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The key takeaways from the last 24 hours

Energy surge lifts ASX amid geopolitical tension

The Australian share market remained resilient on Monday, navigating geopolitical uncertainty and a sell-off in the United States by edging slightly higher. The benchmark S&P/ASX 200 Index (ASX: XJO) ended the day up just 1 point at 8548.4 points, supported by a strong rally in energy shares following a sharp spike in oil prices and confirmation of a $30 billion takeover of Santos Limited (ASX: STO). Other oil stocks rose in tandem, with Woodside Energy Group Limited (ASX: WDS) up 3 per cent to $26, Beach Energy Limited (ASX: BPT) gaining 1.9 per cent to $1.33, and Karoon Energy Limited (ASX: KAR) climbing 2.3 per cent to $2.03. Meanwhile, uranium shares also spiked after news that the Sprott Physical Uranium Trust (TSX: U.UN) would raise $US100 million to purchase uranium. Shares in Deep Yellow Limited (ASX: DYL) surged 21.2 per cent to $1.60, Paladin Energy Limited (ASX: PDN) rose 15.6 per cent to $7.30, Boss Energy Limited (ASX: BOE) gained 17.7 per cent to $4.30, and Silex Systems Limited (ASX: SLX) soared 23.9 per cent to $4.

Financials and gold weigh on broader market

Despite energy’s strong performance, broader gains were capped by weakness in financials and gold stocks. Commonwealth Bank of Australia (ASX: CBA) slipped 0.03 per cent to $179.40, while National Australia Bank Limited (ASX: NAB), Westpac Banking Corporation (ASX: WBC) and Australia and New Zealand Banking Group Limited (ASX: ANZ) also declined. Among gold miners, Evolution Mining Limited (ASX: EVN) dropped 8 per cent to $8.45 after UBS Group AG (SWX: UBSG) downgraded it to a “sell”, and Northern Star Resources Limited (ASX: NST) fell 8.2 per cent to $20.68 following a downgrade to “neutral”. ASX Limited (ASX: ASX) declined 6.7 per cent to $67.90 after Australian Securities and Investments Commission (ASIC) launched an inquiry into its governance practices. In contrast, Bubs Australia Limited (ASX: BUB) rose 6.3 per cent to 17 cents on US regulatory progress, while Tourism Holdings Limited (ASX: THL) soared 56 per cent to $2.10 after receiving a $471 million buyout offer from BGH Capital and the Trouchet brothers.

Wall Street rises despite Middle East tensions

United States markets rebounded on Monday ahead of the United States Federal Reserve’s policy decision. The S&P 500 Index (NYSE: SPX) rose 0.9 per cent, the Dow Jones Industrial Average (NYSE: DJI) gained 0.7 per cent, and the Nasdaq Composite Index (NASDAQ: IXIC) jumped 1.4 per cent. Hopes of de-escalation between Iran and Israel supported gains, particularly in tech and consumer stocks, with Meta Platforms Inc. (NASDAQ: META), Palantir Technologies Inc. (NYSE: PLTR), and Tesla Inc. (NASDAQ: TSLA) all advancing. Energy shares lagged as oil prices fell. Meanwhile, United States Steel Corporation (NYSE: X)climbed 5.1 per cent after approval of its sale to Nippon Steel Corporation (TYO: 5401), and Roku Inc. (NASDAQ: ROKU) soared 10.4 per cent on a new advertising deal with Amazon Ads, part of Amazon.com Inc. (NASDAQ: AMZN).

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

ASX nears record high as banks and energy stocks rally

The Australian share market closed just shy of its all-time high on Wednesday, buoyed by strength in financial and energy stocks and optimism around U.S. economic resilience. The S&P/ASX 200 Index rose 0.9 per cent, or 75.1 points, to finish at 8541.8, just 14 points below its record close set in February. Nine of the 11 sectors advanced, with the broader All Ordinaries Index also gaining 0.9 per cent. The rally followed a strong session on Wall Street, where job openings unexpectedly rose to 7.4 million in April, reinforcing investor confidence in labour market stability and heightening expectations for a soft landing and potential rate cuts.

