Daily Market Update: 04 May 2026

ASX rebounds as risk-on sentiment returns

Australian shares rose for the first time in almost two weeks on Friday as risk-on sentiment returned at the start of a new month, supported by easing oil prices and strong United States corporate earnings. The S&P/ASX 200 (ASX: XJO) advanced 64 points, to 8,729.8, trimming the weekly loss to 0.6 per cent and snapping an eight-day losing streak — the longest since 2018. Gains came despite thin regional trading with most Asian markets closed for the May Day holiday, after oil eased back from a four-year high of US$126.41 reached on Thursday to trade near US$111. Investors are now focused on whether the Reserve Bank of Australia delivers a widely expected rate rise on Tuesday, after inflation hit its highest level since 2023 in March.

Materials lead sector gains while financials lag

Materials were the strongest performers, as BHP Group Limited (ASX: BHP) climbed 2.3 per cent to $54.94, Rio Tinto Limited (ASX: RIO) rose 2.7 per cent to $171.97 and Liontown Resources Limited (ASX: LTR) surged 12.3 per cent to a record high of $2.64. Consumer staples rebounded, led by Coles Group Limited (ASX: COL), which rose 3.7 per cent to $22.92 after a narrow beat on supermarket sales, while Woolworths Group Limited (ASX: WOW) fell a further 0.8 per cent to $34.15. Energy was mixed, as Woodside Energy Group Limited (ASX: WDS) fell 1.3 per cent to $33.12, while Whitehaven Coal Limited (ASX: WHC) added 2.6 per cent to $8.63 and Paladin Energy Limited (ASX: PDN) rose 3.9 per cent to $11.97. Financials was the only sector lower, as Australia and New Zealand Banking Group Limited (ASX: ANZ) slid 2.8 per cent to $35.61 on weaker revenue trends despite a $3.78 billion cash profit beat, and Commonwealth Bank of Australia (ASX: CBA) fell 0.4 per cent to $173.04. In stock-specific moves, Qantas Airways Limited (ASX: QAN) gained 0.8 per cent to $8.48 on extended flight cuts, ResMed Inc (ASX: RMD) lost 3.5 per cent to $28.73 on softer device growth, SkyCity Entertainment Group Limited (ASX: SKC) dropped 5.6 per cent to 51¢ on lowered earnings guidance, and Sequoia Financial Group Limited (ASX: SEQ) dived 2.4 per cent to 20¢ after ending a planned divestment.

Apple rally drives United States indices to fresh highs

United States equities advanced on 1 May, with Apple Inc (NASDAQ: AAPL) rallying 3.3 per cent as investors flocked to the iPhone maker following better-than-expected quarterly results and an optimistic outlook, helping both the Nasdaq Composite (NASDAQ: IXIC) and the S&P 500 Index (NYSE: SPX) reset their highs. At the close in New York, the Nasdaq was up 0.9 per cent and the S&P 500 had advanced 0.3 per cent, while the Dow Jones Industrial Average (NYSE: DJI) fell 0.3 per cent, with half of its 30 components rising and half falling. Five of the “magnificent seven” rose, led by Apple, while NVIDIA Corporation (NASDAQ: NVDA) and Meta Platforms Inc (NASDAQ: META) slipped. Google parent Alphabet Inc (NASDAQ: GOOGL) continued to close the gap with NVIDIA in market capitalisation, ending the week at US$4.66 trillion versus NVIDIA at US$4.82 trillion.