AUS
NZ
UK
CA
USA
IND
_06_16_2026_04_54_27_535266.jpg)
Highlights
- Commonwealth Bank leads gains, lifting financials on a choppy trading day
- Miners support the index with modest rebounds amid gold price surge
- Tech sector and Goodman Group drag as US market turmoil ripples through
The Australian sharemarket managed to hold steady in afternoon trade despite early losses, as strength in financials and miners helped offset broader weakness, particularly in the technology sector. The rebound followed volatile global cues triggered by political commentary out of the US.
By mid-afternoon, the S&P/ASX 200 Index was down just 1.3 points at 7817.8, recouping a significant part of a 1 per cent drop earlier in the session. The All Ordinaries Index also showed mild losses. Despite this recovery, eight of the market's sectors were in the red, led by notable declines in technology shares.
The downbeat start was influenced by a sharp selloff on Wall Street, where the S&P 500 dropped 2.4 per cent. This broad decline also impacted US bonds and the dollar, pushing gold prices above US$3400 an ounce—a fresh high—and boosting the Australian dollar beyond US64¢.
Sentiment was shaken by US President Donald Trump's renewed criticism of the Federal Reserve, arguing that inflation was negligible and pressing for lower interest rates. Markets reacted with caution, interpreting the remarks as a challenge to the central bank’s independence.
In Australia, the recovery was spearheaded by the banking sector. Commonwealth Bank (ASX:CBA) climbed 2.3 per cent, leading the financials higher. Westpac (ASX:WBC) and National Australia Bank (ASX:NAB) posted smaller gains. Macquarie Group (ASX:MQG) rose 2 per cent after confirming the divestment of its public investments division in the US and Europe.
Mining stocks also provided stability. BHP Group (ASX:BHP) added 0.6 per cent while Rio Tinto (ASX:RIO) rose 0.5 per cent, aided by the jump in gold prices which also spurred interest in gold miners. However, Bellevue Gold (ASX:BGL) slipped 5.1 per cent despite positive hedge contract updates, while Deep Yellow (ASX:DYL) fell 6.4 per cent after delaying operations at its Namibian project.
On the tech front, losses weighed heavily. WiseTech Global (ASX:WTC) dropped 1.7 per cent and NextDC (ASX:NXT) slumped 4.8 per cent. Goodman Group (ASX:GMG), operating in the data infrastructure space, also declined 1.4 per cent.
Elsewhere, AMP (ASX:AMP) edged 0.9 per cent higher amid renewed investor interest.
As market participants navigate global uncertainties, local sectors with consistent income and resource backing are emerging as stabilising forces.
