Daily Market Update: 06 May 2026

Australian market

The S&P/ASX 200 Index (ASX: XJO) closed 16.60 points lower at 8680.50 on Tuesday after the Reserve Bank of Australia lifted the cash rate to 4.35 per cent, its third increase this year. The market pared earlier losses after Governor Michele Bullock described policy as a “bit restrictive”, following an 8-1 decision that reversed all rate cuts made in 2025. The RBA now expects inflation to peak at 4.8 per cent in June before easing to 2.5 per cent by mid-2028, while the Australian dollar touched US71.39¢ after the commentary proved less hawkish than expected.

Australian sectors

Banking stocks led the decline, with Westpac Banking Corporation (ASX: WBC) down 2.3 per cent after margin pressure offset stronger first-half earnings, while ANZ Group Holdings Limited (ASX: ANZ) fell 0.9 per cent, National Australia Bank Limited (ASX: NAB) eased 0.6 per cent and Commonwealth Bank of Australia (ASX: CBA) rose 0.4 per cent. Materials were weaker as Middle East tensions pushed Brent crude near $US113 a barrel, weighing on Northern Star Resources Limited (ASX: NST), James Hardie Industries plc (ASX: JHX) and BHP Group Limited (ASX: BHP), while energy names including Woodside Energy Group Ltd (ASX: WDS), Viva Energy Group Limited (ASX: VEA) and Ampol Limited (ASX: ALD) gained on firmer oil prices. In corporate news, Vault Minerals Limited (ASX: VAU) rose after agreeing to merge with Regis Resources Limited (ASX: RRL), Magellan Financial Group Limited (ASX: MFG) fell after handing its Global Equities funds to Vinva Investment Management Pty Ltd (unlisted), Codan Limited (ASX: CDA) dropped after a major selldown, Flight Centre Travel Group Limited (ASX: FLT) advanced on reaffirmed guidance and Ventia Services Group Limited (ASX: VNT) rallied after winning a Victorian road maintenance contract.

Global markets

US equities reached fresh highs on Tuesday as corporate earnings and softer energy prices eased inflation concerns, with the S&P 500 Index (INDEXSP: .INX) up 0.8 per cent, the Nasdaq Composite Index (NASDAQ: IXIC) rising 1.2 per cent and the Dow Jones Industrial Average (INDEXDJX: DJI) gaining 0.8 per cent. Oil prices eased after comments from the United States defence secretary that the Iran ceasefire remained intact, despite attacks in the United Arab Emirates, while the Job Openings and Labor Turnover Survey and Institute for Supply Management data pointed to a resilient labour market and firmer prices. Intel Corporation (NASDAQ: INTC) surged 14 per cent on reports it may produce processors for Apple Inc. (NASDAQ: AAPL) devices, Micron Technology, Inc. (NASDAQ: MU) climbed 11 per cent after shipping its highest-capacity solid-state drive and Amazon.com, Inc. (NASDAQ: AMZN) gained on logistics and distribution additions, while Palantir Technologies Inc. (NASDAQ: PLTR) fell 7 per cent and Advanced Micro Devices, Inc. (NASDAQ: AMD) weakened ahead of results.