Daily Market Update: 20 April 2026

ASX (ASX:XJO) snaps three-week winning streak as investors trim positions; retailers hit by earnings downgrades

The Australian sharemarket snapped a three-week winning streak on Friday as investors trimmed positions ahead of the weekend, with caution returning across Asia despite tentative progress on extending the US-Iran ceasefire. The S&P/ASX 200 fell 8.1 points, or 0.1 per cent, to 8,946.9, shedding 0.2 per cent for the week after posting its strongest rise in four years on hopes of easing Middle East tensions. Retailers led the losses after Citi warned that high oil prices and tighter financial conditions could affect earnings through to mid-2027 – Harvey Norman (ASX:HVN) fell 3 per cent after a 16 per cent earnings downgrade, JB Hi-Fi (ASX:JBH) dropped 0.5 per cent on an 8 per cent cut, and Wesfarmers (ASX:WES) lost 1.6 per cent after being downgraded to sell. Gold stocks were sold despite bullion rising for the week – Catalyst Metals (ASX:CYL) fell 5 per cent, Northern Star (ASX:NST) 2.2 per cent and Evolution Mining (ASX:EVN) 2 per cent. Brent crude eased 1.3 per cent to US$98.09 as Trump expressed optimism about a longer-term ceasefire – Woodside (ASX:WDS) slipped 0.2 per cent and Ampol (ASX:ALD) 0.8 per cent. Financials were mixed, with NAB (ASX:NAB) down 2 per cent and Westpac (ASX:WBC) 0.7 per cent, while ANZ (ASX:ANZ) added 0.5 per cent. Technology was the star for the week, gaining 13 per cent – WiseTech (ASX:WTC) rose 2.9 per cent and NextDC (ASX:NXT) 1.6 per cent on Friday.

Zip (ASX:ZIP) jumps 14% on earnings upgrade; Temple & Webster (ASX:TPW) slides on Citi downgrade

In company news, Zip (ASX:ZIP) jumped 13.7 per cent to $2.33 after upgrading full-year earnings guidance, with US transaction volumes and revenue surging 43 per cent in the third quarter. Paladin Energy (ASX:PDN) rose 2.8 per cent after upgrading production guidance for its Langer Heinrich uranium mine following a stronger ramp-up. NRW Holdings (ASX:NWH) added 2.2 per cent after securing about $160 million in new contracts through its Fredon subsidiary. On the downside, Temple & Webster (ASX:TPW) fell 6.5 per cent after Citi cut earnings forecasts for FY26 to FY28 by 12–19 per cent, citing weaker web traffic, declining app users and rising macro pressures. Alcoa (ASX:AAI) dropped 3.5 per cent after first-quarter revenue of US$3.2 billion fell short of expectations.

Wall Street surges as Iran opens Strait of Hormuz; S&P 500 hits record, Nasdaq 100 posts 13-day winning streak

Wall Street surged on Friday as Iran declared the Strait of Hormuz completely open for commercial traffic, sparking a global risk-on rally that sent the S&P 500 up 1.2 per cent to a fresh record, the Dow jumping 1.8 per cent and the Nasdaq gaining 1.5 per cent. The Nasdaq 100 extended its winning streak to 13 sessions, the longest in nearly 13 years, fuelled by a rally in semiconductor stocks riding the AI wave. It was the S&P 500’s third consecutive weekly gain of more than 3 per cent, putting it on track for its biggest monthly advance since 2020. Brent crude dipped below US$90 for the first time in more than a month, Treasury yields fell with the 10-year down to 4.24 per cent, and the dollar slid against every major peer. President Trump said a naval blockade would remain in force until a deal is reached, after earlier claiming Iran had made key concessions – though the contours of any agreement remain unresolved, with Gulf and European leaders suggesting a deal could take six months to formalise. Economists said the risk of a prolonged oil shock dragging on global growth has sharply receded. Intel (NYSE:INTC) leaped to its highest intraday level since the dot-com era on optimism its turnaround plan is working, while Netflix (NYSE:NFLX) slumped after a second-quarter forecast that fell short of expectations. Investors next week will watch for progress on a peace deal ahead of Tuesday’s ceasefire expiry, alongside the confirmation hearing for Kevin Warsh, Trump’s nominee to lead the Federal Reserve.