The ASX 200 had a late surge to finish the month with a gain today of 25 points to 8435. ASX records best month since January. Up 3.8%. Banks yet again showed the strength as CBA rose 0.9% with the Big Bank Basket up to $275.55 (1.1%). WBC surged 2.7% and NAB up 1.3% with some month end window dressing. Insurers slid slightly, QBE down 1.3% with REITS up. GMG up 1.3% and VCX rising 1.2%. Industrials found a footing, BXB up 1.0%, WOW and COL firmed, and ORG up 2.1%. Tech slipped slightly with WTC down 1.5% and XRO off 0.8%. Healthcare mixed, In resources, mixed in the majors, BHP up 0.3% and FMG down 1.9%. Gold miners were better, NST up 3.2% with GMD up 4.4%, VAU up 3.5% as some window dressing helped. Lithium stocks slid on a broker downgrade to carbonate prices, PLS down 5.7% and IGO off 5.4%. WDS fell 2.1% and STO off 0.9%. Uranium stock eased back, coal miners fell, WHC off 1.8%. In corporate news, HCW leapt on rent relief for Healthscope, NWH up on a RIO contract and FND down nearly 9% on results. In economic news, retail sales slipped. Asian markets fell with Japan down 0.9%, China down 0.3%, and HK down 1.5%. 10-year yields at 4.28%.

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Wall Street recorded a positive session following Nvidia’s strong after-market results Wednesday. Markets had a lot to digest as a US trade court challenged Trump’s ability to impose tariffs, a move later overruled for the time being by the appeals court. Biggest legal challenge to Trump yet and will escalate. S&P 500 up 0.40%, NASDAQ up 0.39%. Dow rose at open, continually dropped until midday, and found strength to rise and end near high. Up 117 points. All sectors saw green. REITS biggest beneficiaries as yields fell following appeals court reinstatement of tariffs. Financials also benefitted. Energy up despite oil falling. Defensives in general were the best performing sectors. Growth sectors like Cyclicals and Tech, while positive, were the biggest laggards. Nvidia the biggest gainer following earnings, up 3.2%. Despite US curbs on chips to China, positive sentiment from Nvidia boosted other chips. Dell (-0.1%) also raised full year profit forecast on strong AI server demand, adding further fuel to the AI train. Netflix down 2.0% on no major news. Mixed performance from the other large Tech names, either modest gains or losses. Costco (-0.4%) missed earning expectations as consumer discretionary spending fell amidst economic uncertainty. Tariffs will be felt more by companies come Q2 earnings – Gap (-1.0%) flagged as much in their earnings report. Resources struggled. Despite the dollar slipping further, base metals fell. Nickel and tin both down over 2.5% as economic uncertainty once again came to the forefront following the various legal challenges, and then supports, on Trump’s tariff policy.

ASX to fall. SPI futures down 22 points (-0.26%). Gold back up - Oil down. Quiet session in store.

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The ASX 200 limped to a 13-point rise at 8410 (0.2%) missing out on the US fun as the tariffs got knocked back and Nvidia ran on results. Banks were slightly better with NAB and WBC doing ok, CBA unchanged and the Big Bank Basket up to $272.57 (+0.4%). Financials were strong, MQG up 1.7% and XYZ rising 3.0%. REITs fell, GMG down 1.4% and SCG off 1.1%. Industrials firmed, TCL up 0.4%, WES up 0.2% and TLS pushing ahead up 0.8%. Tech was better but not stunning, WTC up 1.2% and the All-Tech Index up 0.6%. Retail better, TPW up 1.9% and BRG rising 0.4%. Resources were weighed down by BHP and RIO, the ugly sisters, LYC fell 2.1% and S32 off 1.0%. Gold miners were mixed, NST down 0.7% and EVN up 0.8% after a rocky start. Bullion fell on trade news, GMD rose 0.9% as broker upgrades came through. WDS kicked 2.8% on broker optimism on NW shelf deal and oil prices kicking up. Uranium back in the doghouse with DYL off 3.2% and PDN down 5.0%. In corporate news, CIA up 0.5% on record results, RSG fell another 2.4% despite seeking further information from Guinea government. ELD up 1.1% as the ACCC voiced concerns on its acquisition of Delta. Nothing on the economic front, Asian market rallied on the US news. 10-year yields steady at 4.37%.

