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.