Written by Atchison15, May 2025

Daily Market Update: 15 May, 2025

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.            

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Written by Atchison14, May 2025

Daily Market Update: 14 May, 2025

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.

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Written by Atchison13, May 2025

Daily Market Update: 13 May, 2025

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.

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Written by Atchison27, Jun 2025

Daily Market Update: 27 June, 2025

The key takeaways from the last 24 hours

Market indices come down with Comm Bank

On Thursday the Australian sharemarket’s benchmark S&P/ASX 200 Index (ASX: XJO) fell 8.4 points, or 0.1 per cent, to 8550.8, with seven out of 11 sectors closing down. The broader All Ordinaries Index (ASX: XAO) slid 6.3 points, to 8773.6.

Market bellwether Commonwealth Bank of Australia Limited (ASX: CBA) weakened 69 cents, or 0.4 per cent, to $190.71 after hitting a fresh record of $192 on Wednesday, while National Australia Bank Limited (ASX: NAB) fell 16 cents, or 0.4 per cent, to $39.89. But Australia and New Zealand Banking Group Limited (ASX: ANZ) surged 64 cents, or 2.2 per cent, to $29.74, and Westpac Banking Corporation (ASX: WBC) firmed 3 cents, to $34.57. Elsewhere on the industrial screens, counter-drone tech company DroneShield Limited (ASX: DRO) rose another 25 cents, or 11.7 per cent, to $2.39 after gaining almost 20 per cent in the previous session when it announced a $61.6 million European military deal. Equipment-finance and buy-now, pay-later company Humm Group Limited (ASX: HUM) also extended its rally, gaining 2 cents, or 3.7 per cent, to 56 cents after the company confirmed a takeover offer from the family office of chairman Andrew Abercrombie. And neurological-disorders treatment company Neuren Pharmaceuticals Limited (ASX: NEU) leapt 77 cents, or 6.1 per cent, to $13.31 after announcing that the United States Patent and Trademark Office had accepted its patent application for a treatment of Pitt Hopkins syndrome. Small-business and accounting-software giant Xero Limited (ASX: XRO) retreated $10.21, or 5.3 per cent, to $184.00 as the company completed a $1.85 billion capital raising to buy US accounting and invoicing platform Melio Payments Inc. 

 

Vanguard bets on lithium

Among the mining heavyweights, BHP Group Limited (ASX: BHP) edged ahead by 1 cent, to $36.12; Rio Tinto Limited (ASX: RIO) receded 11 cents, or 0.1 per cent, to 4104.19; and Fortescue Metals Group Limited (ASX: FMG)put on 5 cents, or 0.3 per cent, to $14.93. Gold edged higher to US$333.98 an ounce as the US dollar dipped and traders weighed a truce in the Middle East. Still, miners of the precious metal were mostly lower, with Northern Star Resources Limited (ASX: NST) down 44 cents, or 2.3 per cent, to $18.84; Regis Resources Limited (ASX: RRL) losing 7 cents, or 1.5 per cent, to $4.49. The lithium sector was boosted by news that leading investment house Vanguard Group (Private) had become a substantial shareholder of PLS (ASX: PLS, formerly known as Pilbara Minerals Limited), lifting its share price 7 cents, or 5.6 per cent, to $1.32. The positive sentiment flowed through to other lithium producers, with Mineral Resources Limited (ASX: MIN), which also mines iron ore, up 72 cents, or 3.6 per cent, to $20.90; Liontown Resources Limited (ASX: LTR) rising 2 cents, or 2.9 per cent, to 70 cents; and IGO Limited (ASX: IGO), which also mines nickel, adding 7 cents, or 1.8 per cent, to $4.01.

In the US, the broad S&P 500 Index (INDEXSP: .INX) almost managed a new record, gaining 48.86 points, or 0.8 per cent, to finish the trading day at 6141.02, just a handful of points away from the intraday all-time high of 6147.43 reached in February. The 30-stock Dow Jones Industrial Average (INDEXDJX: .DJI) climbed 404.41 points, or 0.9 per cent, to 43 386.84, while the tech-heavy Nasdaq Composite Index (INDEXNASDAQ: .IXIC) rose 194.36 points, or 1 per cent, to 20 167.91, also coming within striking distance of a fresh record.

