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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

The key takeaways from the last 24 hours

ASX hits February high as trade hopes lift sentiment

The Australian share market recorded its strongest session in over a month on Tuesday, buoyed by renewed optimism over US-China trade relations. The S&P/ASX 200 Index rose 0.6 per cent, or 52.6 points, to close at 8466.7—its highest finish since February. Nine of the 11 sectors advanced, with financials leading the charge. The broader All Ordinaries Index also climbed 0.6 per cent. The gains followed a Wall Street rebound overnight, driven by news that US President Donald Trump and Chinese President Xi Jinpingare expected to hold talks later this week, potentially softening the tariff standoff. The extension of a US pause on select Chinese import tariffs further improved risk appetite across Asia.

Financial stocks led local gains, with Commonwealth Bank of Australia (ASX: CBA) rising 1.3 per cent to a record $178.64, Westpac Banking Corporation (ASX: WBC) gaining 1.4 per cent to $32.62, and Australia and New Zealand Banking Group Limited (ASX: ANZ) up 1.3 per cent to $29.36. However, iron ore stocks lagged as futures declined, reflecting weaker Chinese manufacturing data—BHP Group Limited (ASX: BHP) slipped 0.6 per cent to $37.56 and Rio Tinto Limited (ASX: RIO) dropped 0.7 per cent to $110.02.

Stocks in focus

Gold stocks outperformed amid sustained strength in the yellow metal, which held near $US3400 following Monday’s surge. Genesis Minerals Limited (ASX: GMD) jumped 4.6 per cent to $4.98, Newmont Corporation (ASX: NEM) rose 4.3 per cent to $85.10, and West African Resources Limited (ASX: WAF) rallied 5 per cent to $3.18.

The session’s steepest loss came from IDP Education Limited (ASX: IEL), which plunged 48.1 per cent to $3.88 after flagging enrolment weakness linked to global policy shifts and announcing a review of its cost structure. Tasmea Limited (ASX: TEA) soared 8.6 per cent to $3.15 following the declaration of a 12-cent special dividend. Meanwhile, Domino’s Pizza Enterprises Limited (ASX: DMP) declined 2.2 per cent to $21.76 as leadership changes in its Japanese division weighed on sentiment.

Us stocks end mixed as trade talks loom

U.S. equities advanced on Tuesday, 3 June 2025, as investors responded positively to robust corporate earnings and signs of resilience in the labour market. The S&P 500 Index climbed 0.6 per cent to 5,970.37, nearing its all-time high, while the Dow Jones Industrial Average added 0.5 per cent to 42,519.64. The Nasdaq Composite Index rose 0.8 per cent to 19,398.96, erasing its year-to-date losses and marking its first positive close since February. Investor sentiment was buoyed by an unexpected increase in U.S. job openings to 7.4 million in April, indicating continued strength in the labour market despite ongoing trade uncertainties. Additionally, a temporary pause in the implementation of new tariffs provided further support to risk assets.

In corporate news, Dollar General Corporation (NYSE: DG) surged 15.8 per cent after reporting better-than-expected quarterly earnings and raising its full-year guidance, outperforming competitors such as Walmart Inc. (NYSE: WMT) and Costco Wholesale Corporation (NASDAQ: COST). ON Semiconductor Corporation (NASDAQ: ON) jumped 11 per cent amid optimism over a recovery in industrial and automotive markets. Nvidia Corporation (NASDAQ: NVDA) and Broadcom Inc. (NASDAQ: AVGO)advanced 2.8 per cent and 3 per cent, respectively, contributing to the strength in the semiconductor sector. Conversely, CrowdStrike Holdings Inc. (NASDAQ: CRWD) fell 6 per cent despite strong earnings, due to slightly below-expected revenue guidance. In the energy sector, APA Corporation (NASDAQ: APA) rose 5.4 per cent as oil prices increased amid geopolitical tensions. Meanwhile, Kenvue Inc. (NYSE: KVUE) declined 6.2 per cent following weaker seasonal product demand, and FactSet Research Systems Inc. (NYSE: FDS) dropped 4.8 per cent after announcing CEO Phil Snow’s upcoming retirement.