Commonwealth Bank of Australia (ASX: CBA) led financials higher, gaining 0.9 per cent to a record $181.10 and surpassing $300 billion in market capitalisation. Other major banks joined the advance, with Westpac Banking Corporation (ASX: WBC) up 1.5 per cent despite ASIC filing legal action against its RAMS unit. Mining names also rallied, as iron ore held near $US95 per tonne—BHP Group Limited (ASX: BHP) rose 1 per cent to $37.95, while Fortescue Limited (ASX: FMG) added 1.6 per cent to $15.26. The energy sector was the top performer, driven by Woodside Energy Group Ltd (ASX: WDS), which climbed 2.9 per cent to $22.80 as Brent crude extended its gains above $US65.

Stocks in focus

Zip Co Limited (ASX: ZIP) was the day’s best performer, soaring 13.6 per cent to $2.21 amid a broader recovery in beaten-down tech names. Uranium stocks surged after Meta Platforms Inc. (NASDAQ: META) highlighted nuclear energy as key to powering AI—Paladin Energy Limited (ASX: PDN) rose 9.8 per cent to $6.49, and Deep Yellow Limited (ASX: DYL) gained 5.9 per cent to $1.35.

On the downside, Mayne Pharma Group Limited (ASX: MYX) fell 5.3 per cent to $4.48 after U.S.-based Cosette Pharmaceuticals Inc. withdrew its $672 million takeover bid. IDP Education Limited (ASX: IEL) extended losses, down another 2.6 per cent to $3.78 following Tuesday’s sharp selloff. PointsBet Holdings Limited (ASX: PBH) jumped 10.6 per cent to $1.20 after a fresh takeover bid from Mixi Inc., countering an earlier offer from Betr, which slid 1.4 per cent to 35 cents.

Wall Street stalls as weak economic data fuels rate cut hopes

U.S. equities ended mixed on Wednesday, 4 June 2025, as disappointing economic data tempered recent optimism. The S&P 500 Index (INDEXSP: .INX) was nearly unchanged, edging up 0.01 per cent to 5,970.81, while the Dow Jones Industrial Average (INDEXDJX: .DJI) declined 0.2 per cent to 42,427.74. Conversely, the Nasdaq Composite Index (INDEXNASDAQ: .IXIC) gained 0.3 per cent to 19,460.49, supported by strength in technology stocks. The market’s subdued performance followed weaker-than-expected reports on private-sector hiring and services activity, raising concerns about the economy’s momentum and increasing speculation about potential interest rate cuts by the Federal Reserve.

In corporate news, Hewlett Packard Enterprise Company (NYSE: HPE) surged 6 per cent after reporting strong quarterly earnings, while CrowdStrike Holdings, Inc. (NASDAQ: CRWD) fell 5.8 per cent due to a weaker-than-expected revenue forecast. Tesla, Inc. (NASDAQ: TSLA) declined 3.5 per cent amid concerns over sales in China and Germany. Broadcom Inc. (NASDAQ: AVGO) gained 1.7 per cent ahead of its earnings report, and ON Semiconductor Corporation (NASDAQ: ON) rose 6.1 per cent on signs of market recovery. Chipotle Mexican Grill, Inc. (NYSE: CMG) advanced 4.2 per cent, outperforming competitors. Meanwhile, Dollar Tree, Inc. (NASDAQ: DLTR) dropped 8.4 per cent despite beating earnings forecasts, as it faces margin pressures from tariffs.

Market movements

The key takeaways from the last 24 hours

ASX holds near record as investors await next catalyst

The Australian share market traded in a tight range on Thursday, closing slightly lower as investors paused following recent gains and looked ahead to potential macro catalysts. The S&P/ASX 200 Index dipped just 2.9 points to 8538.9, holding within 20 points of its all-time record close. Seven of the 11 sectors advanced, with healthcare in the lead, though index heavyweight CSL Limited (ASX: CSL) fell 1.3 per cent to $242.96.

