.6% and FMG improved. Gold miners were generally better, with EVN up 2.4% and CMM rallying 1.3%. Lithium stocks were on a charge, with PLS up 4.3% after huge rebalancing volumes last week, LTR up 3.3% and MIN up 1.2%. WDS and STO both made modest gains, as did uranium and coal stocks.

In corporate news, LLC lost 5.5% after agreeing to sell the development rights in the Milano Santa Giulia mixed-use project in Milan. SYR soared 16.2% after its offtake dispute with Tesla was resolved, with the electric vehicle maker accepting that the alleged default conditions had been cured. MYX fell 2.9% as it expanded its US commercial footprint. CTT rose 25.5% as it moved to expand its presence in China through the launch of a flagship store on Tmall Global.

On the economic front, ANZ-Indeed Australian job ads lifted 1.8%. Asian markets eased. Japan up 0.9%, HK up 0.8% and China down 0.6%. Korea up 4.1%.

US futures up slightly, Dow up 49 and Nasdaq up 175. European markets set to open flat. Oil up 2.5%.

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SPI Futures down 13 points. ASX set to open slightly lower.

The S&P 500 and Nasdaq both closed at fresh record highs. The S&P 500 was up 0.22%, its ninth straight weekly gain - the longest winning streak since December 2023. The Dow Jones was up 363 points (+0.72%). The NASDAQ was up 0.21%. The Russell 2000 was down 0.59%. VIX lower again at 15.32 - getting very comfortable.

DELL was up 32.8% on results - a 750%+ year-on-year jump in AI server revenue, $24.4bn in AI orders and a backlog close to $51bn. Tech finished up 1.87%. HPE was up 12.6% and SMCI was up 11.6% in sympathy. MSFT was up 5.4%.

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The ASX 200 jumped 139 points to close the week at 8732 (+1.6%) on a very firm note as hopes built that there will be some resolution, or at least an extension of the ceasefire in the Middle East. There seemed to be a lot of short covering around today after the 125-point fall yesterday. We reversed that today, with the banking sector bouncing back hard, with CBA up 2.2%, NAB up 0.6%, and the Big Bank Basket up to $273.55 (+1.6%). Financials across the board bounced, with MQG up 1.1%, and even ASX rallying slightly, but it was resources that were really carrying the day today, as copper stocks advanced with BHP up 2.9%, RIO up 1.2%, and FMG also doing well, up 2.4%.

The gold miners had a good day yesterday after falling around 7%, with NST up 3.4% and EVN up 4.2%. Copper stocks and lithium pushed higher, with S32 also up 3.0%, although we saw some obvious selling in the oil and gas plays, with WDS unchanged and STO down 0.5%. Uranium stocks firmed slightly in this heady environment. Tech stocks saw some modest buying, with NXT up 1.7%, CAR doing very well, and TNE up 2.0%. Industrials and retail rose slightly. We also saw good buying with JBH up 1.2%, BXB up 0.1%, and QAN doing well on the back of lower crude prices.

In corporate news today, JDO had a great day after expanding its securitisation deal. IEL was trashed 16.2% after Macquarie slashed its target price, and THL soared 26.1% after a non-binding indicative offer from BGH Capital. Nothing on the economic front today. All eyes are on whether Donald Trump signs off on the latest proposal.

Asian markets eased. Japan up 1.4%, HK up 0.7% and China down 1%. US futures up slightly, Dow up 42 and Nasdaq up 29. European markets set to open around 0.2% higher.

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The S&P 500 and Nasdaq Composite closed at records on Thursday as tech resumed its leadership, and traders weighed a reported agreement between U.S. and Iranian negotiators to extend the ceasefire. 

The broader index gained 0.58% to 7,563.63, while the Nasdaq Composite rose 0.91% to 26,917.47. Both indexes also hit intraday all-time highs. The Dow Jones Industrial Average was higher by 0.05% at 50,668.97.

Tech stocks rallied Thursday, after a strong earnings outlook from Snowflake revived enthusiasm around the AI trade. Shares soared 36.5%, posting its best day ever after the cloud-based data platform provider issued rosy fiscal second quarter guidance.

Core PCE slightly better than expected - GDP revised down - SPI up 52 - Gold higher

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Disclaimer
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