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The key takeaways from the last 24 hours

ASX posts weekly drop

The Australian share market closed higher on Friday but logged its first weekly decline since early April, as a late rebound in financial stocks failed to offset the broader sell-off earlier in the week. The S&P/ASX 200 Index gained 0.5 per cent, or 39.5 points, to finish at 8231.2. However, it slipped 0.1 per cent over the five-day period, weighed down by lacklustre earnings reports from Westpac Banking Corporation (ASX: WBC) and Australia and New Zealand Banking Group Limited (ASX: ANZ). On Friday, nine of the 11 sectors closed in positive territory, with banks and technology stocks leading the gains.

Global sentiment was lifted by a new US-UK trade framework aimed at reducing or eliminating tariffs on exports such as steel, aluminium, and automobiles. Optimism around potential progress in US-China trade relations, ahead of planned talks in Switzerland between United States Treasury Secretary Scott Bessent and Chinese officials, also supported commodity markets. Iron ore and oil prices advanced, and Bitcoin hovered above $US103,000—a three-month high. In Australia, Macquarie Group Limited (ASX: MQG) surged 3.8 per cent to $203.31 after reporting a near 6 per cent lift in full-year profit. Commonwealth Bank of Australia (ASX: CBA) rose 0.9 per cent to $167.04, while Australia and New Zealand Banking Group Limited (ASX: ANZ) declined.

Stocks in focus

Several individual stocks made notable moves in Friday’s session. In corporate news, CoStar Group Inc. (NASDAQ: CSGP) finalised a $3 billion acquisition of Domain Holdings Australia Limited (ASX: DHG), boosting Domain’s share price 3.1 per cent to $4.38. Its majority owner, Nine Entertainment Co. Holdings Limited (ASX: NEC), jumped 6 per cent to $1.58.

Healthcare firm Healius Limited (ASX: HLS) posted the day’s largest loss, falling 25 per cent to $1.16 after trading ex-dividend. REA Group Limited (ASX: REA) dipped 2 per cent to $244.97 despite an 18 per cent increase in commercial revenue over the nine months to March. Meanwhile, Chrysos Corporation Limited (ASX: C79) soared 17.9 per cent to $4.87 after signing a deal with Newmont Corporation (NYSE: NEM) to roll out its minerals analysis technology across Newmont’s global operations.

Us stocks end mixed as trade talks loom

U.S. equity markets closed with mixed results on Friday, as investors remained cautious ahead of high-level trade negotiations between the United States and China. The S&P 500 Index dipped 0.1 per cent to 5,659.91, while the Dow Jones Industrial Average fell 0.3 per cent to 41,249.38. The Nasdaq Composite Index was nearly unchanged, edging up 0.78 points to 17,928.92. For the week, all three major indices posted modest gains, with the S&P 500 up 0.1 per cent, the Dow Jones down 0.2 per cent, and the Nasdaq Composite up 0.6 per cent.

Among key movers, Tesla Inc. (NASDAQ: TSLA) surged 4.3 per cent to $297.19 after climbing above its 200-day moving average, marking a potential buying opportunity for aggressive investors. Apple Inc. (NASDAQ: AAPL) rose 0.53 per cent to $198.53, with analysts maintaining a positive outlook on its AI initiatives. Amazon.com Inc. (NASDAQ: AMZN) gained 0.51 per cent to $192.50, supported by growth in its advertising business. In semiconductors, Texas Instruments Inc. (NASDAQ: TXN) climbed 4.0 per cent to $172.27, outperforming peers.

Market movements

The key takeaways from the last 24 hours

All Ords (ASX:XAO) lifts on US-China talks, BHP’s big copper play, South 32 CEO to move on

The local benchmark posted a positive start to the week, bouncing out of the open but ultimately levelling out during the day. The energy and materials sectors were the standout, with the former finishing more than 2 per cent higher as the likes of Woodside and Santos (ASX:STO) rose more than 2 per cent amid a cooling in US-China trade discussions. There remain strong hopes of a cut to the proposed 145 per cent tariff that would send relief all around the world, with oil prices responding as a result.