Bank stocks finished mixed. Commonwealth Bank of Australia (ASX: CBA) edged up 0.1 per cent to a fresh record of $181.34, while National Australia Bank Limited (ASX: NAB) and Australia and New Zealand Banking Group Limited (ASX: ANZ) closed marginally lower. In the mining sector, iron ore names gained despite a 1 per cent drop in Singapore futures to $US94.55—Fortescue Limited (ASX: FMG) rose 1.5 per cent to $15.49 and Rio Tinto Limited (ASX: RIO) added 0.3 per cent to $110.01. A surge in lithium and rare earth stocks lifted resources, driven by U.S. government support for domestic critical minerals production. Mineral Resources Limited (ASX: MIN) jumped 14.8 per cent to $23.19, Liontown Resources Limited (ASX: LTR) climbed 5.7 per cent to 64.5 cents, and Lynas Rare Earths Limited (ASX: LYC) soared 12.5 per cent to $9.26 following reports that European carmakers were facing supply disruptions due to China’s export restrictions.

Stocks in focus

IperionX Limited (ASX: IPX) was the day’s standout performer, surging 28.8 per cent to $4.78 after securing a contract worth up to $US99 million with the U.S. Department of Defence to supply titanium components, part of a broader U.S. strategy to secure critical mineral supply chains.

On the downside, Tyro Payments Limited (ASX: TYR) dropped 10.4 per cent to 82 cents after announcing the resignation of Chief Executive Jon Davey, who is leaving to head a private-equity backed company. Pacific Current Group Limited (ASX: PAC) fell 4.9 per cent to $10.80 following a media report alleging that U.S.-listed Abacus Global Management had “systematically overvalued” its assets. Meanwhile, Catapult Group International Limited (ASX: CAT) slipped 1 per cent to $6.16 after acquiring U.S. sports technology company Perch for $US18 million.

Wall Street dips as rate cut hopes rise

U.S. equity markets retreated on Thursday, as softer-than-expected economic data prompted a reassessment of the Federal Reserve’s interest rate path. The S&P 500 Index fell 0.5 per cent to 5939.30, the Dow Jones Industrial Average declined 0.3 per cent to 42,319.74, and the Nasdaq Composite Index lost 0.8 per cent to 19,298.45. Jobless claims unexpectedly rose, and a key services activity gauge dipped into contraction territory, adding weight to market expectations for at least two rate cuts before year-end. Despite the pullback, traders remained focused on Friday’s non-farm payrolls report for further clues on labour market health.

Tesla Inc. (NASDAQ: TSLA) sank 14.3 per cent amid a high-profile clash between CEO Elon Musk and President Donald Trump, who threatened to revoke government subsidies for Musk’s companies. Procter & Gamble Company (NYSE: PG) fell 1.9 per cent after announcing plans to cut 7,000 jobs globally over the next two years. In contrast, Circle Internet Financial Limited (NYSE: CRCL) soared 168 per cent on its first trading day, underscoring strong investor demand for crypto-adjacent listings. MongoDB Inc. (NASDAQ: MDB) rallied nearly 13 per cent after lifting its full-year revenue guidance, citing continued momentum in cloud database adoption.

Market movements

The key takeaways from the last 24 hours

ASX closed on Monday, and finished modestly lower on Friday the 6 of June

The Australian share market extended its rally for a fourth consecutive week, buoyed by optimism surrounding renewed trade negotiations between the United States and China. Market sentiment improved following comments from US President Donald Trump, who indicated trade talks with Chinese President Xi Jinping would resume after a “very good” phone call focusing on critical mineral exports. Despite the positive backdrop, the S&P/ASX 200 Index (ASX: XJO) ended Friday down 0.3 per cent, or 23 points, to 8515.7 points, with eight out of 11 sectors closing in negative territory. However, the index still posted a 1 per cent weekly gain. The broader All Ordinaries Index (ASX: XAO) also dipped 0.3 per cent.

Mixed results for material stocks on Friday

The recommencement of trade discussions helped alleviate fears of weakened Chinese commodity demand, resulting in gains for resource-linked stocks. Iron ore futures in Singapore advanced 0.8 per cent to USD95.65 per tonne, supporting miners such as BHP Group Limited (ASX: BHP), which rose 0.7 per cent to AUD38.23, and Fortescue Metals Group Limited (ASX: FMG), up 1 per cent to AUD15.65. In contrast, critical minerals stocks faced headwinds amid speculation that China may relax export restrictions on rare earths. Pilbara Minerals Limited (ASX: PLS) dropped 5.2 per cent to AUD1.28, while IGO Limited (ASX: IGO) fell 3.5 per cent to AUD4.19. Broader weakness swept through the index ahead of key US employment data, prompting profit-taking across bank and tech names, with Commonwealth Bank of Australia (ASX: CBA) retreating 0.8 per cent to AUD179.90.

