Daily Market Update: 23 July 2026

Miners rally as ASX climbs on commodity surge

The S&P/ASX 200 Index (ASX: XJO) rose 0.3 per cent, or 29.70 points, to 8823 on Wednesday, with just three of 11 sectors stronger as investors bought beaten-down miners after copper hit a more than one-month high and gold rebounded amid escalating Middle East tensions. BHP Group Limited (ASX: BHP) climbed 2.5 per cent to a one-week high of $59.76, Rio Tinto Limited (ASX: RIO) added 2.5 per cent to $161.98 and South32 Limited (ASX: S32) jumped 4.6 per cent to $4.55, while gold miners Newmont Corporation (ASX: NEM) and Ora Banda Mining Limited (ASX: OBM) rose 3.5 per cent and 7.3 per cent respectively as gold gained 1.3 per cent to $US4130 an ounce. Higher oil prices, after Brent crude climbed above $US92 a barrel on Trump’s comments on Iran, lifted energy names Woodside Energy Group Ltd (ASX: WDS), Santos Limited (ASX: STO), Karoon Energy Ltd (ASX: KAR) and Paladin Energy Limited (ASX: PDN), the latter up 6.7 per cent on guidance for higher uranium output at Langer Heinrich. Healthcare was the weakest sector as CSL Limited (ASX: CSL) fell 2.8 per cent to $117.94 after Morgan Stanley cut its price target, and Cochlear Limited (ASX: COH) lost 4.9 per cent to $112.19, while technology also weighed, with Xero Limited (ASX: XRO), TechnologyOne Limited (ASX: TNE) and WiseTech Global Limited (ASX: WTC) all down. Banks were mixed as Commonwealth Bank of Australia (ASX: CBA) added 0.7 per cent late in the session.

Lynas cost blowout and Wesfarmers’ lithium bet headline stock moves

Lynas Rare Earths Limited (ASX: LYC) fell 3.6 per cent to $15.38 after flagging its Malaysian heavy rare earths expansion would now cost $294 million, up from the previously guided $180 million. Wesfarmers Limited (ASX: WES) dropped 2.1 per cent to $89.90 after it and its Chilean joint venture partner committed $1.4 billion to expanding their $2.6 billion Western Australian lithium mine on expectations of a sustained market rebound. Ramelius Resources Limited (ASX: RMS) rose 2.7 per cent to $3.10 on drilling results supporting a new underground mine and its target of lifting gold output above 500,000 ounces a year by 2029-30. SkyCity Entertainment Group Limited (ASX: SKC) surged 12.2 per cent to 55 cents after agreeing to sell Auckland’s Grand Hotel, with proceeds earmarked for debt repayment, while Dusk Group Limited (ASX: DSK) slumped 8.6 per cent to 69 cents after the ACCC launched legal action alleging it sold 25 products containing non-compliant batteries.

Wall Street eases ahead of mega-cap tech earnings as Iran tensions escalate

US shares closed lower on Wednesday ahead of the start of mega-cap technology earnings, with the S&P 500 Index (NYSE: SPX) down 0.1 per cent, the Nasdaq 100 Index (NASDAQ: NDX) losing 0.5 per cent and the Dow Jones Industrial Average (NYSE: DJI) little changed. Software stocks came under pressure ahead of Alphabet Inc.’s (NASDAQ: GOOGL) results, with Microsoft Corporation (NASDAQ: MSFT) down 1.9 per cent and Meta Platforms, Inc. (NASDAQ: META) retreating 2.6 per cent as investors reassessed AI hyperscaler spending, while Tesla, Inc. (NASDAQ: TSLA) also fell ahead of its earnings release [figure not provided in source]. Chipmakers rebounded from earlier losses, led by NVIDIA Corporation (NASDAQ: NVDA) up 2.3 per cent, Broadcom Inc. (NASDAQ: AVGO) rising 2.7 per cent and Advanced Micro Devices, Inc. (NASDAQ: AMD) adding 1.4 per cent. Tensions between the US and Iran escalated after Iranian drone attacks reportedly targeted CIA facilities in the Gulf, extending gains in oil prices and pushing bond yields higher. Financials traded mixed as Visa Inc. (NYSE: V) fell 0.7 per cent while JPMorgan Chase & Co. (NYSE: JPM) gained 0.9 per cent, and AT&T Inc. (NYSE: T) rose 3.5 per cent after beating earnings estimates.