The healthcare sector struggled, finishing 1 per cent lower as the likes of Neuren (ASX:NEU) and Clarity (ASX:CU6) weakened heavily, down 9 and 8 per cent respectively, as the sector falls out of favour.  South32 (ASX:S32) had a strong session, gaining 2.9 per cent despite news that the decade-long tenure of CEO Graham Kerr was set to end. It was also positive news at global giant BHP (ASX:BHP) with the company confirming the recent Argentinian copper project may have five times the amount of copper than first estimated.

Woolies to cut prices amid market share war, Goodman rallies on upgrade, Dyno Nobel to sell distribution

Woolworths (ASX:WOW) finished in the negative after the company flagged heavy discounting on as many as 400 products, by 10 per cent on average, in an effort to reverse recent market share losses to the likes of Coles and Aldi. Data centre builder Goodman Group (ASX:GMG) which dominates the property index, gained strongly after brokers upgraded the company suggesting that the recent capital raising removes the funding risk for these capital intensive projects and flagging a more reasonable valuation. They also flagged the potential for the partial sale of some data centre operations in an evolution of the business model. Dyno Nobel (ASX:DNL) gained around 2 per cent after the company confirmed tha it had agreed to sell the distribution side of its fertiliser business to Ridley Corporate (ASX:RIC) as it seeks to focus on its core business lines. 

Nasdaq re-enters bull market, US-China trade war pause buoys market, Apple surges

As news emanated around the world of an agreement between the US and China on punitive tariff measures, risk assets surged, catching those waiting for more stability out quickly. China is set to reduce tariffs on US good to 10 per cent, and President Trump will drop his 145 per cent tariffs to 30 per cent, in news that sent the Nasdaq back into a bull market, rallying more than 4 per cent on the day. The Dow Jones also added 2.8 per cent and the S&P500 3.3 per cent, while popular ‘winners’ from the tariffs, including gold and bonds pulled back from recent highs. The turnaround is significant after the Nasdaq dropped 20 per cent from its high, with Apple (NYSE:AAPL) rallying more than 6 per cent amid comments that they were set to change prices on key iPhone products before the announcement was made. Both NVIDIA (NYSE:NVDA) and Tesla (NYSE:TSLA) also gained more than 5 per cent as a return to normal, at least for 90 days, is now expected.

The key takeaways from the last 24 hours

Tech surge sends ASX higher on US-China relations, gold miners reverse course as Genesis sinks

The local market followed the buoyant US lead higher, with the S&P/ASX200 (ASX:XJO) gaining 0.4 per cent. While a long way from the solid rally in the US, the energy and technology sectors were the biggest beneficiaries of cooling US-China trade relations, both rallying more than 3 per cent during the session. While their was little in the way of news, the likes of WiseTech (ASX:WST) added 4.9 per cent while Life360 (ASX:360) surged to an all-time high, gaining 14 per cent after reporting a far better than expected result. The group reported the addition of another 4.1 million users during the quarter, while also delivering a 32 per cent increase in revenue on the prior period. As with any rally, there are winners and losers, with gold miners bearing the brunt overnight. News that Citi had downgraded its expectations for the gold price, albeit only slightly, sent the likes of Genesis Minerals (ASX:GMD) and Capricorn Metals (ASX:CMM) down 10.7 and 9 per cent respectively.

Consumer staples weaken behind Coles (ASX:COL), Clarity reverses trend, Abacus Storage King Knock back bid

The short-term winners from global economic and trade upheaval were the losers on Tuesday, with both Woolworths (ASX:WOW) and Coles (ASX:COL) dropping more than 3 per cent each as traders shifted into the higher growth, trade-facing sectors during the session. Energy and mining stocks also benefitted behind BHP (ASX:BHP) and Woodside (ASX:WDS) which added 2.1 and 3.7 per cent respectively.

