ASX Climbs Amid Global Market Cues; CBA Hits Record High Despite Tech Drag

May 02, 2025 11:40 AM AEST | By Team Kalkine Media

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ASX Climbs Amid Global Market Cues; CBA Hits Record High Despite Tech Drag — Image source: shutterstock

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Highlights

ASX opens higher despite tech sector weakness

Commonwealth Bank (ASX:CBA) hits record price

Iron ore miners drag amid soft demand

Australian shares edged higher in early trade, driven by strength in the banking sector, even as global tech headwinds and weak commodity prices weighed on the broader sentiment. The S&P/ASX 200 [source] was up 0.3 per cent, or 27.8 points, trading at 8173.4 around 10:40am. The broader All Ordinaries index also rose 0.3 per cent. Seven of the 11 sectors showed gains, with financials leading the charge.

In global markets, the Nasdaq climbed 1.5 per cent and the S&P 500 gained 0.7 per cent, supported by a surge in major US tech stocks. Microsoft (NASDAQ:MSFT) rallied 7.6 per cent and Meta Platforms (NASDAQ:META) added 4.2 per cent. The momentum was initially supported by signs of potential progress in US-China trade talks. However, sentiment later softened after Apple (NASDAQ:AAPL) and Amazon (NASDAQ:AMZN) flagged concerns over the ongoing impact of tariffs, with Apple forecasting a $1.4 billion hit in the next quarter.

Despite the rebound in equities, uncertainty persists as markets try to gauge the long-term effects of trade policies on economic activity. Analysts note growing sensitivity to US economic data and earnings outlooks, especially as tariff pressures intensify.

Back in Australia, gains in major banks helped offset losses in technology and mining sectors. Commonwealth Bank of Australia (ASX:CBA) touched a record high of $169.15, up 1.1 per cent in morning trade. This lifted sentiment around ASX dividend stocks [source], with financials often seen as key yield generators.

In contrast, mining heavyweights faced downward pressure. BHP Group (ASX:BHP) fell 1.2 per cent and Rio Tinto (ASX:RIO) lost 0.9 per cent amid continued weakness in iron ore prices. Soft factory activity data weighed on the commodity outlook, putting pressure on the resource sector.

Tech stocks struggled as well. Block Inc (ASX:SQ2) plunged 26 per cent after disappointing earnings from US peers shook investor confidence. WiseTech Global (ASX:WTC) edged up 0.1 per cent after confirming interest in acquiring US-based supply chain firm e2open.

Other notable moves included Capstone Copper (ASX:CSC), which surged 5.1 per cent following record quarterly revenues of $533.3 million, supported by strong output at its Mantoverde and Mantos Blancos operations. On the downside, Corporate Travel Management (ASX:CTD) dropped 10.4 per cent after forecasting a slowdown in revenue and earnings growth, citing a pullback in client demand linked to tariffs.

Despite global uncertainties, the local market showed resilience, underpinned by strong financials and selective optimism in corporate earnings.

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