The key takeaways from the last 24 hours

The Australian sharemarket’s benchmark index, the S&P/ASX 200 Index (ASX: XJO), notched its sixth winning week out of the past seven on Friday, finishing the week up 0.1 per cent after a rally on Tuesday following the Iran-Israel ceasefire. With one more day of trading left in the 2025 financial year, the S&P/ASX 200 Index (ASX: XJO) is on track to deliver an annual return of 13.9 per cent, including dividends.

However, Friday was a down day, with the benchmark S&P/ASX 200 Index (ASX: XJO) finishing Friday down 36.6 points, or 0.4 per cent, at 8,514.2, while the broader All Ordinaries Index (ASX: XAO) dropped 30 points, or 0.3 per cent, to 8,743.7.

The market was led by the materials sector, which rose 2.3 per cent, as iron ore prices lifted to US$94.50 a tonne.

BHP Group Limited (ASX: BHP) gained $1.41, or 3.9 per cent, to $108.97; Rio Tinto Limited (ASX: RIO) accrued $4.78, or 4.6 per cent, to $108.97; and Fortescue Ltd (ASX: FMG) added 53 cents, or 3.6 per cent, to $15.46.

Big banks come off

Each of the big four banks finished lower, with Commonwealth Bank of Australia (ASX: CBA) sliding $5.35, or 2.8 per cent, to $185.36; Westpac Banking Corporation (ASX: WBC) giving up 67 cents, or 1.9 per cent, to $33.90; Australia and New Zealand Banking Group Limited (ASX: ANZ) losing 54 cents, or 1.8 per cent, to $29.20; and National Australia Bank Limited (ASX: NAB) easing 63 cents, or 1.6 per cent, to $39.26.

The big industrials news was plumbing supplies giant Reece Limited (ASX: REH) plunging $3.24, or 18.7 per cent, to $14.12, giving up two-and-a-half years of gains. The company said that it expected to earn between $548 million and $558 million this financial year, down from $681 million it made in the 2024 financial year, and well below the $580 million the market was expecting.

US indices on track for strong June

On Wall Street on Friday, the broad S&P 500 Index (NYSE: SPX) touched its first new high since February, marking a 23 per cent rally from the depths of April’s tariff-induced sell-off.  At its low in April, the S&P 500 was down nearly 18 per cent for 2025, but the index has taken just 89 trading days to to regain the lost ground. That makes it the US benchmark’s quickest recovery back to a record close, after a decline of at least 15 per cent, in its history, according to Dow Jones Market Data.

The S&P 500 Index (NYSE: SPX) gained 32.05 points, or 0.5 per cent, at 6,173.07, surpassing its previous record of 6,147.43. At its low in April, the S&P 500 Index (NYSE: SPX) was down nearly 18 per cent for the year when global trade and tariff tensions spooked the market.

The technology-focused Nasdaq Composite Index (NASDAQ: IXIC) also hit an all-time high, adding 105.54 points, or 0.5 per cent, to 20,273.46, while the blue-chip Dow Jones Industrial Average (NYSE: DJI) added 432.43 points, or 1 per cent, to 43,819.27.

For June, the S&P 500 Index (NYSE: SPX) is up 4.4 per cent, while the Nasdaq Composite Index (NASDAQ: IXIC) has surged nearly 6.1 per cent, and the Dow Jones Industrial Average (NYSE: DJI) has put on about 3.7 per cent.

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