The key takeaways from the last 24 hours

Energy stocks drag ASX lower

The Australian share market started the week in the red as escalating global trade tensions weighed on investor confidence. The S&P/ASX 200 Index slipped 0.2 per cent, or 20.6 points, to close at 8414.1 on Monday, with eight of the 11 sectors ending the session lower. Sentiment was hit after US President Donald Trump doubled tariffs on steel and aluminium imports to 50 per cent, fuelling renewed concerns about the trajectory of the US-China trade relationship. Energy and materials stocks led the decline, while defensive names held firmer.

Markets were further unsettled by China’s response to the tariff increase, accusing the US of “provoking new trade frictions”. Investors were cautious following Trump’s remarks that China had violated prior agreements, despite a pledge to speak with President Xi Jinping. Brent crude rose more than 2 per cent after OPEC+ announced a smaller-than-expected output increase, but this failed to lift local energy names. Aluminium and iron ore prices also weakened amid expectations of slower demand from China, with the latter falling to a one-month low of $US95 per tonne.

Stocks in focus

A handful of companies bucked the broader weakness. Brickworks Limited (ASX: BKW) surged 27.6 per cent to $35.10 and Washington H. Soul Pattinson and Co. Limited (ASX: SOL) jumped 16.4 per cent to $43.00 after announcing a merger to form a $14 billion diversified investment and property giant. BlueScope Steel Limited (ASX: BSL) climbed 4.4 per cent to $23.75 on expectations that US tariff hikes could benefit its American operations.

Elsewhere, Perenti Limited (ASX: PRN) rose 3.5 per cent to $1.63 after securing a $1.1 billion, five-year contract with Endeavour Mining for underground gold mining in Burkina Faso. Endeavour Mining (ASX: EDV) edged up 0.7 per cent to $4.10. James Hardie Industries plc (ASX: JHX) added 1.4 per cent to $35.94 following the announcement of a $3.5 billion debt facility to support its planned acquisition of US-based Azek.

Us stocks end mixed as trade talks loom

U.S. equities posted modest gains on Monday, 2 June 2025, as investors weighed escalating trade tensions with China against resilient technology stocks and rising commodity prices. The S&P 500 Index rose 0.4 per cent to 5,935.94, the Dow Jones Industrial Average added 0.1 per cent to 42,305.48, and the Nasdaq Composite Index advanced 0.7 per cent to 19,242.61. Markets initially dipped nearly 1 per cent following disappointing U.S. manufacturing data, which showed a third consecutive month of contraction, reflecting the adverse impact of ongoing trade disputes. However, a late-session rally in major technology stocks helped indexes recover. Oil prices surged over 3 per cent amid global supply concerns, while gold prices climbed nearly 2 per cent as investors sought safe-haven assets.

Shares of U.S. steel producers rallied after President Donald Trump announced an increase in steel import tariffs from 25 per cent to 50 per cent, aiming to bolster domestic production. Cleveland-Cliffs Inc. (NYSE: CLF) soared 23.2 per cent, Steel Dynamics Inc. (NASDAQ: STLD) gained 10.3 per cent, and Nucor Corporation (NYSE: NUE) rose nearly 10 per cent. Conversely, automakers faced pressure, with General Motors Company (NYSE: GM) and Ford Motor Company (NYSE: F) each declining 3.9 per cent, amid concerns over potential retaliatory measures from China. In the biotech sector, Blueprint Medicines Corporation (NASDAQ: BPMC) jumped 27 per cent following news of a $9.5 billion acquisition deal by French pharmaceutical firm Sanofi S.A. (NASDAQ: SNY), aimed at expanding its immunology portfolio.

The key takeaways from the last 24 hours

Australian market lifts for second straight month

The Australian equities market extended its positive run into a second consecutive month in May, buoyed by a favourable shift in global sentiment. Investor optimism grew after a United States court blocked key tariff measures previously pushed by former President Donald Trump, alleviating fears of escalating trade tensions. The S&P/ASX 200 Index (ASX: XJO) advanced by 0.3 per cent or 24.9 points to finish at 8434.7 on Friday, capping a 4.2 per cent gain for May – its strongest monthly performance since January.

