On Thursday the Australian sharemarket’s benchmark S&P/ASX 200 Index (ASX: XJO) fell 8.4 points, or 0.1 per cent, to 8550.8, with seven out of 11 sectors closing down. The broader All Ordinaries Index (ASX: XAO) slid 6.3 points, to 8773.6.

Market bellwether Commonwealth Bank of Australia Limited (ASX: CBA) weakened 69 cents, or 0.4 per cent, to $190.71 after hitting a fresh record of $192 on Wednesday, while National Australia Bank Limited (ASX: NAB) fell 16 cents, or 0.4 per cent, to $39.89. But Australia and New Zealand Banking Group Limited (ASX: ANZ) surged 64 cents, or 2.2 per cent, to $29.74, and Westpac Banking Corporation (ASX: WBC) firmed 3 cents, to $34.57. Elsewhere on the industrial screens, counter-drone tech company DroneShield Limited (ASX: DRO) rose another 25 cents, or 11.7 per cent, to $2.39 after gaining almost 20 per cent in the previous session when it announced a $61.6 million European military deal. Equipment-finance and buy-now, pay-later company Humm Group Limited (ASX: HUM) also extended its rally, gaining 2 cents, or 3.7 per cent, to 56 cents after the company confirmed a takeover offer from the family office of chairman Andrew Abercrombie. And neurological-disorders treatment company Neuren Pharmaceuticals Limited (ASX: NEU) leapt 77 cents, or 6.1 per cent, to $13.31 after announcing that the United States Patent and Trademark Office had accepted its patent application for a treatment of Pitt Hopkins syndrome. Small-business and accounting-software giant Xero Limited (ASX: XRO) retreated $10.21, or 5.3 per cent, to $184.00 as the company completed a $1.85 billion capital raising to buy US accounting and invoicing platform Melio Payments Inc. 

Vanguard bets on lithium

Among the mining heavyweights, BHP Group Limited (ASX: BHP) edged ahead by 1 cent, to $36.12; Rio Tinto Limited (ASX: RIO) receded 11 cents, or 0.1 per cent, to 4104.19; and Fortescue Metals Group Limited (ASX: FMG)put on 5 cents, or 0.3 per cent, to $14.93. Gold edged higher to US$333.98 an ounce as the US dollar dipped and traders weighed a truce in the Middle East. Still, miners of the precious metal were mostly lower, with Northern Star Resources Limited (ASX: NST) down 44 cents, or 2.3 per cent, to $18.84; Regis Resources Limited (ASX: RRL) losing 7 cents, or 1.5 per cent, to $4.49. The lithium sector was boosted by news that leading investment house Vanguard Group (Private) had become a substantial shareholder of PLS (ASX: PLS, formerly known as Pilbara Minerals Limited), lifting its share price 7 cents, or 5.6 per cent, to $1.32. The positive sentiment flowed through to other lithium producers, with Mineral Resources Limited (ASX: MIN), which also mines iron ore, up 72 cents, or 3.6 per cent, to $20.90; Liontown Resources Limited (ASX: LTR) rising 2 cents, or 2.9 per cent, to 70 cents; and IGO Limited (ASX: IGO), which also mines nickel, adding 7 cents, or 1.8 per cent, to $4.01.

In the US, the broad S&P 500 Index (INDEXSP: .INX) almost managed a new record, gaining 48.86 points, or 0.8 per cent, to finish the trading day at 6141.02, just a handful of points away from the intraday all-time high of 6147.43 reached in February. The 30-stock Dow Jones Industrial Average (INDEXDJX: .DJI) climbed 404.41 points, or 0.9 per cent, to 43 386.84, while the tech-heavy Nasdaq Composite Index (INDEXNASDAQ: .IXIC) rose 194.36 points, or 1 per cent, to 20 167.91, also coming within striking distance of a fresh record.

US economic data shows the good and bad

Official data showed the US economy contracting at an annualised rate of 0.5 per cent during the March quarter, a larger decline than the second estimate of a 0.2 per cent slide. The weaker GDP figure was largely driven by significant downward revisions to consumer spending and exports. However, new orders for manufactured goods in the US surged by 16.4 per cent in May to US$343.6 billion, following a revised 6.6 per cent drop in April.