Shares in healthcare companies were buoyed by President Trump’s plans to cut US prescription drug prices, with Clarity Pharmaceuticals (ASX:CU6) adding 15 per cent during the session on hopes it may benefit. Biotech group PolyNovo (ASX:PNV) managed a near 15 per cent rally as the company confirmed its wound healing product NovoSorb could assist in treating type 1 diabetes after a human trial. Property owner Abacus Storage King (ASX:ASK) gained 1.7 per cent despite the group rejecting a proposal from an unexpected bidder to takeover the company.

US stocks hit highest point since February, recovering losses on chipmaker gains, Mag 7 outperform

The S&P500 led US markets higher overnight, with the index gaining 0.7 per cent while the Nasdaq jumped 1.6 per cent, as investors jumped back into market following news of the US-China trade deal. More importantly, though, was news that the Saudi government had plans to invest as much as US$1 trillion in the US amid a loosening of investment and export rules. The likes of NVIDIA (NYSE:NVDA) and Advanced Micro Devices (NYSE:AMD) surged by 5 and 4 per cent respectively, on news that both companies would supply Saudi Arabian firm Humain with chips for a massive data centre project.

In more positive news, inflation rose by less than expected for the month, as clothing and new car prices remain muted, causing President Trump to put more pressure on Jerome Powell to cut rates and weaken the dollar. More than 77 per cent of S&P500 companies that reported during the quarter, surprised positively according to data.

The key takeaways from the last 24 hours

ASIC takes action against Macquarie (ASX:MQG), Commonwealth Bank (ASX:CBA) delivers again, All Ords (ASX:XAO) gains

The local market managed to eke out a small gain on Wednesday, albeit not as exuberant as the prior day gains in the US. Some experts are suggesting Australia’s correlation to global tremors may be slowing amid a softening of the trade war, but only time will tell.

The All Ords (ASX:XAO) managed to add just under 0.1 per cent, with the energy and technology sectors gaining more than 1.5 per cent respectively, while the consumer discretionary sector took a hit from a weakening gaming market behind Aristocrat Leisure (ASX:ALL). But all eyes were on Macquarie Group (ASX:MQG) as shares fell by more than 2 per cent following news that the corporate regulator, ASIC, was suing Macquarie Securities, a division of the group, for misreporting millions of short sales for a period of 15 years. It was a positive story for the Commonwealth Bank (ASX:CBA) with shares gaining on an otherwise quiet day. The company delivered a 6 per cent increase in cash profit to $2.6 billion, benefitting from an increased technology spend, while business loans surged 9.1 per cent for the quarter, in a stunning result. 

Life360 (ASX:360) surge continues, Aristocrat in slowdown, Bain pulls out from the Insignia chase

Gaming machine maker Aristocrat Leisure (ASX:ALL) sunk heavily during the session, as management reported a significant weakening in profitability and revenue growth, with the former growing just 0.1 per cent on the prior year. Revenue was 9 per cent higher, albeit well below what the market was expected, with shares taking a hit despite a boost to the dividend. Tracking software Life360 (ASX:360) continued it’s massive rally, gaining more than 10 per cent once again as member growth continues at a faster pace than anticipated.

Shares in oil producer Woodside (ASX:WDS) gained more than 3 per cent on news that Saudi giant Aramco was considering taking an equity position in the massive Louisiana LNG project, which would further derisk it’s delivery. While fund manager and financial advice firm Insignia (ASX:IFL) tanked on news that PE firm Bain Capital had walked away from its bid, shares were down 15 per cent as only one bidder remains. 