Sector rotation and stock movement

Defensive sectors helped underpin Friday’s gains, with utilities leading the way and financials also contributing positively. Commonwealth Bank of Australia (ASX: CBA) rose 0.9 per cent to close at $175.95, while National Australia Bank Limited (ASX: NAB) climbed 1.3 per cent to $38. Technology names, however, remained under pressure – WiseTech Global Limited (ASX: WTC) fell 1.5 per cent to $107.15 and Megaport Limited (ASX: MP1) declined 3.1 per cent to $13.52. Energy stocks mirrored weaker oil prices, with Woodside Energy Group Limited (ASX: WDS) retreating 2.1 per cent and Santos Limited (ASX: STO) slipping 0.9 per cent.

Retail data added a twist, with April sales unexpectedly falling 0.1 per cent. This drove down bond yields and raised expectations that the Reserve Bank of Australia may accelerate rate cuts. Meanwhile, lithium miners including Pilbara Minerals Limited (ASX: PLS) and IGO Limited (ASX: IGO) dropped sharply after a downgrade from UBS Group AG (SWX: UBSG). Conversely, HealthCo Healthcare & Wellness REIT (ASX: HCW) surged 7.8 per cent, lifting Ramsay Health Care Limited (ASX: RHC) alongside it. Findi Limited (ASX: FND) slumped despite reporting a notable rise in underlying profits.

Global markets mixed amid trade tensions and inflation data

On Friday, 30 May 2025, global equity markets exhibited mixed performances as investors navigated renewed trade tensions and inflation data. In the United States, the S&P 500 Index (NYSEARCA: SPY) concluded the session nearly flat at 5,911.69, while the Dow Jones Industrial Average (NYSE: DJI) edged up 0.1 per cent to 42,270.07. Conversely, the NASDAQ Composite Index (NASDAQ: IXIC) declined by 0.3 per cent to 19,113.77. These movements occurred against a backdrop of reinstated tariffs by the Trump administration and a slight cooling in inflation, with April’s core Personal Consumption Expenditures (PCE) price index rising 2.5 per cent year-over-year.

Market movements

The key takeaways from the last 24 hours

ASX hits three-month high amid energy rally

The S&P/ASX 200 Index climbed 0.2 per cent to 8409.8, marking its highest close since 20 February. Energy stocks led the charge with Santos (STO.AX) up 1.6 per cent to $6.65 and Woodside Energy (WDS.AX) advancing 2.8 per cent to $22.73, buoyed by the Albanese government’s decision to extend the life of the North West Shelf gas project. However, mining stocks weighed on the index, as iron ore names like BHP Group (BHP.AX) and Rio Tinto (RIO.AX) fell 0.8 per cent and 0.7 per cent, respectively. Gold stocks also pulled back amid profit-taking, contributing to the drag on the materials sector. Investors remained cautious, awaiting further clarity on trade policy developments following a recent US court ruling on tariffs imposed under former President Donald Trump.

ASX tech and copper lifted by Nvidia’s momentum

Australian tech and copper-exposed stocks responded positively to Nvidia’s upbeat results. Megaport (MP1.AX) rallied 3.0 per cent to $13.95, while DigiCo Infrastructure REIT (DCG.AX) gained 2.1 per cent to $3.35. Copper miner Capstone Copper (CS.TO) surged 4.7 per cent to $8.69 following Chile’s upward revision of copper price forecasts, reinforcing optimism around demand. In the agribusiness space, Elders (ELD.AX) added 1.1 per cent, despite the ACCC raising concerns over its proposed $475 million acquisition of Delta Agribusiness. Meanwhile, Resolute Mining (RSG.AX) dropped 2.4 per cent to $0.61 after seeking clarification from the Guinean government over reports suggesting its local mining permits could be at risk.

US markets rise, but tariff uncertainty persists 

In the US, equities posted modest gains as the S&P 500 and Nasdaq both advanced 0.4 per cent, while the Dow Jones Industrial Average climbed 117 points. Nvidia (NVDA) jumped 3.2 per cent after exceeding quarterly sales estimates, driven by robust AI chip demand. However, the company warned that ongoing US restrictions on semiconductor exports to China could shave up to $8 billion off next-quarter revenue. Meanwhile, Best Buy (BBY) cut its full-year guidance, citing tariff-related headwinds, which pressured its stock. Tariff concerns re-emerged after a US appeals court reinstated key measures initially blocked by a lower court, heightening trade policy uncertainty. Despite this, corporate optimism — including from Boeing (BA) — helped temper market concerns. On the macro front, US GDP contracted by 0.2 per cent in Q1, a slightly softer downturn than previously reported.

