The bounce back begins, ASX gains 1 per cent, CommBank rallies, Domino’s jumps on insider buying

The local market posted a strong bounce back on Thursday, with the S&P/ASX 200 Index (ASX: XJO) gaining 1 per cent for the day. Technology rose 1.3 per cent, while financials added 1.7 per cent on the back of a 2 per cent rally in Commonwealth Bank of Australia (ASX: CBA). Westpac Banking Corporation (ASX: WBC) and Australia and New Zealand Banking Group Limited (ASX: ANZ) both gained more than 1 per cent amid improved sentiment. On the flip side, Woodside Energy Group Ltd (ASX: WDS) and Santos Limited (ASX: STO) slipped as investors weighed the risk of higher OPEC+ output impacting oil and gas prices. Domino’s Pizza Enterprises Limited (ASX: DMP) jumped after chair Jack Cowin purchased another 5 million dollars of shares following recent weakness. In contrast, Boom Logistics Limited (ASX: BOL) fell 2.6 per cent after revealing its former CEO misused up to 1 million dollars in company funds.

Federal Court dismisses Harvey Norman, Latitude claims, IAG hit by competition concerns, IRESS surges on leadership change

Harvey Norman Holdings Limited (ASX: HVN) was little changed after the Federal Court dismissed claims against Latitude Finance over allegedly misleading “low interest” advertising. Austal Limited (ASX: AST) gained investor confidence after the US Coast Guard exercised options worth 480 million dollars, underlining continued demand. Insurance Australia Group Limited (ASX: IAG) underperformed after the ACCC raised concerns that its acquisition of RAC Insurance could substantially reduce competition in Western Australia. In contrast, IRESS Limited (ASX: IRE)surged nearly 7 per cent after appointing industry veteran Andrew Russell to replace outgoing CEO Marcus Price in November, a move welcomed by investors following weeks of governance concerns.

S&P 500 hits all-time high, weak employment data to support rate cuts, Broadcom rallies, Tesla to roll out robotaxis

The S&P 500 Index (NYSE: SPX) posted a new all-time high, adding 0.8 per cent, while the NASDAQ Composite Index (NASDAQ: IXIC) rose 0.9 per cent and the Dow Jones Industrial Average (INDEXDJX: DJI) 0.6 per cent. Optimism grew around possible rate cuts after softer employment data and reassurance from President Trump that the Federal Reserve should remain “independent” despite his influence. Broadcom Inc (NASDAQ: AVGO) gained 1 per cent after posting strong sales growth, although below lofty expectations, while continuing to sell to Alphabet Inc (NASDAQ: GOOGL) and Apple Inc (NASDAQ: AAPL). Tesla Inc (NASDAQ: TSLA) rose after unveiling its Robotaxi app and benefiting from looser safety requirements for autonomous vehicles. Elsewhere, Lululemon Athletica Inc (NASDAQ: LULU) shares rallied 3 per cent despite weaker earnings guidance, as investors welcomed its more cautious growth outlook.