CBA slides but local market quietly pushes higher

It was a positive session for the Australian share market on Tuesday, but not exactly a roaring bull. The benchmark S&P/ASX 200 Index (ASX: XJO) eked out a gain of 9 points, or 0.1 per cent, to 8,677, while the broader All Ordinaries Index (ASX: XAO) did slightly better, accruing 15.3 points, or 0.2 per cent, to 8,941. The benchmark index was affected by heavyweight Commonwealth Bank of Australia (ASX: CBA) sliding $5.45, or 3.1 per cent, to $172.42: Commonwealth Bank of Australia (ASX: CBA) is still up 12.5 per cent for the year, but has dropped 10.2 per cent since hitting a record high last month.

The other big four banks also retreated, with National Australia Bank Limited (ASX: NAB) easing $1.03, or 2.7 per cent to $37.22; Westpac Banking Corporation (ASX: WBC) losing 42 cents, or 1.3 per cent, to $32.65; and Australia and New Zealand Banking Group Limited (ASX: ANZ) ceding 23 cents, or 0.8 per cent, to $29.82.

Elsewhere in the financial sector, Insignia Financial Limited (ASX: IFL) soared 48 cents, or 12.2 per cent, to $4.41 after the former IOOF Holdings Limited agreed to be bought by a US-based private equity firm for $3.2 billion.

Biotech heavyweight CSL Limited (ASX: CSL) lifted $8.64, or 3.4 per cent, to $263.95, and has now gained 9.6 per cent in the past month. However, CSL Limited (ASX: CSL) is down 14.6 per cent in the last 12 months.

Resources lead market

The financial sector was the worst-performing sub-index, dropping 1.7 per cent, while the materials/mining sector topped the table, rising 2.4 per cent. BHP Group Limited (ASX: BHP) gained $1.05, or 2.6 per cent, to $41.51; Fortescue Ltd (ASX: FMG) strengthened 56 cents, or 3.3 per cent, to $17.81; and Rio Tinto Limited (ASX: RIO)put on $3.86, or 3.4 per cent, to $118.32.

Goldminers were also keenly sought, led by West African Resources Limited (ASX: WAF), which jumped 19 cents, or 8.6 per cent, to $2.40. Spartan Resources Limited (ASX: SPR) rose 16.5 cents, or 8.4 per cent, to $2.13 on its last day of trading on the ASX before it is taken over by fellow gold producer Ramelius Resources Limited (ASX: RMS) in a $2.4 billion cash-and-scrip transaction.

For its part, Ramelius Resources Limited (ASX: RMS) gained 20 cents, or 8.1 per cent, to $2.66; while Genesis Minerals Limited (ASX: GMD) lifted 20 cents, or 5.2 per cent, to $4.07; Westgold Resources Limited (ASX: WGX)spiked 13 cents, or 4.8 per cent, to $2.86; Capricorn Metals Ltd (ASX: CMM) leapt 42 cents, or 4.6 per cent, to $9.61; and Perseus Mining Limited (ASX: PRU) gained 14 cents, or 4 per cent, to $3.67.

Lithium producer Pilbara Minerals Limited (ASX: PLS) advanced 9.5 cents, or 5.3 per cent, to $1.88; and IGO Limited (ASX: IGO), which mines nickel and lithium, gained 25 cents, or 5 per cent, to $5.03. But after a strong day yesterday, lithium producer Liontown Resources Limited (ASX: LTR) lost 6.5 cents, or 6.3 per cent, to 97 cents.

Yancoal Australia Ltd (ASX: YAL) was up 32 cents, or 5.3 per cent, to $6.40, while Whitehaven Coal Limited (ASX: WHC) added 32 cents, or 5 per cent, to $6.74. Canadian-based Champion Iron Limited (ASX: CIA) firmed 25 cents, or 5.2 per cent, to $5.07 after it signed an agreement with Nippon Steel Corporation (TYO: 5401) and Sojitz Corporation (TYO: 2768) to form a partnership for the development of its Kami iron ore project in Canada.

Second-quarter tech earnings poised to flow

In the US, the broad S&P 500 Index (NYSEARCA: SPY) notched its second consecutive record-high close, inching ahead by 4.02 points to 6,309.62, rounding-up (barely) to 0.1 per cent. This was the 11th closing record of 2025 for the benchmark index.

The tech-heavy Nasdaq Composite Index (NASDAQ: IXIC), which recorded a record close in the Monday session, couldn’t follow suit, retreating 81.49 points, or 0.4 per cent, to 20,892.69, while the blue-chip Dow Jones Industrial Average (INDEXDJX: DJI) climbed 179.37 points, or 0.4 per cent, to 44,502.44.

The second-quarter earnings season is well under way, but tonight in the US the closely watched tech earnings start to flow, with results from Alphabet Inc. (NASDAQ: GOOGL) and Tesla Inc. (NASDAQ: TSLA), followed by Meta Platforms Inc. (NASDAQ: META), Microsoft Corporation (NASDAQ: MSFT), Amazon.com Inc. (NASDAQ: AMZN) and Apple Inc. (NASDAQ: AAPL) next week.

President Trump’s tariffs and AI spending were the big topics last quarter and remain top of mind for investors. The tariff effect was shown overnight by General Motors Company (NYSE: GM), which reported a 35.4 per cent slide in second-quarter profit to US$1.9 billion, with the fall being exacerbated by a US$1.1 billion hit from the tariffs. Notwithstanding the tariff impact, General Motors Company (NYSE: GM) reaffirmed its full-year profit forecast and cited strong sales of its trucks and “sports” utility vehicles. Even with the impact of the tariffs, General Motors Company (NYSE: GM) still managed to beat analysts’ forecasts handily.