Market movements

The key takeaways from the last 24 hours

Energy rise fails to carry index

The benchmark Standard & Poor’s/ASX 200 Index (ASX: XJO) slid 10.7 points, or 0.1 per cent, to 8396.9, remaining within 2 per cent of its February high-water mark; while the All Ordinaries Index (ASX: XAO) walked back 6.6 points, to 8624.9. Six sectors rose, and five retreated. Energy was the standout, with the sector index rising 2.2 per cent, led by Woodside Energy Group Ltd (ASX: WDS), which advanced 69 cents, or 3.2 per cent, to $22.12 after its North-West Shelf project extension plan was approved by the federal government. Santos Limited (ASX: STO) firmed 12 cents, or 1.9 per cent, to $6.55; and Brazilian-based producer Karoon Energy Ltd (ASX: KAR) advanced 2.5 cents, or 1.5 per cent, to $1.66. Coal was also strong, with Whitehaven Coal Limited (ASX: WHC) gaining 15 cents, or 2.7 per cent, to $5.68; Yancoal Australia Ltd (ASX: YAL) appreciating 8 cents, or 1.5 per cent, to $5.32; Stanmore Resources Limited (ASX: SMR) gaining 4 cents, or 2.1 per cent, to $1.975; and New Hope Corporation Limited (ASX: NHC) adding 7 cents, or 1.9 per cent, to $3.84. Mineral Resources Limited (ASX: MIN), which mines iron ore and lithium, dropped $1.30, or 5.5 per cent, to $22.45 after another cut to its full-year guidance for iron ore production, this time by as much as 10 per cent. In gold, Westgold Resources Limited (ASX: WGX) lifted 8 cents, or 2.7 per cent, to $3.00; while Genesis Minerals Limited (ASX: GMD) advanced 6 cents, or 1.4 per cent, to $4.48; Ramelius Resources Limited (ASX: RMS) put on 3 cents, or 1.1 per cent, to $2.80; Perseus Mining Limited (ASX: PRU) was up 4 cents, also 1.1 per cent, to $3.80; and Newmont Corporation (NYSE: NEM) gained 66 cents, or 0.8 per cent, to $82.04. Copper miner Sandfire Resources Ltd (ASX: SFR) firmed 26 cents, or 2.3 per cent, to $11.62, while in uranium, Namibia-based producer Paladin Energy Ltd (ASX: PDN) gained 16 cents, or 2.5 per cent, to $6.46, while Canadian project developer NexGen Energy Ltd (TSX: NXE) added 5 cents, or 0.5 per cent, to $9.80.

Block boosts the tech sector, but banks slide

ASX technology shares were buoyant, led by Afterpay’s parent Block Inc. (NYSE: SQ), which surged $4.46, or 4.9 per cent, to $96.19; data centre operator NEXTDC Limited (ASX: NXT), which gained 31 cents, or 2.4 per cent, to $13.29; and enterprise software firm TechnologyOne Limited (ASX: TNE), which rose 94 cents, also 2.4 per cent, to $40.06. Banks turned downward after earlier gains. Index heavyweight Commonwealth Bank of Australia (ASX: CBA) lost $1.55, or 0.9 per cent, to $173.79. That trend extended to National Australia Bank Limited (ASX: NAB), which walked back 41 cents, or 1.1 per cent, to $37.34; Australia and New Zealand Banking Group Limited (ASX: ANZ), which dipped 18 cents, or 0.6 per cent, to $28.88; and Westpac Banking Corporation (ASX: WBC), which softened 31 cents, or 1 per cent, to $31.47. Macquarie Group Limited (ASX: MQG) eased 1 cent, to $209.99. Web Travel Limited (ASX: WEB) leapt 58 cents, or 12.4 per cent, to $5.26 after reporting a surge in bookings and total transaction value, saying it was back on track. Fisher & Paykel Healthcare Corporation Limited (ASX: FPH) fell $1.63, or 4.8 per cent, to $32.49 as investors shrugged off the company’s 43 per cent rise in full-year net profit. Testing, assaying and environmental monitoring company ALS Limited (ASX: ALQ) retreated $1.34, or 7.6 per cent, to $16.30 after it placed 21 million new shares with institutional investors, raising $350 million.

