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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.

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.

Written by Atchison12, May 2025

Daily Market Update: 12 May, 2025

The key takeaways from the last 24 hours

ASX posts weekly drop

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

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

Stocks in focus

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

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

Us stocks end mixed as trade talks loom

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

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

Market movements

Written by Mishan4, Aug 2022

Asset Class Winners & Losers Over the Year

Kev Toohey, Principal at Atchison presents his analysis of returns for major investment asset classes over the last 12 months.

July 2022 saw an almost mirroring of May and June, as equities participated in a relief rally and interest rates fell.
Small caps and AREITs are prime examples of a July reversal.
The chart really illustrates the lack of asset classes that have posted monthly returns above the rate of inflation over the last 12 months.
After trending on top of the list for the first 4 months of 2022, commodities have successively trended down to the last position in July.

The below chart is an analysis of returns for major investment asset classes over the last year.

Written by Atchison24, Jun 2025

Daily Market Update: 24 June, 2025

The key takeaways from the last 24 hours

What turmoil, says Commonwealth Bank of Australia?

The local market headed lower as investors weighed concerns about the escalating conflict in the Middle East, but the negative sentiment was not able to put a dent in the rise of Commonwealth Bank of Australia (ASX: CBA). The benchmark S&P/ASX 200 Index (ASX: XJO) gave up 30.6 points, or 0.4 per cent, to 8,474.90 points on Monday; and the broader All Ordinaries Index (ASX: XAO) lost 35.5 points, also 0.4 per cent, to 8,688; but Commonwealth Bank of Australia (ASX: CBA) gained another $1.82, or 1 per cent, to $184.35 – after setting a new intra-day record at $184.41. Offshore investors can’t seem to get enough of the nation’s biggest bank. Not all of the other big banks rode on Commonwealth Bank of Australia (ASX: CBA)’s coat-tails: Westpac Banking Corporation (ASX: WBC) put on 21 cents, or 0.6 per cent, to $33.42; but Australia and New Zealand Banking Group Limited (ASX: ANZ) eased 18 cents, or 0.6 per cent, to $28.21; and National Australia Bank Limited (ASX: NAB) softened 3 cents, to $38.88. Elsewhere in the industrial world, Qantas Airways Limited (ASX: QAN) slipped 19 cents, or 1.9 per cent, and global logistics giant Brambles Limited (ASX: BXB) gave up $1.23, or 5 per cent, to $23.33. Adairs Limited (ASX: ADH) sank 53 cents, or 20.5 per cent, to $2.05 after warning that full-year earnings would come in below last year’s. It said that while stronger promotional activity had boosted sales, it would dent margins. The news spooked investors in rival retailer Temple & Webster Group Limited (ASX: TPW), which shed 48 cents, or 2.3 per cent, to $20.87; JB Hi-Fi Limited (ASX: JBH)fell 30 cents, or 0.3 per cent, to $108.40; but furniture heavyweight Nick Scali Limited (ASX: NCK) advanced 19 cents, or 1 per cent, to $18.33.

Resources mostly lower

In the energy sector, Santos (ASX: STO) added one per cent, while Woodside (ASX: WDS) was flat as Brent crude rose $US2 over the Australian session to over $US78 a barrel, near its highest level since late January. In big mining, BHP Group Limited (ASX: BHP) retreated 57 cents, or 1.6 per cent, to $35.64; Rio Tinto Limited (ASX: RIO) slipped 34 cents, or 0.3 per cent, to $101.83; and Fortescue Ltd (ASX: FMG) walked back 15 cents, or 1 per cent, to $14.54. Elsewhere in resources, gold miner West African Resources Limited (ASX: WAF) gained 4 cents, or 1.8 per cent, to $2.21; fellow gold producer Newmont Corporation (NYSE: NEM) lifted $1.07, or 1.2 per cent, to $90.37; North American-based Capstone Copper Corp. (TSE: CS) gained 12 cents, or 1.4 per cent, to $8.57; and Namibia-based uranium producer Paladin Energy Limited (ASX: PDN) advanced 6 cents, or 0.8 per cent, to $7.42. But at the other end of the spectrum, gold miner Genesis Minerals Limited (ASX: GMD) dropped 18 cents, or 3.9 per cent, to $4.43; coal producer Whitehaven Coal Limited (ASX: WHC) lost 20 cents, or 3.5 per cent, to $5.57; gold miner Northern Star Resources Limited (ASX: NST) fell 64 cents, or 3.1 per cent, to $19.88; fellow goldie Capricorn Metals Ltd (ASX: CMM) shed 32 cents, or 3 per cent, to $10.20; Ramelius Resources Limited (ASX: RMS), also a gold miner, leaked 8 cents, or 3 per cent, to $2.58; Canadian-based Champion Iron Limited (ASX: CIA) slid 12 cents, or 3 per cent, to $3.95; and Indonesia-based nickel producer Nickel Industries Limited (ASX: NIC) lost 2 cents, or 2.8 per cent, to 70 cents.

US markets rally, but big news comes after close

Overnight, US markets rallied as Iran did not close the Strait of Hormuz, a crucial oil shipping route; also, prospects of the United States Federal Reserve cutting interest rates as early as July contributed to the upbeat mood. The market also shrugged off Iranian missile attacks on US bases in Qatar and Iraq, which did not cause any reported casualties, mainly because Iran gave the US advance notice of the missile strikes. Despite the attack, the US markets moved higher, with the broad S&P 500 Index (NYSEARCA: SPY) gaining 57.33 points, or 1 per cent, to 6,025.17; the blue-chip Dow Jones Industrial Average (INDEXDJX: DJI) adding 374.96 points, or 0.9 per cent, to 42,581.78; and the tech-heavy Nasdaq Composite Index (NASDAQ: IXIC) rising 183.57 points, also up 0.9 per cent, to 19,630.98. Bonds also rallied, with the US 10-year treasury trading 4 basis points lower at 4.34 per cent and at the short end, the two-year yielding 3.85 per cent, down 6 basis points. The major impact of Middle East events was felt in the oil price, which fell 7 per cent after Iran’s subdued response, and restraint on the Strait of Hormuz. After trading closed, US President Donald Trump announced an imminent ceasefire between Israel and Iran sent stock futures climbing, with Dow Jones Industrial Average (INDEXDJX: DJI) and S&P 500 Index (NYSEARCA: SPY) futures up about 0.4 per cent, and Nasdaq Composite Index (NASDAQ: IXIC) futures up about 0.6 per cent.

Market movements

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

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

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

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.

Market movements

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.

Market movements