US stock indexes closed higher on Tuesday, supported by strength in the technology sector and easing inflation risks. The S&P 500 gained 0.8%, while the Nasdaq 100 rose 1.7%, and the Dow Jones added 136 points to close at a record high of 52,319. Chipmakers extended their rebound as investors looked past recent concerns over stretched AI-related valuations, encouraged by strong guidance from semiconductor producers despite elevated hyperscaler spending. Nvidia gained 2.6%, AMD rose 7.7%, and Intel advanced 6%. Meanwhile, oil prices remained near pre-conflict levels, easing concerns that the Federal Reserve could be forced into a hiking cycle. The softer inflation backdrop also supported traditional sectors, helping the Dow outperform broader benchmarks in June. Considering Q2, the S&P rose more than 14% and the Nasdaq surged about 20%, their strongest quarterly performances since Q2 2020. The Dow gained more than 12%, its best quarterly performance since Q4 2022.

SPI up 8 - Gold holds above $4000 - S32 sells aluminium assets to Alcoa for US$5.8bn

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The ASX 200 finished the financial year on a lacklustre note, falling 45 points to 8779 (0.5%) as the banks gained and gold miners came under renewed pressure. The Big Bank Basket rose to $273.04 (0.4%) despite CBA holding firm. Other financials fared well too with ZIP up 3.5% and SUN rising 1.2%. REITs struggled as ex-dividend stocks weighed on the sector, with GMG down 3.0% and SCG off 1.5%. Industrials were mixed. TLS fell 1.6%, while tech eased, with XRO up only 0.1% and WTC falling 2.4%. The All - Tech Index gained 1.3% as CPU rallied hard, up 4.0%. Retail stocks drifted lower, while ALL rose 1.3%. Healthcare succumbed to sellers, with CSL down 0.6% and RMD falling 2.2%.

Resources were a sea of red. Gold miners were whacked again as bullion slipped below US$4,000. NST fell 5.8% and EVN dropped 5.2%. Copper stocks were slightly firmer, with SFR up 1.0%, while lithium stocks enjoyed a better session, led by LTR, which ‘roared’ back, rising 1.5%. The big iron ore miners all fell, with BHP down 0.7%, FMG off 1.9% and BSL 3.8% weaker. Oil and gas stocks bucked the trend, with WDS up 0.9% and STO rising 0.8%. Uranium stocks drifted lower.

In corporate news, CKF fell 2.5% after reporting slowing sales in Germany. ALX was unchanged as IFM increased its stake to 55%.

On the economic front, RBA Minutes today. ANZ Consumer confidence picked up slightly.

Nikkei 225 up 1.3%, Kospi up 1.2% HK down 1.4% and Shanghai up 0.7%. US futures firm DJ up 4, Nasdaq up 76. European futures slightly higher.

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US stocks closed sharply higher on Monday, with the S&P 500 rising 1.2%, the Nasdaq 100 surging 2.3%, and the Dow Jones gaining 307 points to finish at a fresh record high, as investors reassessed the AI trade following the recent selloff. Sentiment was also supported by easing tensions between the US and Iran over the weekend, with President Trump saying peace talks with Iran are set to resume on Tuesday. Communication services, consumer discretionary, and technology stocks led the advance. Alphabet jumped 5% on its first trading day as a Dow component replacing Verizon, while Nvidia gained 1.3%, Amazon climbed 3.2%, Meta advanced 2.2%, and Tesla soared 8.5%. Comcast also rallied 4.5% after announcing plans to spin off its media and technology businesses into two separately traded public companies. On the downside, materials was the weakest-performing sector. Apple fell 0.7%, Microsoft declined 1.2%, Walmart slipped 0.9%, and Verizon tumbled 5.2%.

SPI up 3 - Gold slips - RBA Minutes today.

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