NVIDIA comes through with the goods, after hours

Stocks slipped on Wednesday as investors parsed earnings reports and Federal Reserve meeting minutes while awaiting NVIDIA Corporation’s (NASDAQ: NVDA) quarterly earnings. The benchmark Standard & Poor’s 500 Index (INDEXSP: .INX) slid 32.99 points, or 0.6 per cent, to 5888.55; the Dow Jones Industrial Average (INDEXDJX: .DJI) retreated 244.95 points, also 0.6 per cent, to 42,098.7; and the Nasdaq Composite Index (INDEXNASDAQ: .IXIC) walked back 98.23 points, or 0.5 per cent, to 19,100.94. HP Inc. (NYSE: HPQ) reported better-than-expected revenue but missed on earnings and issued disappointing guidance, sending its shares down 15 per cent. The Federal Reserve released the minutes from its May meeting, indicating continued caution and warning of potential “difficult trade-offs” if inflation rises. Bond markets responded, with the 30-year U.S. Treasury yield briefly hitting the 5 per cent level.

After the close, NVIDIA Corporation (NASDAQ: NVDA) reported earnings that beat expectations across revenue and profit lines, with 73 per cent year-on-year growth in its data centre business. The stock spiked more than 4 per cent in after-hours trading, immediately boosting index futures across the big three indices.

Market movements

The key takeaways from the last 24 hours

No Mondayitis for local market

The S&P/ASX 200 Index (ASX: XJO) rose 46.6 points, or 0.6 per cent, to 8407.6 at the close, while the broader All Ordinaries Index (ASX: XAO) appreciated 42.7 points, or 0.5 per cent, to 8,631.5. Six of the ASX’s 11 sectors gained ground, led by information technology, which added 1.2 per cent.

Logistics software heavyweight WiseTech Global Limited (ASX: WTC) rose $2.32, or 2.2 per cent, to $107.07; small business accounting software player Xero Limited (ASX: XRO) was up $2.63, or 1.5 per cent, to $183.57; and hotel operations software provider Siteminder Limited (ASX: SDR) advanced 11 cents, or 2.5 per cent, to $4.51.

The Financials Index was also higher, up 1.1 per cent, led by Westpac Banking Corporation (ASX: WBC), which was up 53 cents, or 1.7 per cent, to $31.78; Australia and New Zealand Banking Group Limited (ASX: ANZ)firmed 40 cents, or 1.4 per cent, to $29.06; National Australia Bank Limited (ASX: NAB) lifted 35 cents, or 0.9 per cent, to $37.75; and Commonwealth Bank of Australia (ASX: CBA) gained $1.46, or 0.8 per cent, to $175.34.

The Healthcare Index was up 0.9 per cent, led by Fisher & Paykel Healthcare Corporation Limited (ASX: FPH), which put on 79 cents, or 2.4 per cent, to $34.12; Pro Medicus Limited (ASX: PME), which surged $3.99, or 1.5 per cent, to $278.59; and sector heavyweight CSL Limited (ASX: CSL), which strengthened $1.94, or 0.8 per cent, to $248.99.

Telstra Group Limited (ASX: TLS) accrued 2 cents, to $4.75.

Farm chemical supplier Nufarm Limited (ASX: NUF) slid a further 14 cents, or 5.6 per cent, to $2.36, retouching an all-time low, having plunged more than 30 per cent in one session last week after downgrading its earnings guidance. The stock is down almost 35 per cent in 2025 and has nearly halved in the last 12 months.

Mixed bag for miners

On the resources front, the big bulk miners pushed higher, with BHP Group Limited (ASX: BHP) advancing 7 cents, or 0.2 per cent, to $38.64; Rio Tinto Limited (ASX: RIO) putting on 4 cents, to $115.25; and Fortescue Limited (ASX: FMG) also up 4 cents, or 0.3 per cent, to $15.58.

