Retailers jump on impending rate cut, All Ords falls from peak, Westgold surges on production upgrade

The local market managed to hold ground, with the S&P/ASX All Ordinaries Index (ASX: XAO) dropping just 0.1 per cent amid a mixed day. The healthcare sector dropped 1.2 per cent on growing tariff and US policy concerns, with both CSL Limited (ASX: CSL) and ResMed Inc (ASX: RMD) down more than 1 per cent. The highlight, once again, was the retail sector, which gained 0.9 per cent, as the likes of JB Hi-Fi Limited (ASX: JBH) and Wesfarmers Limited (ASX: WES) gained strongly, the former up 1.8 per cent. The demand came amid fixed income markets pricing in a 100 per cent chance that the Reserve Bank of Australia (RBA) cuts interest rates when it meets on Tuesday. Gold miners also performed strongly, as uncertainty pushed the US gold price higher, with Westgold Resources Limited (ASX: WGX) posting a 5 per cent gain after announcing an increase in production expectations for the financial year.

AMP bounces despite falling profit, ASX sinks on failures, Light & Wonder seeks sole ASX listing

The Australian market operator, ASX Limited (ASX: ASX), is under incredible pressure following yesterday’s bungle, with shares falling more than 8 per cent on Thursday. The Treasurer made several statements suggesting that the market operator could be set to lose its monopoly licence, while the company also flagged an additional 35 million dollars in expenses related to compliance with ASIC and other regulator requests. Shares in wealth manager AMP Limited (ASX: AMP) gained close to 5 per cent, despite reporting a 5 per cent fall in profit to just 98 million dollars, with hopes that the break-up and simplification of the business would begin to reverse the troubling trend. Gaming company Light & Wonder Inc (ASX: LNW) posted a 2.6 per cent loss after the company flagged intentions to cut its NASDAQ listing and shift focus to Australia exclusively.

S&P 500 pauses rally, Eli Lilly sinks on poor results, Intel chief under pressure

The S&P 500 Index (NYSE: SPX) paused its stellar run, falling 0.1 per cent on Thursday, however a continued surge in Apple Inc (NASDAQ: AAPL) — which took its two-day gains to 8.5 per cent — pushed the NASDAQ Composite Index (NASDAQ: IXIC) up 0.4 per cent. Intel Corporation (NASDAQ: INTC) faced heavy selling after President Trump called on the company’s leader to resign, suggesting he had “conflicts of interest.” Chipmakers rallied as NVIDIA Corporation (NASDAQ: NVDA) added 0.8 per cent, continuing its strong momentum. Pharmaceutical giant Eli Lilly and Company (NYSE: LLY) sank more than 14 per cent after flagging weaker-than-expected data from trials of its weight-loss pill, despite stronger-than-expected sales. The US economy showed more signs of stress, with jobless claims hitting their highest level since 2021. In a win for asset managers, President Trump signed an executive order that will allow 401(k) accounts — similar to superannuation — to access more private market and crypto investments.