 

US economic data shows the good and bad

Official data showed the US economy contracting at an annualised rate of 0.5 per cent during the March quarter, a larger decline than the second estimate of a 0.2 per cent slide. The weaker GDP figure was largely driven by significant downward revisions to consumer spending and exports. However, new orders for manufactured goods in the US surged by 16.4 per cent in May to US$343.6 billion, following a revised 6.6 per cent drop in April.

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Written by Atchison10, Jul 2025

Daily Market Update: 10 July, 2025

The key takeaways from the last 24 hours

All ords weakens as mining threats spread, Paladin sinks, copper miners hit

The local market continued a negative start to the financial year, falling 0.6 per cent on Wednesday as just four of the market’s 11 sectors posted a gain, led by the utilities sector, which added 1.1 per cent on continued strength in Origin Energy Limited (ASX: ORG). Among the biggest detractors was the materials sector, falling 1.3 per cent, as the threat of 200 per cent tariffs on copper exports to the US sent the likes of Sandfire Resources Limited (ASX: SFR) and Evolution Mining Limited (ASX: EVN) down 3 and 7 per cent respectively. This was despite analysts confirming that the companies export little product to the US and thus their revenue was unlikely to be impacted by the proposed changes. Paladin Energy Limited (ASX: PDN) led uranium miners lower by more than 8 per cent as energy weakness continues to spread. While explosives maker Orica Limited (ASX: ORI) bounced after the company confirmed Vik Bansal, previous CEO of Boral Limited, would be taking over as Chairman of the company amid more challenging conditions ahead.

 

Lifestyle Communities in disarray, Telix jumps on insurance deal, Bega shuts down peanut ops

Retirement communities group Lifestyle Communities Limited (ASX: LIC) saw its share price plunge at the open, ultimately finishing 37 per cent lower after a tribunal decision found its lucrative deferred management fees, otherwise known as exit fees, were invalid under state laws, likely impacting revenue significantly. Shares in BHP Group Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO) fell slightly, down 1 and 0.6 per cent respectively, as the iron ore price remained volatile and expectations grew that their jointly owned Chilean copper mine may be hit by the planned tariffs. Telix Pharmaceuticals Limited (ASX: TLX) jumped by more than 5 per cent as the group’s prostate imaging agent was granted permanent insurance coverage by the US Medicare system, in big news for the company. Meanwhile, Bega Cheese Limited (ASX: BGA) is finally shutting down its peanut processing centre in Australia, with the asset losing up to 10 million dollars per year in recent years.

 

NVIDIA tops US$4 trillion, Asia stocks to rally, tech boom returns

The latest tariff letters weren’t enough to dampen a renewed rally in big tech shares, with NVIDIA Corporation (NASDAQ: NVDA) becoming the first company to reach a US$4 trillion valuation overnight, rallying 20 per cent so far this year. The chipmaker also pushed the mega cap index 1 per cent higher, with the S&P 500 Index (NYSE: SPX) and Dow Jones Industrial Average (INDEXDJX: DJI) both posting a 0.6 per cent gain. Donald Trump announced a new group of tariffs including 50 per cent on large exporter Brazil, while citing political issues as a reason for the aggressive approach. The Federal Reserve Board remains mixed on whether the tariffs will have an impact on inflation, with this the key reason behind the latest rate hold.

 

Market movements

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Written by Atchison9, Jul 2025

Daily Market Update: 9 July, 2025

The key takeaways from the last 24 hours

Rate cut hopes dashed, ASX flat on RBA hold, property sinks behind Mirvac

The local market finished flat, with the ASX All Ordinaries Index (ASX: XAO) managing a gain of just 2 points on Tuesday. Strength in the defensive communication and financial sectors, led by an end to Commonwealth Bank of Australia (ASX: CBA)’s losing streak, which added 0.8 per cent, were enough to offset a sell-off in the property, utilities, and consumer staples sectors, the latter two both falling by more than 1 per cent. The likes of Mirvac Group (ASX: MGR) and shopping centre owner Scentre Group (ASX: SCG) were down more than 1 per cent each as the Reserve Bank of Australia (RBA) made the shock call to hold interest rates at 3.85 per cent. This was despite expectations from across the industry, including more than three-quarters of economists, who predicted at least a 25 basis point cut. The RBA blamed ‘volatile’ monthly inflation data and suggested that inflation would need to be ‘nailed’ before rates would be cut again. They did, however, make it clear that rates will be lower at some point in the future.

