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.

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