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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 rallies after King’s Birthday, up 0.8 per cent, retail, tech jumps, as CBA hits new high

The local market posted another strong session as negotiations between the US and China on a renewed trade pact continued to support more positive sentiment in markets; the All Ords gained 0.8 per cent. The industrials sector was the only real detractor, falling 0.1 per cent, while both the retail and technology sectors gained more than 1.5 per cent, energy also performed well, latter boosted by hopes that global trade will return to normal. Shares in the Commonwealth Bank (ASX:CBA) continued to power high, gaining 1.2 per cent, a new all-time high as the business retains its $300 billion valuation despite a growing chorus of those suggesting the company is overvalued. The likes of Next DC (ASX:NXT) which reversed a recent trend, and WiseTech (ASX:WTC) both rallied by 5 and 2 per cent respectively, as attention turns back to a risk on market focus on earnings growth as opposed to defensive protection. 

Johns Lyng in trading halt, Korean firm looks to up Austal stake, Monash IVF sinks on errors, government investigation

Shares in Monash IVF (ASX:MVF) plummeted during the session after the group reported a second instance of transferring an embryo into the wrong patient, falling 24 per cent. The state government has launched a full investigation into the issues, at the same time the business is undertaking an internal review. Ship builder Austal (ASX:AST) managed a near 7 per cent gain after the companies large shareholder, South Koren Hanwha Group was seemingly given the greenlight by the US foreign review board to buyout the local company. It will still need to be reviewed by the local regulator given the defence contract the business retains. Property services provider Johns Lyng Group (ASX:JLG) started the day in a trading halt following news that Pacific Equity Partners was considering a takeover bid for the company. Similarly, Metcash (ASX:MTS) gained slightly after management confirm its intention to merge its Mitre 10 and Home Hardware brands.

US markets near all-time highs as trade deals emerge, Mexico, China near agreements, Tesla rallies on automated Taxi

The S&P500 and Nasdaq led the way overnight, both gaining 0.6 per cent, with the former just 2 per cent away from a prior record high. Shares in GameStop (NYSE:GME) continued to struggle in after-hours trading as quarterly sales fell and a pivot to crypto wasn’t enough to offset the decline. The Dow also added 0.3 per cent after positive news emerged from both China and Mexico, that could be set to see punitive tariffs levels reduced on key imports including steel, in the coming months. Markets are paused ahead of new inflation data which comes after bond yields around the world increased on debt and inflation concerns. Shares in Tesla (NYSE:TSLA) gained more than 5 per cent after Elon Musk released a video showing a Tesla driving through Austin, Texas without a driver, suggesting that autonomous taxi’s may be set to launch sooner than expected. Boeing (NYSE:BA) has seen the highest monthly intake of orders in more than a year, triggered by Donald Trump’s trip to the middle east last month. 

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

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

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 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 (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

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.