Recouping recent losses, the Australian stock market experienced a notable upswing on Tuesday, buoyed by positive trends from Wall Street. The benchmark S&P/ASX 200 Index surged above the 7,700 mark, reflecting gains across gold mining, technology, and financial sectors.
The S&P/ASX 200 Index climbed 68.90 points or 0.90% to reach 7,769.20, touching this as its high for the session. Meanwhile, the broader S&P/ASX 200 Index increased by 62.20 points or 0.78% to hit 8,005.80. Australian stocks had concluded Monday's session with slight overall declines.
In the mining sector, Rio Tinto and BHP Group both saw modest gains of 0.2%, whereas Mineral Resources decreased by 0.2%. Fortescue Metals fell by more than 4% in response to a $1.1 billion block trade at a 6% discount following the previous day’s close.
Oil stocks exhibited mixed results. Woodside Energy dipped by 0.1%, Santos rose by 0.4%, and Origin Energy increased by over 1%. Beach Energy plummeted by 4.5% after announcing reduced spending, operational costs, and job cuts to boost performance post-strategic review.
Tech stocks performed well, with Appen advancing over 3%, Zip gaining more than 2%, and WiseTech Global rising by over 1%. Block and Xero, Afterpay's owner, each gained nearly 1%.
Gold miners mostly showed gains. Gold Road Resources, Newmont, and Resolute Mining each increased by over 1%, while Evolution Mining saw a slight uptick of 0.1%. Northern Star Resources dipped by 0.5%.
Among major banks, Commonwealth Bank and National Australia each rose by more than 1%, Westpac edged up 0.4%, and ANZ Banking Group added almost 1%.
On the economic front, the Reserve Bank of Australia concluded its monetary policy meeting on Tuesday and is expected to maintain the benchmark lending rate at 4.35%.
In the currency market, the Australian dollar was trading at 0.662 USD.
Turning to U.S. markets, stocks lacked direction early but trended higher throughout Monday's session. Major indices, including the Nasdaq and the S&P 500, reached new record closing highs. The Nasdaq climbed 168.14 points or 1.0% to 17,857.02, the S&P 500 advanced by 41.63 points or 0.8% to 5,473.23, and the Dow increased by 188.94 points or 0.5% to close at 38,778.10.
In Europe, market performance varied. The U.K.'s FTSE 100 Index slightly decreased by 0.1%, while Germany’s DAX Index rose by 0.4%, and France’s CAC 40 Index advanced by 0.9%.
Crude oil prices hit a six-week high on Monday amid optimism about energy demand. West Texas Intermediate crude oil futures for July settled at $80.33 a barrel, up by $1.88 or approximately 1.25%, marking the highest close since April 29.