 

Platinum-L1 merger deal terms out, Kraken to add $2 to Origin, gold rally re-emerges

In positive news for shareholders, the separation of Octopus Energy’s Kraken platform is likely to add as much as 2 dollars per share to Origin Energy Limited (ASX: ORG)’s value as the UK-based company goes from strength to strength. Shares fell 1 per cent despite the news. Platinum Asset Management Limited (ASX: PTM) managed to post a 3 per cent gain after the company confirmed it had agreed on terms with L1 Capital for a merger that would take the combined business to 16.5 billion dollars. Platinum will acquire L1’s shares, and in consideration they will pay with PTMshares, with L1 to own 74 per cent of the combined entity after the deal. Performance fees will be split between shareholders. Regis Resources Limited (ASX: RRL) managed a 3.6 per cent gain as President Trump’s latest tariff announcements pushed investors back into the safe haven asset. Crypto firm DigitalX Limited (ASX: DCC) gained 34 per cent after confirming a 20 million dollar share placement with global crypto firms.

 

S&P 500, Dow Jones slip as tariff threats return, Tesla gains, copper surges

US markets were broadly flat, with the Dow Jones Industrial Average (INDEXDJX: DJI) dropping 0.4 per cent while the S&P 500 Index (NYSE: SPX) lost marginally and the NASDAQ Composite Index (NASDAQ: IXIC) gained, following a 1 per cent gain from Tesla Inc (NASDAQ: TSLA). All eyes are back on President Trump, who has threatened new tariffs across the globe, but with a particular focus on Asia, where we may see greater volatility in coming weeks. The price of copper in the US gained 13 per cent after he announced a potential 200 per cent tariff on imports in an attempt to protect local buyers and producers. Despite suggestions of the opposite, Europe may be facing a hike in tariffs as negotiations have stalled and the bloc continues to charge large US tech firms for multiple law breaches.

 

Market movements

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Written by Atchison8, Jul 2025

Daily Market Update: 8 July, 2025

The key takeaways from the last 24 hours

ASX stalls ahead of RBA rate decision, Origin surges on UK deal, materials sink

The local bourse posted a 0.2 per cent loss on Monday, with the S&P/ASX 200 Index (ASX: XJO) dragged lower by weakness across the retailing and materials sectors, with both falling by 0.8 per cent. It was news from gold miner Northern Star Resources Limited (ASX: NST) that production would be at the lower end of forecasts that had the biggest impact, with shares falling 8.7 per cent on the news. This was worsened by a weakening in the iron ore price, which sent BHP Group Limited (ASX: BHP) around 0.3 per cent lower. On the positive side was a strong rally in the utilities sector, gaining 3.5 per cent, as Origin Energy Limited (ASX: ORG) gained close to 7 per cent on corporate news. The company is a major shareholder in UK energy tech company, Octopus Energy, which over the weekend confirmed intentions to hive off its technology platform Kraken, in a deal that could value the business at 10 billion dollars.

 

South32 lower as deal nears, MinRes falls despite board change, Hub24 jumps on broker upgrade

Diversified miner South32 Limited (ASX: S32) fell 0.6 per cent as the company flagged the sale of its Cerro Matoso nickel mine to venture partner Core X following a review of growing structural challenges in the nickel market. The group is focused on cleaning up non-core assets as higher costs and lower prices spread across the market. Super platform HUB24 Limited (ASX: HUB) managed a 2.8 per cent gain as broker UBS upgraded its outlook for the company as assets under administration continue to flow, and grow as share markets perform strongly. CSL Limited (ASX: CSL)rallied more than 2 per cent amid a renewed search for defensive earnings, while Mineral Resources Limited (ASX: MIN) reversed a 2 per cent gain to finish close to 2 per cent lower, despite the addition of two new independent directors to the under-pressure company’s board. The market is awaiting an RBA rate decision tomorrow afternoon, with economists predicting another 0.25 per cent cut as a near certainty.