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Wall Street recorded a negative session, dropping late on, as markets chewed on Fed meeting minutes from early May and awaited Nvidia earnings results after market close. Nvidia beat expectations although guidance was lower than expected due to anticipated lost revenue from China. Up over 4% in after hours trading, Wall Street will follow. S&P 500 down 0.56%, NASDAQ down 0.46%. Dow slowly fell throughout the day and dropped before the close. Down 245 points, near low. All sectors saw red. Materials and Energy joint worst. Global growth fears for Materials, Energy harder to understand, oil rose on supply concerns ahead of July OPEC+ call. Utilities also eased as yield resumed their rise. REITS held steady though, only shed 3bps. Cyclicals down, Tesla worst performer, down 1.6% despite targeting June 12th launch for Robotaxi Service in Austin. Tech second best relative performer. Chips sold off late as market got jitters before Nvidia earnings. Amazon down 0.6% as in-car software plans with Stellantis stall. Stellantis (-2.2%) also named company veteran Antonio Filose as new CEO. Resources mixed. Oil up on supply concerns. Stronger dollar weighed on others. Copper down over 1%, iron ore the same, weak China demand. Tin, Aluminium managed modest gains.

ASX to open flat. SPI futures down 4 points (-0.05%).

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The ASX 200 limped along to close down 11 points at 8397 as a Japanese bond auction underwhelmed, and CPI came in a little hotter than expected. Blame eggs. Banks went a little squishy, with CBA falling 0.9% and the Big Bank Basket down to $271.48 (-0.9%). Insurers also fell with QBE off 1.6%. Other financials were mixed, XYZ rose 4.9% on better US consumer sentiment and bitcoin. REITs are better today, GMG is up 0.9%, and SCG is rising, Industrials started well but fizzled, WES is down 0.1%, and retail is falling slightly. Tech was better following US tech, and the All-Tech Index was up 1.3% with WTC up 0.4%. REA bounced 1.9% after its fall yesterday on ACCC News, and TLS slid 0.2% on some broker downgrades. Resources are under a little pressure, RIO off 0.9% and lithium stocks down, MIN downgraded guidance again, down 5.5% with gold miners a little mixed, NST off 0.8% and RMS up 1.1%. MAC rose 20.4% as it got the Harmony bid, uranium was a little mixed, BOE was off %, and LOT was up 5.1%. WDS jumped 3.2% on NW Shelf news, and finally, STO is up 1.9%. Coal stocks also rallied, WHC up 2.7%. In corporate news, WEB jumped 12.4% on much better than expected results, ALQ fell 7.6% after completing its capital raise, IFT disappointed, and FPH fell 4.8% despite a 43% jump in revenues. On the economic front, CPI was unchanged at 2.4%, the RBNZ cut rates again by 25bps. 10-year yields rose to 4.33%. Asian markets, as usual, mixed, Japan up 0.3%, China up 0.1% and HK down 0.8%

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Wall Street recorded a strong session, the first since Trump extended his 50% tariff on the EU from June 1st to July 9th. US consumer confidence also broke a 5 month decline, improving on the back of tariff reprieves between the US and China. S&P 500 up 2.05%, NASDAQ up 2.47%. Dow rose steadily throughout session to end near high. Up 741 points. All sectors up. Growth sectors best performers. News of tariff reprieve outweighed company specific news. Cyclicals were the top performer, boosted by Tesla (+6.9%) despite news the carmakers sales in Europe fell 49% in April from the previous year. Tech followed Cyclicals on the leaderboard. Nvidia up 3.2% ahead of earnings tomorrow Australian time. Alphabet (+2.6%) and Apple (+2.5%) shrugged off Texas law which will enforce age verification on their app stores. Financials also showed further strength as economic outlook improved. All major US banks up over 1.5%. Even Energy stocks were up despite oil falling. Weakest performing sector. Resources down. Dollar strengthening after recent weakness a drag. Oil down as US-Iran talks and OPEC+ plans spark supply concerns. Copper, nickel, iron ore all down.