Canada-based Capstone Copper Corp. (TSX: CS) spiked 54 cents, or 6.8 per cent, to $8.43, and local copper producer Sandfire Resources Limited (ASX: SFR) added 34 cents, or 3.1 per cent, to $11.36.

Coal miners largely had a good day, with Yancoal Australia Ltd (ASX: YAL) gaining 8 cents, or 1.6 per cent, to $5.24; New Hope Corporation Limited (ASX: NHC) strengthening 5 cents, or 1.3 per cent, to $3.77; and Whitehaven Coal Limited (ASX: WHC) lifting 6 cents, or 1.1 per cent, to $5.53.

But at the other end of proceedings, lithium producer Pilbara Minerals Limited (ASX: PLS) eased 5 cents, or 3.6 per cent, to $1.34; gold miner Evolution Mining Limited (ASX: EVN) shed 28 cents, or 3.1 per cent, to $8.79; rare earths producer Lynas Rare Earths Ltd (ASX: LYC) gave up 20 cents, or 2.5 per cent, to $7.95; and gold producer Ramelius Resources Limited (ASX: RMS) dropped 6 cents, or 2.1 per cent, to $4.91.

US markets rise as trade tempers cool

Returning after the Memorial Day long weekend, the major United States market indices snapped a four-session losing streak, as United States-European Union trade tensions eased on the back of President Trump agreeing to delay tariffs of 50 per cent on the European Union.

The blue-chip Dow Jones Industrial Average (INDEXDJX: DJI) gained 740.58 points, or 1.8 per cent, to 42,343.65, while the broader S&P 500 Index (INDEXSP: INX) climbed 118.72 points, or 2.1 per cent, to 5,921.54.

The tech-heavy Nasdaq Composite Index (INDEXNASDAQ: IXIC) surged 461.96 points, or 2.5 per cent, to 19,199.16, as tech heavyweights such as Tesla Inc. (NASDAQ: TSLA) pushed higher. The electric vehicle maker jumped almost 7 per cent, while NVIDIA Corporation (NASDAQ: NVDA) was up 3.2 per cent ahead of its earnings release, Apple Inc. (NASDAQ: AAPL) gained 2.5 per cent and Microsoft Corporation (NASDAQ: MSFT) rose 2.3 per cent.

European stocks were also higher on better trade news, with Germany’s DAX Index (XETRA: DAX) reaching a new record, up 0.8 per cent to take its gain for 2025 to 21 per cent.

Market movements

The key takeaways from the last 24 hours

Tepid day barely troubles index scorers

The benchmark S&P/ASX 200 index was barely changed on Monday, advancing by 0.1 points, to 8,361, while the broader All Ordinaries rose by 2.1 points. Five of 11 sectors managed a rise, led by IT, which rose 1.1 per cent. WiseTech surged $4.70, or 4.7 per cent, to $104.75 after the logistics software giant announced the acquisition of Texas-based e2open for $3.25 billion. Former tech high-flier Appen, which is a third-party dataset provider for AI and machine learning algorithms, leapt 12 cents, or 10.5 per cent, without any news of note.

At the other extreme, the utilities sector was weak, hurt by Origin Energy, which shed 54 cents, or 4.9 per cent, to $10.51. Origin flagged a $50 million hit to future earnings as unseasonable warmth in the UK hit income for its Octopus Energy stake, and also warned that earnings from its stake in Queensland-based Australia Pacific LNG, the largest producer of natural gas in eastern Australia, would be lower than expected. Agribusiness heavyweight Elders lost 44 cents, or 6.7 per cent, to $6.16 after half-year earnings missed expectations owing to dry weather, even as its half-year profit more than doubled.

Uranium sector glows hot; gold also glitters

Uranium stocks extended Friday’s rally after US President Trump signed an executive order intended to kick-start the US nuclear energy industry. Boss Energy rose 29 cents, or 7.3 per cent ,to $4.27; Deep Yellow spiked 17 cents, or 13.7 per cent, to $1.42; Namibia-based producer Paladin Energy gained 51 cents, or 8.8 per cent, to $6.28; Malawi-based Lotus Resources lifted 2 cents, or 10.8 per cent, to 20.5 cents; and Canada-based NexGen Energy added 69 cents, or 7.6 per cent, to $9.81.