Softening US labour and US dollar

Currency markets reacted to softening US labour market signals, with the US dollar weakening and the Australian dollar climbing to a six-month high of USD0.6537. In corporate news, Ora Banda Mining Limited (ASX: OBM) plunged 14.1 per cent to AUD1.10 after flagging that full-year gold production would fall short of guidance due to downtime at its Davyhurst project. Meanwhile, Qantas Airways Limited (ASX: QAN) gained 3.5 per cent to AUD10.76 following news that competitor Virgin Australia Holdings Limited had secured strong demand for its AUD685 million IPO, albeit with some investor allocations being scaled back.

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

ASX reaches all-time high, CBA flat, energy, property gain on US-China deal, Woodside (ASX: WDS) gains

The local market reached a fresh intra-day high during the session on Wednesday, albeit only closing a meagre 0.1 per cent higher. The result was driven by a further easing in trade tensions between the US and China, with expectations a fresh agreement will be hammered out in the coming days and weeks. The energy and property sectors gains 0.8 and 0.9 per cent, with Woodside Energy (ASX:WDS) a standout, rallying 1.9 per cent, and BHP (ASX:BHP) also gaining more than 1.5 per cent as iron ore prices improved in Singapore. The Commonwealth Bank (ASX:CBA) underperformed, while both ANZ Bank (ASX:ANZ) and Westpac (ASX:WBC) posted small gains to buoy the market. Shares in property services provider Johns Lyng Group (ASX:JLG) posted a massive 17.7 per cent gain after the company confirmed a $3 offer from Pacific Equity Partners to take the company private.

Zip pops 16 per cent, Fletcher Building rallies on possible sales, Qantas (ASX: QAN) cuts Asia experiment

Buy now pay later group Zip (ASX:ZIP) topped the market, posting a 15 per cent gain on Wednesday, as the company upgraded earnings guidance for the financial year. It now expects earnings of $160 million, up from $153 million, driven primarily by solid transaction growth in the profitable US market. Shares in Fletcher Building (ASX:FBU) were also among the leaders, finishing 10 per cent higher, after the company revealed it had received inbound enquiries about potentially selling parts of its business, including construction, in an effort to release value from the business. Shares in Qantas (ASX:QAN) were more than 1 per cent lower after the company announced an immediate exit from Jetstar Asia, a 20 year experience, with 13 planes to be returned to service in Australia. Monash IVF (ASX:MVF) posted a dead cat bounce, with shares gaining 11 per cent as the embattled provider seeks to move forward after a number of massive issues. 

S&P500 pulls back from highs, big tech falls on Apple weakness, Oracle jumps on upgrade

The Dow Jones finished flat, outperforming both the S&P500 and Nasdaq which fell 0.3 and 0.5 per cent respectively on weakness in Big Tech. Apple (NYSE:AAPL) fell by more than 2 per cent, while Tesla (NYSE:TSLA) reversed a 3 per cent gain to finish flat. The broader sentiment continues to improve, as Donald Trump all but confirmed a deal had been made between the US and China, which would include rare earth imports, while inflation data came in weaker than expected suggesting companies were not passing on tariff-related increased just yet. Bond yields fell, buoying bond prices on hopes that weaker inflation would support another round of rate cuts. Shares in Oracle (NYSE:ORCL) were stronger in after market trade as the company flagged surging growth in cloud sales, while Nintendo (TYO:7974) reported strong sales of it’s first new console in 15 years, the Switch 2, which sold 3.5 million in just four days.

Market movements

The key takeaways from the last 24 hours

Energy holds up ASX, Santos (ASX:STO) rallies, Newmont (ASX:NEW) leads gold miners higher on US-Iran worries

The local market posted a 0.3 per cent loss on Thursday, despite seven of the 11 sectors rallying, led by energy. The banking sector was the biggest detractor, with the likes of the Commonwealth Bank (ASX:CBA) and Westpac (ASX:WBC) falling slightly. The energy sector was boosted by Santos (ASX:STO) which rallied 0.2 per cent as the oil price moved back above US$70 per barrel. The gold price also rallied, supporting Northern Star (ASXNST) which gained 1.2 per cent, on media reports that President Trump was growing increasingly concerned that Iran would cease enriching uranium amid a threa of strikes between the nations. Monash IVF (ASX:MVF) remains in the news, with CEO Michael Knaap stepping down following a second embryo bungle by the company amid an environment where investors are demanding significantly greater transparency from boards. Long suffering shareholders in packaging group Pact (ASX:PGH) will have just four weeks to get rid of their shares before the company formally delists from the ASX.