Nasdaq, S&P500 rallies slow despite more trade deals, EToro surges, Super Micro streak continues

The Nasdaq 100 posted the strongest gain overnight, rallying 0.6 per cent, with the S&P500 adding a more modest 0.1 per cent as shares in the Magnificent Seven surged strongly once again, led by NVIDIA (NYSE:NVDA) which added more than 4 per cent. The news comes amid further trade and investment deals made with President Trump including US$243 billion from Qatar that will be invested in the country. This marks a near 22 per cent jump from last month’s lows along with a strengthening USD. Super Micro (NYSE:SMC) added another strong session after announcing another major deal with Saudi data firm DataVolt, while newly listed trading platform EToro, gaining close to 30 per cent as it traded for the first time as a public company.            

The key takeaways from the last 24 hours

ASX finishes higher as CBA hits new peak, Xero rallies on profit boost, employment gains

The local market posted another positive day, buoyed by the Commonwealth Bank (ASX:CBA) which added 1.3 per cent to reach a new all-time high, despite growing commentary around its recent strength. Six of the 11 sectors finished higher, led by technology, on the back of global buying of the likes of NVIDIA (NYSE:NVDA). WiseTech (ASX:WTC) managed another 2 per cent gain while accounting software Xero (ASX:XRO) surged on the back of a strong earnings result. Management reported a 30 per cent increase in profit as the company continues to increase revenue per user, with revenue up 23 per cent to NZ$2.1 billion, on the back of a 6 per cent increase in subscribers to 4.4 million globally. Wesfarmers (ASX:WES) was a beneficiary of stronger employment data with shares gaining more than 2 per cent following news of a 89,000 person jump in employment and unemployment remaining steady at 4.1 per cent. 

NRW Holdings tanks on Whyalla deal, Mayne Pharma confirmed take over bid, IAG up on Perth purchase

Shares in service provider NRW Holdings (ASX:NRW) fell by more than 8 per cent after the company warned of a possible $113 million impairment in relation to its work at the Whyalla steelworks. The company is concerned that a decision by the government to move the assets into being ‘infrastructure’ as opposed to personal property would impact on its ability to collect on the debts it is owed. Insurance Australia Group (ASX:IAG) gained strongly after announcing the acquisition of The Royal Automotive Club of Western Australia’s insurance business for $400 million, representing another 1.3 million members. Mayne Pharma (ASX:MYX) managed an 8 per cent gain as an independent review of a takeover bid from Cosette for $672 million was seen to be in the best interests of shareholders.

S&P500 delivers fourth straight day of gains, Walmart rallies on solid result, Meta down on delays

The S&P500 delivered a fourth straight day of gains, adding 0.4 per cent while the Canadian share market hit an all-time high after rallying for eight days in a row. The Nasdaq was unchanged, but the Dow Jones gained 0.7 per cent as the rally in technology turned to one of old-fashioned dividend paying companies. Walmart (NYSE:WMT) was the latest to deliver a solid result, with sales growing 4.5 per cent during the quarter, far better than expected, but the share price little changed. US producer price inflation fell, while growth in retail sales slowed considerably after the latest tariff announcements in a threat to the domestic economy. Shares in Meta Platforms (NYSE:META) were 2 per cent lower, after the company flagged a delay in the rollout of its flagship AI model. 

The key takeaways from the last 24 hours

ASX (ASX:XAO) gains on rate cut hopes, Appen (ASX:APX) jumps, Dexus in court battle

The local share market finished the week at a three-month high, posting a 0.6 per cent gain on Friday and delivering a 1.4 per cent gain for the week. It was pushed higher by seven of the 11 industry sectors, with property a key contributor. The interest rate sensitive sector bounced strongly on hopes of an impending interest rate cut by the RBA following weaker economic data in the US. Goodman Group (ASX:GMG) finished 2.9 pr cent higher and Vicinity (ASX:VCX) 2.2 per cent. Commonwealth Bank (ASX:CBA) retreated from an all-time high, albeit only slightly, while gold miners rallied as the AUD continued to weaken, with Evolution (ASX:EVN) adding 3.6 per cent. Property group Dexus (ASX:DXS) fell 1.1 per cent after the board of Australia Pacific Airports Corp alleged the company breached confidentiality and could be forced to sell its stake in Melbourne Airport. While shares in Appen (ASX:APX) posted a massive jump, adding 18.7 per cent, after delivering revenue guidance well ahead of expectations. 

