Tech and healthcare lead ASX to fresh highs

The Australian sharemarket climbed to a new record on Tuesday, driven by strong performances in the technology and healthcare sectors. The S&P/ASX 200 Index (ASX: XJO) gained 59.9 points, or 0.7 per cent, to close at 8630.3, with ten of the eleven sectors in positive territory. A strong GDP reading from China and optimism around trade talks helped fuel investor confidence. The tech sector followed gains in US Nasdaq futures, buoyed by NVIDIA Corporation (NASDAQ: NVDA)‘s announcement to resume AI chip sales to China. Standout performers included WiseTech Global Limited (ASX: WTC), Xero Limited (ASX: XRO), Life360 Inc. (ASX: 360), and Appen Limited (ASX: APX).

Iron ore slide hits miners despite broader rally

Healthcare names added momentum to the rally, with CSL Limited (ASX: CSL) and Pro Medicus Limited (ASX: PME) both posting notable gains. The major banks, including Commonwealth Bank of Australia (ASX: CBA) and Macquarie Group Limited (ASX: MQG), also saw gains. However, the materials sector lagged, pressured by a decline in iron ore prices after Chinese housing data revealed a continued slide in new home prices. This weighed on mining heavyweights BHP Group Limited (ASX: BHP), Fortescue Metals Group Limited (ASX: FMG), and Rio Tinto Limited (ASX: RIO). In corporate news, Hub24 Limited (ASX: HUB) jumped following strong fund inflow data, while Tyro Payments Limited (ASX: TYR) slumped on news of upcoming regulatory changes.

Global markets react to inflation and earnings

International markets closed mixed as investors weighed hotter-than-expected US inflation data and corporate earnings. The S&P 500 Index (NYSE: SPX) fell 0.4 per cent, the Dow Jones Industrial Average (NYSE: DJI) dropped 436 points or 1 per cent, while the Nasdaq 100 Index (NASDAQ: NDX) edged up 0.1 per cent near record levels, boosted by a 4 per cent jump in NVIDIA Corporation (NASDAQ: NVDA). The US Consumer Price Index rose 0.3 per cent month-on-month and 2.7 per cent year-on-year, intensifying concerns over potential inflationary pressures from proposed tariffs by President Trump. Among major banks, Wells Fargo & Co. (NYSE: WFC) and JPMorgan Chase & Co. (NYSE: JPM) declined after mixed results, while Citigroup Inc. (NYSE: C) advanced on strong earnings and a share buyback announcement.