ASX Seesaws Amid Macquarie Legal Setback – Technology Stocks Gain

May 14, 2025 04:13 PM AEST | By Team Kalkine Media

ASX Seesaws Amid Macquarie Legal Setback – Technology Stocks Gain — Image source: shutterstock

Macquarie's Legal Troubles

Macquarie Group, a prominent player on the ASX, is facing significant headwinds after being sued by the Australian Securities and Investments Commission (ASIC). This marks the fourth time in the past year that ASIC has taken regulatory action against Macquarie, accusing the company of misleading conduct. This legal challenge has caused volatility in Macquarie's stock price, with investors closely monitoring the outcome of the case. Macquarie's performance on the ASX remains under scrutiny, with its involvement in multiple controversies continuing to impact market sentiment.

Impact of Wall Street's Tech Rally

In the global arena, US technology stocks saw an uptick, which had a ripple effect on local markets, including the ASX 200. The US reported inflation figures lower than anticipated, providing a boost to technology shares despite broader global concerns regarding tariffs. The positive momentum from Wall Street contributed to the afternoon gains observed on the ASX.

Sector Overview

While Macquarie faces legal challenges, the broader technology sector on the ASX showed signs of resilience, influenced by the US market's performance. Meanwhile, other sectors such as banking and resources also saw mixed results, reflecting the overall cautious sentiment that still pervades the market.

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