US stocks weaken late despite US-Europe discussions, Moody’s cuts US credit rating, CoreWeave surges on NVIDIA deal

US benchmarks gave up significant early gains, sitting just off a full-blown bull market, with the Nasdaq lagging to gain 0.5 per cent, and the Dow Jones and S&P500 both adding more than 0.7 per cent for the session. The late weakness was driven by news that Moody’s had cut the credit rating on US debt as it seeks to place pressure on the government to cut spending and reverse tax cuts. This overcame positive news that a prior impasse that held back US- Europe trade discussions had been overcome in a positive move for the global economy. The result was 3.4 per cent weekly gain for the Dow, 5.3 for the S&P500 and 7.2 per cent for the Nasdaq.

In company news, CoreWeave (NYSE:CRWV) an AI scaling business rallied 22 per cent after NVIDIA (NYSE:NVDA) announced a strategic stake in the company. Applied Materials (NYSE:AMAT) the semiconductor technology provider fell by more than 5 per cent after the company announced a significant hit from the US-China trade dispute.

The key takeaways from the last 24 hours

Australian stocks in focus

Australian equities retreated ahead of the Reserve Bank of Australia’s expected rate cut, with the S&P/ASX 200 Index (ASX: XJO) slipping 0.6 per cent, snapping an eight-day winning streak. Profits were recycled into typically defensive utilities stocks and gold miners, buoyed by the higher bullion price. Gold miner Capricorn Metals Limited (ASX: CMM) was the best performer on the S&P/ASX 200 Index (ASX: XJO), rising 3.4 per cent to $8.71, while Evolution Mining Limited (ASX: EVN) rose 3.2 per cent to $8.12.

In corporate news, New Hope Corporation Limited (ASX: NHC) tumbled 7.1 per cent to $3.65 after downgrading its guidance for coal output and sales. Fellow coal miner Whitehaven Coal Limited (ASX: WHC) closed down 3.4 per cent at $5.37. Domino’s Pizza Enterprises Limited (ASX: DMP) lost 2.6 per cent, closing at $24.55, after announcing the chief of its Australia and New Zealand business, Kerri Hayman, would step down in August. Hearts and Minds Investments Limited (ASX: HM1) slipped 1.3 per cent to $3.06 after it announced chief executive Brett Jollie was stepping down after less than a year with the business. And Electro Optic Systems Holdings Limited (ASX: EOS) surged 14.7 per cent to $1.48 after announcing a new government-funded order worth about $53 million for its counter-drone remote weapons system to address “urgent operational requirements” in Europe.

US currency and policy backdrop

The US Dollar Index (DXY) fell by about 0.7 per cent to 100.1 on Monday, retreating further from the one-month highs reached last week, as growing concerns over the United States fiscal outlook triggered a shift away from dollar-denominated assets. On Friday, Moody’s Investors Service downgraded the US credit rating from Aaa to Aa1, citing rising government debt and a widening budget deficit. Fiscal concerns were further exacerbated by the approval of President Trump’s tax-cut legislation by a key congressional committee on Sunday. The bill includes hundreds of billions of dollars in new tax cuts without corresponding spending offsets. Despite criticism, the Trump administration argues the tax cuts will spur economic growth, boost revenues, and ultimately help narrow the deficit.

On the monetary policy front, markets continue to price in two rate cuts by the Federal Reserve (Fed) this year, with reductions anticipated in September and December.

