ASX 200 had another good day up 42 points to 8904 to a 10-weeek high. For the week we are up around 2.1%. Technology saw buyers return after a period of sub-optimal ‘dogness’. NXT jumped 3.5% and 360 rallied 1.7% with the All-Tech Index up 0.8%. I can’t remember the last time that happened. Banks were firm, CBA up 0.5% and WBC up a massive 1.8% with the Big Bank Basket at $273.68 (+0.7%). Financials generally firm, HUB up 5.3% and PNI raced 5.0% ahead. REITs also firm, GMG up 1.2% and SCG up 1.0%. TLS firmed 0.4%, REA up slightly and healthcare was firm. Supermarkets did well, WOW up 0.5% and COL up 0.7%.

Resources were quieter and a little mixed. Gold miners ran out of puff with NST down 1.0% and GMD off 0.3% but NEM continued 0.7% higher. BHP came off a little, down 0.8% with RIO positive. Lithium stocks came in for some profit taking but uranium was glowing as RBC upgraded the sector. PDN up 4.1% and DYL rising 7.5%.

In corporate news, CYL delivered a record quarterly and a broker upgrade helped. IPX up 2.6% after the US DoW paid a final payment and QUB up 0.4% on news MAM will continue with its exclusivity period. CSC did really well, up 7% on its quarterly production. Many more to come next week.

Nothing significant on the local economic front, international arrivals rose 8.4% on the same month in 2024. Davos next week should be fun! Largest US Delegation in history. Team Trump, Making Davos Great Again.

Asian markets ease back slightly. Dow futures up 108, Nasdaq futures up 100. 10-year yields steady at 4.71%.

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A cracking result and profit beat from AI bellwether stock TSMC overnight sent a buzz of confidence back through the US market, especially around the AI trade. Both the Nasdaq and SP500 were up, 0.18% and 0.26% respectively. The Dow climbed 293 points and the VIX fell back. TSMC released its fourth quarter results, which handily beat expectations. Q4 profit was up 35% to a record high. TSMC is the main global producer of advanced AI chips. They expect 2026 revenue to rise nearly 30%. Its market cap is now around $1.4 trillion. It also plans to invest in the US. Capital spending in 2026 could be as high as $56 billion and increase again in 2028 and 2029.

SPI Futures down 13 points. ASX set to open modestly lower. Oil drops. Gold steady. Silver recovers.

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The S&P 500 dropped 0.53% and closed at 6,926.60. The Dow Jones Industrial Average lost 42.36 points, or 0.09%, and ended at 49,149.63. The Nasdaq Composite shed 1%, settling at 23,471.75. It was the second consecutive day of losses for all three indexes.

Tech bogged down the broader market. Chip stocks in particular suffered losses, as Broadcom fell 4% and Nvidia and Micron Technology slid more than 1% each. On Wednesday, Reuters, citing people briefed on the matter, reported that Chinese customs authorities have advised customs agents that Nvidia’s H200 chips are not permitted to enter the country.

Wells Fargo was among the laggards in the session, falling more than 4% after the company posted weaker-than-expected revenue for the fourth quarter. Bank of America and Citigroup were lower despite their results beating consensus estimates, as traders didn’t view them as strong enough to continue supporting a market trading near record highs.

Oil fell on reduced Iran tension. Gold and silver push higher. SPI up 24.

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It was a mixed session for Wall Street overnight, with the major indices modestly down. The Dow dropped 398 points and the Nasdaq was 0.1% lower. The SP500 was down 0.2%. US earnings season began, injecting some uncertainty as results begin to flow through to the market. Big tech was weaker, likely held back from valuation concerns and investor rotation into sectors with better potential upside. That may be a theme for 2026. US financials were down too as high expectations make further gains harder to achieve after a strong rally in 2025. Indeed, financials were the weakest sector in the SP500 overnight. US inflation data came out and showed a CPI rise of 2.6% over the last 12 months, and cemented Fed rate cuts in for 2026, but largely built into prices now. There was little action in the EU either, at least as far as stocks are concerned.

SPI Futures are down 5 points.

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ASX 200 kicked another 49 points to 8809 (0.6%) as resources continue to soar, banks joined in too with the iron ore majors recovering. Some selling on the close knocked it off highs. CBA was up 0.5% with NAB flying 1.9% higher and the Big Bank Basket up to $272.19 (0.9%). Other financials and insurers also rallying, except GQG which fell 8.6% on latest FUM results. REITS also firm, GMG up 1.1% and SCG rising 1.2%. Industrials and healthcare were a little weaker, retail stocks under pressure, JBH down 3.0%, COL sliding 1.8% and TPW off another 2.7%. MYR dropped 5.1% and BAP continued lower. Tech stocks continued to ease, WTC eased 0.3%, XRO up 0.4%, but TNE down 0.8%. Resources were the drivers again, BHP up 2.3% with RIO bouncing back 2.2%. Gold miners were firm, EVN up 2.0% and NST up 3.6% with lithium stocks also doing well and rare earths in focus. LYC up 1.9% despite news that the popular CEO is retiring. Uranium stocks better and oil and gas weak, WDS down 1.7%.

In corporate news, EDV fell 2.9% as it forecast pre-tax profits of between $400-411m. FBU reported a modest improvement in the outlook and ZIP dropped 7.6% on US credit card moves from Trump. 4DX in a trading halt with a placement at 380c.

On the economic front, the ANZ-Roy Morgan survey on consumer sentiment was the weakest start to the new year in 15 years.

Asian markets firmed, Japan jumped 3.4% on a potential snap election, China up 0.1% and HK up 1.1%. US futures down slightly.

10-year yields steady at 4.70%.

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Stocks rallied off their session lows, with the S&P 500 and Dow Jones Industrial Average hitting new all-time highs as investors shook off the Department of Justice opening a criminal investigation into Federal Reserve Chair Jerome Powell.

The S&P 500 rose 0.16% to end at 6,977.27, while the Dow Jones Industrial Average ticked up 86.13 points, or 0.17%, and settled at 49,590.20. Both indexes touched fresh all-time intraday highs and closed at records. The Nasdaq Composite was up 0.26% and closed at 23,733.90.

The major averages rebounded off their worst levels of the session, helped by gains in Walmart and some technology stocks.

Trump announces new 25% tariffs on any country that does business with Iran SPI up 30 - Rudd resigns as US Ambassador.

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