ASX to rise. SPI futures up 49 points (+0.58%) - CPI today - MIN downgrades

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The ASX 200 finished up 47 points to 8408 (0.6%) ahead of US and UK reopening tonight. The banks led the market higher after a lacklustre session earlier, CBA up 0.8% and ANZ rising 1.4% with the Big Bank Basket up to $273.93 (+1.0%). MQG kicked 1.4% with other financials doing well too, NWL up 1.4% and CGF up 1.1%. REITs are flat, GMG is down 0.5%, with industrials doing better, and BXB is up 3.0% with ALL up 1.9%. TLS rallied another 0.4% on its investor day comments; Retail also improved, JBH was up 1.0%, and LOV was up 4.2%. Tech is better, WTC is continuing to push ahead after its large acquisition, XRO is up 1.5%, and the All-Tech Index is up 0.5%. In resources, iron ore stocks cheered up, BHP up 0.2% and RIO unchanged after earlier bigger falls.  Gold miners eased back, EVN down 3.1% with VAU off 2.2% and GMD down 0.2%. LYC fell 2.5% with PLS off again. Uranium stocks took a break, shorts licking their wounds, Oil and gas flat, coal slightly better. In corporate news, REA fell 3.5% on ACCC inquiry, VUL down 0.5% as it commenced drilling. On the economic front, Chinese Industrial profits climbed 3% last month from a year earlier, beating forecasts of 2.6%. Asian markets mixed again, with Japan up 0.4%, China down 0.5%, and HK up 0.3%. 10-year yields falling to 4.31%. 

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US markets were closed yesterday for Memorial Day.

European stocks were up following first session since Trump’s tariff extension. 

ASX to rise. SPI futures up 20 points (+0.24%). TLS Investor Day - ALS placement - Iron ore at two week low

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The ASX 200 finished unchanged at 8361, as US futures improved on the Latest Trump backflip. Gold and uranium are the stand-out sectors, with BOE up 7.3% and PDN rising 8.8%. NST and EVN are both doing well, and Cu pricing is helping, too. Iron ore missed, oil and gas flat, interest stirring in base metals, S32 up % and NIC up %. Banks drifted slightly lower, ANZ down 1.4% and NAB off 0.8%. The Big Bank Basket eased to $271.19 (-0.3%) MQG gained 0.5% with insurers slightly better. Industrials were uninspiring, ORG fell 4.9% on an Octopus downgrade, in the tech space, WTC announced its biggest acquisition to date, debt funded, up 4.7% with the All-Tech Index up 0.4%. In corporate news, ELD dropped 6.7% on more underwhelming results., AX1 announced its chair would retire and GMD bought a gold project from FML.  Nothing exciting on the economic front. Asian markets mixed, Japan up 0.9%, China down 0.7% and HK off 1.1%. 10-year yields falling to 4.39%.

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Global stocks fell Friday as Trump reignited trade war fears. S&P 500 down 0.67%. Nasdaq down 1%. Dow down 256 points. Indices opened at the low, rising for most the session. VIX up 10%. The main headline: ‘here we go again’. Trump threatened 50% tariffs on EU goods after Bessent said the current deals weren’t good enough. He had been quiet since returning from the Middle-East…too quiet. Does support the narrative this new administration wants volatility. The EU exports ~€500bn to the US each year. Mostly pharmaceuticals, autos, chemicals and aircraft.

Tech and discretionary spending stocks were the biggest losers. Defensives the best. Bond yields mixed. Both the US30Y and 10Y fell while the 2Y was unchanged. 

SPI down 30 - Gold and Oil up - WTC makes big acquisition. US Markets closed tonight.

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The ASX 200 limped 12 points higher to 8361 (+0.2%) ahead of a long weekend in the US. For the week, we are up 17 points. Banks once again firm, CBA up another 0.7% with the Big Bank Basket up to $271.95 (+0.6%). ANZ outperforming. Insurers rose slightly, and financial services better, with XYZ up 5.5% and GQG bouncing 2.4%. REITs were firm, GMG up 2.2% and SGP rising 0.2% as 10-year yields steadied to 4.45%. Healthcare is flat, tech stocks are slightly better, XRO is up 0.7%, and the Index is up 0.9%. ‘Old Skool’ platforms are doing ok, REA up 0.5% and CAR up 1.3%. TLS continues to push ahead. Retail better, JBH up 1.6% and MYR up 5.4% following a sales update. Utilities are under a little pressure on an ORG downgrade, off 1.1%. Resources were mainly weaker; iron ore stocks eased back, FMG was down 2.4%, with gold miners drifting slightly lower. Uranium stocks are on fire as Reuters reported that Trump will sign an order to benefit the uranium and nuclear industry. BOE up 12.1%, PDN up 6.7% and SLX up a huge 15.3%. Oil and gas are moving a smidge higher.