The key takeaways from the last 24 hours

ASX lifts as rba cuts rates, flags further action

The Australian share market rose on Tuesday after the Reserve Bank of Australia (RBA) delivered a widely anticipated 25 basis point interest rate cut, striking a dovish tone in its policy outlook. The S&P/ASX 200 Index (ASX: XJO) gained 0.6 per cent, or 48.2 points, to close at 8343.3, marking the second rate reduction this year. Gains were broad-based, with eight of the 11 sectors closing higher. RBA governor Michele Bullock confirmed the decision had been “unanimous”, although a larger 50 basis point cut was discussed. She also signalled the board was willing to “take further action” if global economic conditions, particularly trade tariffs, warranted it. In response, the yield on the three-year Australian government bond dropped 20 basis points, and the Australian dollar weakened.

Interest-sensitive sectors advance; corporate updates mixed

Rate-sensitive sectors such as financials, technology, and property led the advance on the S&P/ASX 200 Index (ASX: XJO). Commonwealth Bank of Australia (ASX: CBA) rose 0.6 per cent to a record $172.43, National Australia Bank Limited (ASX: NAB) added 1 per cent to $37.21, and Macquarie Group Limited (ASX: MQG) climbed 2 per cent to $208.09. In the tech space, WiseTech Global Limited (ASX: WTC) closed 2.7 per cent higher at $102.07. Property stocks also rallied, with Goodman Group (ASX: GMG) up 1.8 per cent to $32.20 and Vicinity Centres (ASX: VCX) gaining 3 per cent to $2.42. In corporate news, TechnologyOne Limited (ASX: TNE) surged 11.3 per cent to $36.76 on stronger interim results and a 30 per cent lift in dividends. Telstra Group Limited (ASX: TLS) rose 2.2 per cent to $4.66 following price hike announcements. Conversely, Kogan.com Ltd (ASX: KGN) fell 8.9 per cent to $4.12 after flagging continued losses in its Mighty Ape unit until 2026, citing platform integration issues.

U.S. equities ease amid fiscal and geopolitical concerns

US equity futures edged lower early Wednesday following a weak overnight session on Wall Street, driven by renewed scepticism over the durability of the recent rally. The S&P 500 Index (NYSEARCA: SPY) broke a six-day winning streak, the Nasdaq Composite Index (NASDAQ: IXIC) recorded its first loss in three sessions, and the Dow Jones Industrial Average (INDEXDJX: DJI) ended a three-day advance. Market sentiment was dampened by lingering concerns over the US federal budget bill and rising fiscal deficits. On the global stage, trade tensions flared after China accused Washington of derailing discussions in Geneva, prompted by a US Department of Commerce warning on Huawei Technologies Co., Ltd. chips. Meanwhile, Federal Reserve officials reiterated a cautious stance, with St. Louis Fed President Alberto Musalem indicating that current monetary policy remains appropriate, and inflationary risks from tariffs are expected to be short-lived.

The key takeaways from the last 24 hours

Australian banks and resources lift  

The S&P/ASX 200 Index (ASX: XJO) climbed 0.5 per cent, gaining 43.5 points to close at 8386.8 – just 2 per cent below its record high set in February. Financial stocks led the charge, with Commonwealth Bank of Australia (ASX: CBA) hitting a record high during early trade and closing up 1.5 per cent at $174.98. National Australia Bank Limited (ASX: NAB) rose 1.2 per cent to $37.64, while Westpac Banking Corporation (ASX: WBC) edged 0.2 per cent higher amidst news it is preparing to cut over 1500 jobs. Defensive sectors also gained ground.

In utilities, Origin Energy Limited (ASX: ORG) advanced 1 per cent to $11.14, and New Zealand-listed Contact Energy Limited (ASX: CEN) climbed 3.4 per cent to $8.57. Healthcare names such as ResMed Inc (ASX: RMD) and Fisher & Paykel Healthcare Corporation Limited (ASX: FPH) rose 4 per cent to $38.65 and 3.1 per cent to $33.84 respectively. Energy shares tracked the global rise in oil prices, which were lifted by reports of potential Israeli action against Iranian nuclear facilities. Woodside Energy Group Ltd (ASX: WDS) and Santos Limited (ASX: STO) each gained over 1 per cent, closing at $21.75 and $6.45, respectively.

