The key takeaways from the last 24 hours

ASX hits three-month high amid energy rally

The S&P/ASX 200 Index climbed 0.2 per cent to 8409.8, marking its highest close since 20 February. Energy stocks led the charge with Santos (STO.AX) up 1.6 per cent to $6.65 and Woodside Energy (WDS.AX) advancing 2.8 per cent to $22.73, buoyed by the Albanese government’s decision to extend the life of the North West Shelf gas project. However, mining stocks weighed on the index, as iron ore names like BHP Group (BHP.AX) and Rio Tinto (RIO.AX) fell 0.8 per cent and 0.7 per cent, respectively. Gold stocks also pulled back amid profit-taking, contributing to the drag on the materials sector. Investors remained cautious, awaiting further clarity on trade policy developments following a recent US court ruling on tariffs imposed under former President Donald Trump.

ASX tech and copper lifted by Nvidia’s momentum

Australian tech and copper-exposed stocks responded positively to Nvidia’s upbeat results. Megaport (MP1.AX) rallied 3.0 per cent to $13.95, while DigiCo Infrastructure REIT (DCG.AX) gained 2.1 per cent to $3.35. Copper miner Capstone Copper (CS.TO) surged 4.7 per cent to $8.69 following Chile’s upward revision of copper price forecasts, reinforcing optimism around demand. In the agribusiness space, Elders (ELD.AX) added 1.1 per cent, despite the ACCC raising concerns over its proposed $475 million acquisition of Delta Agribusiness. Meanwhile, Resolute Mining (RSG.AX) dropped 2.4 per cent to $0.61 after seeking clarification from the Guinean government over reports suggesting its local mining permits could be at risk.

US markets rise, but tariff uncertainty persists 

In the US, equities posted modest gains as the S&P 500 and Nasdaq both advanced 0.4 per cent, while the Dow Jones Industrial Average climbed 117 points. Nvidia (NVDA) jumped 3.2 per cent after exceeding quarterly sales estimates, driven by robust AI chip demand. However, the company warned that ongoing US restrictions on semiconductor exports to China could shave up to $8 billion off next-quarter revenue. Meanwhile, Best Buy (BBY) cut its full-year guidance, citing tariff-related headwinds, which pressured its stock. Tariff concerns re-emerged after a US appeals court reinstated key measures initially blocked by a lower court, heightening trade policy uncertainty. Despite this, corporate optimism — including from Boeing (BA) — helped temper market concerns. On the macro front, US GDP contracted by 0.2 per cent in Q1, a slightly softer downturn than previously reported.

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