In corporate news, BEN results out this morning, up 0.8%, and NUF continued to fall as one broker lost faith in the stock. Nothing locally on the economic front, Japanese CPI picked up more than anticipated, 3.5% excluding fresh food. Asian markets firmed, Japan up 0.6%, and HK up 0.3%. Dow futures flat, Nasdaq futures down 0.3%.

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The S&P 500 ended Thursday near flat, as investors grappled with fears of rising rates and worries about a ballooning U.S. deficit. The 30-year Treasury yield hit its highest since October 2023 as lawmakers passed a bill that investors fear could worsen the U.S. deficit.

The Dow Jones Industrial Average slipped 1.35 points, closing at 41,859.09. The S&P 500 lost 0.04% and ended at 5,842.01, while the Nasdaq Composite advanced 0.28% and settled at 18,925.73.

In a party line vote early Thursday, House members approved the bill that includes lower taxes and additional military spending.

SPI up 22 - Gold eases - Bitcoin hits new record - Yields fall - MYR sales update.

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ASX to fall. SPI futures down 82 points (-0.98%).

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The ASX 200 rallied another 44 points to 8387 (+0.5%). Off its highs but still looking ok. Once again, the banks led us up, CBA hitting a record high, up 1.5%, with the Big Bank Basket up to $273.04 (+1.2%). MQG is up 1.0% with insurers flat. 10-year yields at 4.48%. Other financials eased, and REITs drifted slightly higher. Industrials mixed, TLS continuing higher up 0.6% and ALL down 1.5% with retail taking a break. Tech stocks saw selling in WTC and XRO, but TNE was up 5.9% again as retail eased back. Healthcare stocks resumed the uptrend, with RMD bouncing back 4.0% and FPH up 3.1%, too. In resources, BHP and RIO rose, but FMG drifted 0.1% lower. Gold miners were better, bullion and geo-political risks helping here, NEM up 3.6% and NST rallying 3.2%, with PRU doing very well, up 9.7%. Lithium stocks slipped lower, and oil and gas stocks were pushed higher on rumours that Israel would attack Iranian nuclear facilities. Uranium stocks are rallying slightly.

In corporate news, JHX fell 6.2% on disappointing numbers, and MYX dropped 29.8% as the bidder is trying to wriggle out of the deal with private equity. NUF collapsed 30.1% after downgrading guidance. CAT jumped 13.7% on a 19% increase in revenues. Gold and silver are pushing ahead again in Asian trade. On the economic front, Commonwealth Bank expects the Reserve Bank to cut interest rates earlier than expected. Asian markets saw Japan fall 0.2% with HK up 0.4% and China up 0.1%.

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Wall Street recorded a negative session as markets contemplated US fiscal concerns while Congress debated a bill for tax cut. Ended a streak of six consecutive gains for the S&P 500. S&P 500 down 0.39%, NASDAQ down 0.38%. Dow down 115 points. Dropped at open and maintained level for most of session. Ended mid range. Mostly negative sector performance. Energy once again worst sector. Long-term global growth concerns. Growth sectors performed poorly. Tech down. Alphabet down 1.5% despite pushing AI at its Input/Output annual conference. Cyclicals also down. Tesla (+0.5%) rare positive as Musk stated its ready to trial robotaxi in Austin this June. Financials also eased as growth and fiscal concerns came into spotlight. JP Morgan (+0.3%) exception as shareholders approved executive pay packages and appointment of new directors. Utilities and Healthcare only two sectors up. Utilities benefitted from shift into defensives. Healthcare regained some of recent losses after Trump stated tariffs on sector on the way – no update as of yet. Home Depot down 0.6% despite beating estimates. Stated it would swallow tariffs rather than pass on to consumers. Resources up. Weaker dollar a boost. Aluminium, zinc, lead all up over 1%.  