Cettire (ASX:CTT) tanks on further downgrade, Cochlear maintains despite earnings reduction

Luxury online retailer Cettire (ASX:CTT) felt the brunt of the market and falling expectations with shares tanking by more than 30 per cent during the session. CEO Dean Mintz warned of weaker demand from the US, with the company reporting just 1.7 per cent growth in sales for the full year well below expectations. The company remains fixated on further expansion despite growing global challenges for luxury retailers. AGL Energy (ASX:AGL) confirmed that it is considering the sale of its 29 per cent investment in Tilt Renewables, amid a cleaning up of its balance sheet, shares were 0.9 per cent lower. In a sign of growing demand for higher quality earnings, shares in Cochlear (ASX:COH), which producing ear implants, rallied 0.7 per cent despite the company downgrading earnings guidance. The market was clearly expecting worse, with the company suggesting a new range of $390 to $400 million, down from $410 to $430 million as sales slowed.

Rally gathers steam, as inflation, bond yields surprise on the positive, Oracle surge continues

The Nasdaq and Dow Jones both posted 0.2 per cent gains overnight, as another round of positive inflation data supported hopes of a rate cut. Yields fell to 4.8 per cent after a massive US government bond auction, allaying fears of growing debt issues, and also boosting the S&P500. Inflation for companies, being the producer price index rose 0.1 per cent, weaker than expected and Cathie Wood of ARK Invest flagged an improving outlook for capital expenditure from the world’s largest companies, particularly around AI and computing power. US auto tariffs may be raised next, with both Ford (NYSE:F) and Stellantis faling briefly. Shares in Oracle (NYSE:ORCL) posted a massive double digit gain after the company flagged hopes that cloud infrastructure sales with jump by more than 70 per cent this financial year.

Market movements

The key takeaways from the last 24 hours

ASX retreats from record amid Israel-Iran strikes, Woodside, oil prices surge, Cettire struggles continue

The local market fell 0.2 per cent on Friday, with eight of the 11 sectors declining, the standout once again being energy and materials. Israel’s strike against Iran’s nuclear program sent the price of oil surging more than 10 per cent, which pushed the price of Woodside (ASX:WDS) up by more than 7 per cent, while Santos (ASX:STO) also added 3.7 per cent on concerns about the impact on supply. It was a similar story for gold miners, as investors flocked back towards the safe haven, with the price once again nearing a record high, as Newmont (ASX:NEM) adding close to 6 per cent for the session. Cettire (ASX:CTT) continues its struggled, tanking another 20 per cent on Friday, taking losses to 50 per cent of an already depressed share price, on the back of another profit downgrade. It was a similar story for Accent (ASX:AX1) which fell close to 25 per cent as the owner of the Hype and Platypus retail chains flagged weak sales since Christmas. Over the week, the ASX finished slightly higher as investors reposition for a busy second half of the year.

Iranian retaliation spooks markets, S&P, Nasdaq sink, as airlines hit by closures

An escalation between Iran and Israel over the weekend has sent concerns through global markets, with the Dow Jones falling 1.8 per cent, the Nasdaq 1.3 and the S&P500 1.1 per cent. The weakness was broad-based, with oil and gold mining companies benefitting but airline and travel companies tumbling on the back of closures of air space around the Middle East. The likes of American Airlines (NYSE:AA) and United Airlines (NYSE:UAl) both fell more than 4 per cent in after-market trading as hundreds missiles were fired by Iran into Israel. Shares in Adobe (NYSE:ADBE) fell by more than 5 per cent as the company gave a weaker than expected outlook for sales in 2025, as the company faces competition from the likes of Canva amid the surge of interest in AI tools and support. Despite this, sales remained relatively strong, with its core creative segment showing 11 per cent growth. Across the week, losses were broad with the Nasdaq and S&P500 falling by around 0.5 per cent.

Market movements

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.