Treasury volatility and fiscal fears weigh on Wall Street

US markets declined sharply on Wednesday amid a spike in long-term Treasury yields and mounting fiscal concerns. The S&P 500 Index (NYSE: SPX) fell 1.6 per cent, the Nasdaq Composite Index (NASDAQ: IXIC) dropped 1.3 per cent, and the Dow Jones Industrial Average (NYSE: DJI) lost 817 points, following a weak $16 billion auction of 20-year bonds that pushed the 30-year yield to 5.08 per cent – its highest since 2023. Worries that a proposed tax-and-spend bill could inflate the US deficit added to pressure on risk assets. Retail earnings disappointed, with Target Corporation (NYSE: TGT) down 5.2 per cent after cutting guidance and flagging weaker demand, while Lowe’s Companies Inc. (NYSE: LOW) and TJX Companies Inc. (NYSE: TJX) also declined. UnitedHealth Group Incorporated (NYSE: UNH) sank 5.7 per cent on reports of controversial payments to nursing homes. In contrast, Alphabet Inc. (NASDAQ: GOOGL) rose 3 per cent on optimism around new AI investments. A weakening US dollar and developments from the G7 summit further added to market uncertainty.

Market movements

The key takeaways from the last 24 hours

Australian banks retreat as ASX pauses rally

The ASX 200 Index (XJO) dropped -0.5% (-38.1 points) to close at 8348.7, almost wiping out the previous session’s gains, as banks and tech stocks led the sell-off. This pullback follows Wall Street’s sharpest drop in a month, with ten of the eleven local sectors finishing in the red. Commonwealth Bank of Australia (CBA) declined 1.3% to $172.72, while Macquarie Group (MQG) shed 2.2% to $205.54, as investors took profits following a recent rally. The All Ordinaries (XAO) index also lost 0.5%. According to MLC Asset Management’s Anthony Golowenko, the market is “taking a breather” after a strong rebound from early April, noting particularly strong recent gains in growth and technology stocks.

Resources, Tech Diverge as Gold Shines and Lynas Surges

Mining and tech stocks showed divergent performances, with gold producers surging on the back of a rising bullion price. Northern Star Resources (NST) climbed 5.4% to $20.25, and Newmont Corporation (NEM) gained 2.3% to $82.98. In contrast, the tech sector faltered: WiseTech Global (WTC) fell 2.3% to $98.74, Aristocrat Leisure (ALL) dropped 2.0% to $60.57, and Wesfarmers (WES) declined 1.2% to $83.09, citing deeper-than-expected losses in its lithium business. A notable standout was Lynas Rare Earths (LYC), which jumped 7% to $8.13 following a double upgrade from Morgan Stanley, which forecast significant demand upside tied to growth in AI-driven humanoid robotics. Meanwhile, Insurance Australia Group (IAG) rose 2.7% after the ACCC approved its takeover of RACQ Insurance. In corporate leadership news, Rio Tinto (RIO) announced CEO Jakob Stausholm will step down later this year.

US Markets Cautious Amid Fiscal Jitters and Bond Selloff

US equity markets finished mixed as investors digested President Trump’s newly passed tax-and-spending bill, which could significantly expand the national deficit. The S&P 500 (SPX) and Dow Jones Industrial Average (DJIA) closed slightly lower, while the Nasdaq Composite (IXIC) managed a 0.3% gain. The Congressional Budget Office estimates the bill will add nearly $4 trillion to the debt, raising the total to $36 trillion and triggering a surge in bond yields — with the 30-year Treasury touching 5.14%, its highest since 2023. Energy and utilities underperformed, dragged down by a 37% plunge in Sunrun (RUN) shares, while communication services led gains. Despite macro uncertainty, the S&P Global Composite PMI improved to 52.1 in May, indicating moderate expansion, even as housing and labour data painted a more mixed economic picture.

Market movements