ASX to rise. SPI futures up 48 points (+0.62%).

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 ASX 200 rallies 48 points to 8343 (0.6%), regaining yesterday’s loss as the RBA cuts rates by 25bps, as expected. Banks better, led by NAB up 1% with the Big Bank Basket up to $269.90 (+0.7%). MQG rallied 2.0% with other financials better, too, ZIP up 3.1% and PNI up 1.7%. Insurers firmed, and REITS pushed higher as rates fell. 10-year yields fell to 4.44%. Industrials are also doing well, with WES up 0.8% and TLS rising 2.2% as it pushed up phone plans. SGH is up 1.4%, and retail is doing better as rates fall. JBH is up 1.3% with TPW rising 2.9% and travel stocks also in demand, CTD up 1.9% and FLT up 1.5%. KGN fell on disappointing results, off 8.9%. Tech stocks rose, with TNE the standout, up 11.3%, beating expectations and hitting new records.  The All-Tech Index is up %. Resources mixed, iron ore miners gave up early gains, and gold miners too started well but wilted with NST down 1.4% and NEM off 11.4%. Coal stocks are flat, oil and gas mixed, and uranium slightly weaker. In corporate news, OFX crashed 34.6% after a huge run yesterday and a trading halt. On the economic front, the RBA cut rates to 3.85% lowest in two years. China eased rates back too. Asian markets were positive with CATL listing in HK today. European futures pointing to a solid opening. 

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Wall Street recorded a flat session following Moody’s downgrade of the US’s credit rating after market close on Friday. US indices dropped at open but recovered by the end of session. S&P 500 up 0.09%, NASDAQ up 0.02%. Dow up 137 points. Ended near high. Mostly positive sector performance. Healthcare best performing sector. Novarax (+15%) boosted sector as received FDA approval for Covid vaccine. Utilities second best performer. Other defensives did well too. Materials and Industrials both up. Energy worst performing sector by over 1%. Moody’s downgrade renewed global growth concerns. Cyclicals also showing weakness. Tesla (-2.3%) dragged sector down. Barron’s report from over weekend showed Chinese sales fell about 25% in April and first half of May. Market reacted negatively to AMD (-2.1%) selling recently acquired ZT Systems’ server-manufacturing business to Sanmina for $3Bn. Microsoft up 1.0% after offering its data centres to various AI companies while announcing new AI tool for coding. Resources mixed. Weaker dollar benefitted oil, copper, tin. But many base metals fell on weak Chinese data. Iron ore, Aluminium both down.

ASX to rise. SPI futures up 73 points (+0.88%).

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ASX 200 followed US futures down on Moody’s downgrade, off 49 points at 8295 (0.6%).  Banks tried to hold off the selling, but the Big Bank Basket rose to $267.97 (+0.3%). MQG fell 3.4% as it went Ex-dividend. Financials slid, ZIP off 6.2% and PPT down 2.9% with PNI off 2.4%. Insurers unchanged, REITs fell as bond yields pushed up a little to 4.51%. GMG down 0.6% and SCG off 0.3%. Industrials eased back too, CPU down 1.0% and WTC falling 2.1% with retail and travel stocks down. DMP fell 2.6% as CEO ANZ resigned. Resources pounded by lower commodity prices, BHP off 2.4%, RIO down 1.3% and FMG being crunched 4.9%. Lithium stocks depressed, PLS off 10.0% as the shorts came roaring back in LTR too off 16.6%. MIN fell 8.8% after announcing a new chair. Gold miners were better on haven buying, NST up 1.9% and NEM bouncing 2.5%. Coal stocks hit hard as NHC downgraded guidance, off 7.1% with WHC down 3.4%. Uranium stocks also seeing fallout, PDN down 4.1% and the oil and gas sector easing back too. In corporate news, MYX in a trading halt pending more information on the Cosette bid, EOS jumped 14.7% on a Euro contract, LLC down 0.4% after signing JV with the King. On the economic front, Chinese data mixed. Asian markets eased back in line with US futures.