 

Trump tariffs return, S&P 500 sinks, Tesla as Musk launches party

The US share market fell from its all-time high overnight as Donald Trump’s tariffs returned with a vengeance. The S&P 500 Index (NYSE: SPX) was down 1 per cent and the NASDAQ Composite Index (NASDAQ: IXIC) 0.9 per cent as Trump announced a round of tariffs following the expiry of the previous moratorium. A 25 per cent tax will be levied on Japan and South Korea, along with 30 per cent on South Africa; however, positively, the Euro Area was excluded as negotiations continued amid suggestions a 10 per cent cap will be applied. Tesla Inc (NASDAQ: TSLA) sank 7 per cent after Elon Musk announced his intention to start his own political party, worrying investors about a further distraction as the company continues to struggle growing sales. CoreWeave Inc (NYSE: CRWC) has spent 9 billion US dollars on the acquisition of Core Scientific, as it seeks to take greater ownership of AI and computing power-driven assets. Apple Inc (NASDAQ: AAPL) is also appealing a fine of 580 million US dollars regarding recent changes to the App Store in Europe.

 

Market movements

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Written by Atchison7, Jul 2025

Daily Market Update: 7 July, 2025

The key takeaways from the last 24 hours

ASX pushes past 8600 amid retail surge

The Australian share market closed above the 8600-point mark for the first time ever, with the S&P/ASX 200 Index gaining 7.2 points to finish at 8603 on Friday. Investor sentiment was buoyed by expectations that the Reserve Bank of Australia (RBA) will cut interest rates next week, prompting a rally in retail stocks. Wesfarmers Limited (ASX: WES) edged up 0.8 per cent, while Aristocrat Leisure Limited (ASX: ALL) and Premier Investments Limited (ASX: PMV) each rose 1.4 per cent. The index also recorded a 1 per cent weekly gain, with eight of the eleven sectors finishing in positive territory.

 

Banks and miners diverge as CBA slides

Despite gains among major banks, Commonwealth Bank of Australia (ASX: CBA) extended its recent downturn, falling 0.9 per cent to $178 and marking a 7.2 per cent decline from its record high. In contrast, Australia and New Zealand Banking Group Limited (ASX: ANZ), Westpac Banking Corporation (ASX: WBC), and National Australia Bank Limited (ASX: NAB) posted modest advances. Weakness in the materials sector weighed on the market, with BHP Group Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO) down 1.4 per cent and 1.3 per cent, respectively. Meanwhile, Silk Logistics Holdings Limited (ASX: SLH) surged 23.3 per cent after the Australian Competition and Consumer Commission (ACCC) cleared its acquisition by DP World Australia, and ARB Corporation Limited (ASX: ARB) climbed 3.6 per cent on a Citi upgrade.

 

US markets

The United States markets were closed on Thursday in observance of Independence Day.

 

Market movements

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Written by Atchison4, Jul 2025

Daily Market Update: 4 July, 2025

The key takeaways from the last 24 hours

Mining strength offsets banking weakness

The Australian share market closed relatively flat, with the S&P/ASX 200 Index edging down just 1.9 points to finish at 8595.8, narrowly missing a record high. A sharp rally in BHP Group Limited (ASX: BHP), which surged over 5 per cent to $39.27, helped offset a broad decline in the financial sector. The gains in mining followed a 2.5 per cent rise in iron ore prices to $95.55 per tonne, buoyed by supportive rhetoric from Chinese authorities aiming to stabilise the steel market. Other mining heavyweights such as Rio Tinto Limited (ASX: RIO) and Fortescue Metals Group Limited (ASX: FMG) also climbed 1.8 per cent each, while lithium stocks like Mineral Resources Limited (ASX: MIN), Pilbara Minerals Limited (ASX: PLS), and Liontown Resources Limited (ASX: LTR) posted significant gains.

 

Banks and retailers drag amid rotation

Despite strong mining support, financial stocks dragged on the index as investors rotated out of banking. Commonwealth Bank of Australia (ASX: CBA) fell 2.2 per cent to $179.69, while National Australia Bank Limited (ASX: NAB) and Westpac Banking Corporation (ASX: WBC) also declined. Retailers, which had earlier rallied on speculation of a potential interest rate cut from the Reserve Bank of Australia, reversed course, with JB Hi-Fi Limited (ASX: JBH), Wesfarmers Limited (ASX: WES), Harvey Norman Holdings Limited (ASX: HVN), and Myer Holdings Limited (ASX: MYR) all retreating. Meanwhile, GemLife, a new housing developer, debuted strongly on the ASX, rising 4.1 per cent to $4.33. Notable corporate moves included Pro Medicus Limited (ASX: PME) jumping 7.8 per cent on significant US contract wins and Domino’s Pizza Enterprises Limited (ASX: DMP) rebounding after executive remarks. In contrast, G8 Education Limited (ASX: GEM) dropped 7.4 per cent amid legal issues involving a former employee.