The Gold sub-index had a day out, adding 2 per cent, as the group responded to a solid gain in the gold price on Friday. Evolution Mining jumped 30 cents, or 3.4 per cent, to $9.07; Vault Minerals was up 1.5 cents, or 3.3 per cent, to 46.5 cents; Westgold Resources gained 9 cents, or 3.2 per cent, to $2.95; and Northern Star Resources appreciated 60 cents, or 3 per cent, to $20.95. Producer Genesis Minerals firmed 9 cents, or 2.1 per cent, to $4.43, after striking a deal to buy the Laverton Gold Project from Focus Minerals for $250 million. Focus Minerals almost doubled on the back of the deal, surging 19 cents, or 86.7 per cent, to 42 cents. 

US futures looking strong, but Apple taints barrel 

The US markets were closed on Monday for Memorial Day, but futures opened higher on Monday night after President Trump said over the long weekend that he agreed to delay tariffs 50% on the European Union. The futures version of the Dow Jones Industrial Average added 412 points, or 1 per cent, to 42,078; the S&P 500 index’s futures alter ego lifted 62.25 points, or 1.1 per cent, to 5,879.25 and Nasdaq Composite futures gained 257 points, or 1.2 per cent. Monday night’s action follows a losing week on Wall Street. The Dow Jones, S&P 500 and Nasdaq Composite all slid more than 2 per cent as Trump’s calls for tariffs on the EU, along with Apple, worried investors. Apple is down 3.7 per cent in futures trading, while NVIDIA futures are down 2.4 per cent. 

Market movements

The key takeaways from the last 24 hours

ASX Gains for second week amid dovish RBA tone

The Australian share market posted its second consecutive weekly gain, buoyed by easing US Treasury yields and renewed speculation that the Reserve Bank of Australia (RBA) may cut interest rates sooner than previously expected. The S&P/ASX 200 Index closed 0.2% higher at 8360.9 on Friday, advancing the same amount over the week. Technology shares led sectoral gains, while six of the eleven sectors ended in positive territory. Investor attention is turning to the upcoming April CPI release, which is anticipated to show inflation easing to 2.3%. The RBA’s dovish commentary earlier in the week further bolstered optimism across rate-sensitive sectors.

Real estate, and financials lift on falling rates

Real estate and financials benefitted from falling rate expectations. Goodman Group (GMG) rose 2.2% to $32.68, Commonwealth Bank (CBA) added 0.6% to $173.84, WiseTech Global (WTC) gained 1.3% to $100.05, and NextDC (NXT) climbed 1.1% to $13.11. However, weaker iron ore prices capped broader gains, dragging on the miners. Fortescue (FMG) dropped 2.4% to $15.51 following the departure of its energy chief. Uranium companies surged on news of a potential US executive order to support the nuclear sector, with Boss Energy (BOE) jumping 12.1% to $3.98, Paladin Energy (PDN) rising 6.7% to $5.77, and Deep Yellow (DYL) advancing 8.3% to $1.25. In other corporate developments, Nufarm (NUF) fell 6.1% to $2.47 after a cautious note from Morgan Stanley, and Origin Energy (ORG) slid 1.1% to $11.05 on softer LNG earnings guidance.

Wall Street finishes in the red

On Friday, 23 May 2025, US equity markets declined as renewed trade tensions rattled investor confidence. The Dow Jones fell 0.6%, the S&P 500 dropped 0.7%, and the Nasdaq lost 1%, marking the worst week for the S&P 500 in nearly two months. The sell-off was triggered by former President Donald Trump’s threat to impose a 50% tariff on European Union imports and a 25% levy on iPhones not made in the US. This hit technology stocks particularly hard – Apple (AAPL) slid nearly 3%, while NVIDIA (NVDA) and Tesla (TSLA) also retreated. Deckers Outdoor (DECK) plunged over 21% after issuing weak guidance partly due to tariff risks. As fears of a trade war resurfaced, investors moved towards safe-haven assets, driving the 10-year Treasury yield down to 4.50%.

Market movements

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