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Another good night on Wall St despite bearish headlines. S&P 500 up 0.7%. Nasdaq up 0.52% and the Dow up 332 points. Closing on the high. Michigan consumer sentiment dropped on Friday for the 5th month in a row to a 10Y low. Inflation expectations hit 4.6%. The highest reading since the measure began in 2008. Sounds bad but both numbers are sentiment based, not real data. The rise in stocks was attributed to continued momentum and optimism surrounding the US/China trade deal. Pretty much every newswire is saying the rally will soon run out of steam due to ‘future’ economic data turning sour. The market ploughs ahead. The key number quoted is the ‘effective’ US tariff on imports. Following Monday it’s down from 24% to 14% but still well above the pre-Trump level of 2.3%.

SPI down 7 - US Futures fall on Sunday - Dow down 263 - Nasdaq down 143

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The ASX 200 wilted slightly from 8400, to close up only 46 points at 8344, touching a 3-month high. Today, it was all about resources as BHP, RIO, and FMG rallied. The gold sector, too, was back in demand, with GMD up 4.4% and NEM rising 3.6% after a bruising week. LYC bounced too much 2.7% with LTR continuing to find friends and shorts covering. Up another 3.2%. In oil and gas, WDS unchanged and STO rose 0.5%, with uranium stocks giving back some recent gains, PDN down 8.0%, and BOE off 7.2%. Banks took a breather with NAB pushing higher again, CBA off slightly, and MQG fell 1.5% with IAG down 2.8%. The Big Bank Basket $267.18 (+0.1%) Financials were stronger, PNI up 2.8% and IFL rising 1.2%.  ZIP is up another 2.4%. REITs also benefitted from lower yields and pushed higher, GMG up 2.9% and SCG rising 2.5%.  Healthcare was better as CSL rose 1.4% with industrials a slight green tinge. TCL is up 0.9%, and QAN is doing well, Retail is, too, ahead of RBA next week. Tech slipped, XRO was down 1.1%, and WTC was off 2.2%. The All-Tech Index is down 0.1%. In corporate news, APX jumped 18.7% on an update at the AGM, NWH shrugged off Valhalla news, and DXS went down 1.1% after APAC moved on breach of contracts.  Nothing locally on the economic front, Japanese GDP fell slightly, and China and HK went down 0.6%. 10-year yields down to 4.45%.

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Wall Street recorded another mixed day in a choppy session as US data came in weaker than expected. US producer prices unexpectedly dropped and retail sales were mixed. S&P 500 up 0.41%, NASDAQ down 0.18%. Dow up. Dropped at open but steadily rose throughout day. Ended near high, up 272 points. Mostly positive sector performance. Growth sectors returned some recent gains. Tech slightly down, Cyclicals down. Amazon (-2.4%) and Tesla (-1.4%) dragged Cyclicals down. Tesla impacted by news Musk took leased cars back to sell after saying they were taken back to become robotaxis. All other sectors up. Rate-sensitive sectors best performing. Weak data caused yields to fall, boosted REITS and Utilities. Non-Cyclicals also did well despite Walmart (-0.5%) warning of price hikes following Trump’s tariffs. Healthcare also up following recent struggles as Trump demands costs consumers’ face are lowered. UAE to build biggest AI campus outside of US. Priced into Big Chips in the days prior. UnitedHealth dropped 10.9% as DoJ began criminal probe into potential Medicare fraud. Down 28.9% last 5 days, down 53.0% in last month. Meta down 2.3% as it delayed release of flagship AI model due to capability concerns. Resources down. Oil down after Trump claimed US close to Iran nuclear deal. OPEC+ hike also to increase supply faster than expected according to IEA. Base metals down. Fears of longer-term US-China trade. Iron ore still near 5 week high. Zinc, Aluminium, Nickel all down.

ASX to rise. SPI futures up 80 points (+0.96%). Gold up 2% Oil down. 

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The ASX 200 rose 18 points to 8298 (+0.2%) as the banks put in another solid day. CBA is up 1.3% with NAB once again slightly outperforming, ANZ up 1.7% with the Big Bank Basket up to $266.85 (+1.3%). MQG rallied 1.2% with other financials mixed. Insurers better, IAG rose 5.7% after signing a deal with RACWA. Up 5.7%. REITs were once again under pressure as yields continued higher as job numbers came in better than expected. SCG down 1.9% and GMG off 1.0%. Industrials rose, WES up 2.2%, and ALL recovered some of the dips yesterday,y up 1.9%, with WOW and COL slightly better. Tech rallied, and XRO released some good numbers, rising 4.7%. Resources failed to launch again, BHP down 0.7% with RIO off 0.4% and gold miners under siege as bullion falls again. GMD down 3.2% and NEM off 4.0%. Base metal and lithium stocks eased, MIN up 1.9%. Oil and gas slid back, WDS down 1.8%, and uranium mixed again.