 

Wall Street rises on strong jobs data and tech rally

In the United States, equity markets climbed sharply as better-than-expected jobs data and strong tech performance lifted sentiment. The S&P 500 Index (NYSE: SPX) and Nasdaq 100 Index (NASDAQ: NDX) both closed at record highs, boosted by a 147,000 rise in nonfarm payrolls and a surprise drop in unemployment to 4.1 per cent. Leading the gains were technology firms, with NVIDIA Corporation (NASDAQ: NVDA) and Synopsys Inc. (NASDAQ: SNPS) rising 1.3 per cent and 4.2 per cent respectively, amid positive momentum in AI earnings and eased export restrictions. Additional support came from optimism around a US-Vietnam trade agreement and the near-final approval of President Trump’s $3.4 trillion fiscal package. Datadog Inc. (NASDAQ: DDOG) jumped 10 per cent following its inclusion in the S&P 500. US markets will close early ahead of the Independence Day holiday.

 

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Written by Atchison3, Jul 2025

Daily Market Update: 3 July, 2025

The key takeaways from the last 24 hours

ASX hits record high amid mining rally and rate cut hopes
The Australian share market reached a new peak on Wednesday, with the S&P/ASX 200 Index rising 0.7 per cent to close at 8597.7, narrowly surpassing its previous high. A rotation into underperforming sectors, especially mining and real estate, drove the advance, as investors responded to soft May retail sales data suggesting a higher likelihood of a Reserve Bank of Australia rate cut next week. BHP Group Limited (ASX: BHP) gained 1.7 per cent, Fortescue Metals Group Limited (ASX: FMG) rose 3.8 per cent, and Rio Tinto Limited (ASX: RIO) added 2.1 per cent following a rebound in commodity prices.

 

Property and tech diverge; Qantas, Helia and Domino’s slide
Real estate stocks climbed in anticipation of monetary easing, with Goodman Group (ASX: GMG), Mirvac Group (ASX: MGR), Stockland Corporation Limited (ASX: SGP) and Scentre Group (ASX: SCG) all rising more than 2 per cent, while Dexus (ASX: DXS)surged 3.1 per cent. However, technology stocks lagged, tracking losses in US tech; Life360 Inc (ASX: 360) fell 2.6 per cent, Xero Limited (ASX: XRO) dropped 2.1 per cent, and NextDC Limited (ASX: NXT) slipped 1.1 per cent. In corporate developments, Qantas Airways Limited (ASX: QAN) dropped 2.2 per cent amid a major customer data breach. Helia Group Limited (ASX: HLI) plunged 21.4 per cent on news of losing key clients, while Domino’s Pizza Enterprises Limited (ASX: DMP) sank 15.8 per cent following its CEO’s resignation. Meanwhile, James Hardie Industries plc (ASX: JHX) gained 5.3 per cent, and Perpetual Limited (ASX: PPT) and Magellan Financial Group Ltd (ASX: MFG) rose sharply after positive analyst updates.

 

Wall Street hits new highs despite weak jobs data
On Wall Street, the S&P 500 Index and Nasdaq Composite Index rose 0.5 per cent and 0.8 per cent, respectively, with the S&P 500 setting a new record. Gains were driven by technology giants, including Apple Inc (NASDAQ: AAPL), NVIDIA Corporation (NASDAQ: NVDA), and Tesla Inc (NASDAQ: TSLA). A US-Vietnam trade deal and soft private payrolls data lifted rate cut expectations from the Federal Reserve. However, the ADP report revealed a surprise drop of 33,000 private-sector jobs in June, the first decline in over two years, sparking fresh economic concerns. Meanwhile, the Senate passed President Trump’s tax-and-spending package, expected to increase the national debt by $3.4 trillion, though its path through the House remains uncertain.

 

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