In corporate news, GNC leaped 8.8% on a positive update, and NWH fell 8.3% after a warning on the Valhalla steelworks sale process. MYX jumped 8.2% after Deloitte reviewed the Cosette $672m deal. TWE fell 5.2% as the CEO stepped down.

On the economic front, the labour market showed strength, with a jump of 89k jobs in April, more than the 20k forecast. Asian markets drifted lower, with Japan down 0.9%, HK down 1.0%, and China down 0.7%. Dow futures down 0.5%, NASDAQ futures down 0.2%. 

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Wall Street recorded another mixed session as sectors diverged in their reactions to the US-China trade deal. S&P 500 up 0.10%, NASDAQ up 0.72%. Dow down. Rose at the open and fell throughout the day before recovering somewhat near end. Ended down 89 points. Mid-range. Primarily negative sector performance. Tech only sector up more than 1%, Cyclicals only other sector up, Financials flat. Alphabet Tech leader, up 3.7% without major news, recovering from some recent weakness. Nvidia up 4.2% after reports US close to allowing UAE to import millions of Nvidia chips. Healthcare worst performing sector, continuing recent struggles. Pharma companies have begun considering moving early stage trials outside of US following US layoffs and policy changes. REITS down as yields tick higher. Cisco down 0.8% despite raising annual results forecast on AI demand. Netflix up 1.1% after announcing ad-supported service has 94m subscribers. Ford down 0.6% after recalling 273,000 vehicles in US as break fluid leakage increases risk of accident. Resources up. Oil down after recent rises. Base metals had good night. Iron ore hits 5 week high, up over 2%. Zinc, Aluminium, Nickel all up over 1%.

ASX to fall. SPI futures down 36 points (-0.43%). Gold and oil down - Iron ore up

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The ASX 200 was up 11 at 8280 (0.1%), with some big movers hurting positive sentiments. ALL had an 8.9% fall on an earnings miss, and MQG slid 1.6% as ASIC looks at short selling reports. CBA reported a better-than-expected number and rose 0.8% with the Big Bank Basket up to $263.99 (+0.6%). NAB is rallying hard again. Insurers were better, SUN was up 0.9% with financials mixed, IFL toppled 15.8% as Bain pulled the plug, GQG saw some profit-taking, and XYZ and ZIP both showed a clean pair of heels. REITs remain under some pressure as yields hit 4.47% in the 10s. Healthcare slipped, CSL down 0.4% and SIG falling 2.3% with PME pushing higher again. Retail stocks slipped a little, APE down 2.4% on a broker downgrade, but JBH up 0.6%. ALL weighed on the sector. Tech stocks built on Tuesday’s gains, WTC down 0.6% and the All-Tech Index up 1.5%. Resources were a mixed bag. BHP and RIO were around 0.5% higher, FMG was moving 2.2% higher, gold miners were mixed, GMD up 3.5% and CYL up 6.4% with NEM down 2.0%. MIN rose 4.0%, and LTR continues to roar ahead in the lithium space, up another 6.1%. Oil and gas better, WDS up 3.4% as oil prices rose, and it signed a deal with Aramco in Louisiana. In corporate news, MYX back from a trading pause as the US regulatory deadline draws close. On the economic front, wage growth came in at 3.4%, slightly higher than expected. Asian markets mixed, with Japan down 0.2%, HK up 1.7%, and China up 0.9%.  

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Wall Street recorded primarily positive results as US inflation data came in slightly below expectations at 0.2% MoM rather than the 0.3% forecasted. S&P 500 up 0.72%, NASDAQ up 1.61%. Dow down. Fell at the open and dropped again before the close. Ended down 270 points, near low. UnitedHealth major drag on Dow, down 17.8% as the CEO stepped down and it suspended annual forecast. Mixed sector performance. Tech led gains. Chips did well as companies announced AI deals in the Middle East following Trump’s visit.

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