Daily Market Update: 22 July 2026

Tech and gold miners lift the ASX as sideways trade continues

The S&P/ASX 200 Index (ASX: XJO) closed neutral on Tuesday, clawing back an intraday low of 8733 as six of the 11 sectors finished in the red. Technology was the strongest sector as investors returned to chipmakers, with TechnologyOne Limited (ASX: TNE) up 2.5 per cent to $30, Megaport Limited (ASX: MP1) rising 5.1 per cent to $18.95 and NextDC Limited (ASX: NXT) climbing 7.7 per cent to $14.06 after contracted capacity rose 73 megawatts to 740 megawatts. Materials also firmed as investors bought the dip in gold, which climbed almost 1 per cent to US$4044 an ounce, lifting Evolution Mining Limited (ASX: EVN) 5.6 per cent to $10.90, Northern Star Resources Limited (ASX: NST) 3.3 per cent to $19.66 and South32 Limited (ASX: S32) 6.6 per cent to $4.35 on a strong quarterly report, while BHP Group Limited (ASX: BHP) added 1.3 per cent to $58.30. Healthcare was the weakest sector as traders pivoted away from safe-haven names, with CSL Limited (ASX: CSL) down 1 per cent to $121.38 and Sonic Healthcare Limited (ASX: SHL) losing 2.6 per cent to $21.12, while financials also traded lower, led by National Australia Bank Limited (ASX: NAB) down 1 per cent to $39.30 and Australia and New Zealand Banking Group Limited (ASX: ANZ) and Westpac Banking Corporation (ASX: WBC) each falling 1.2 per cent. Brent crude fell 0.7 per cent to US$88.64 despite traders watching for disruptions to Saudi Arabian exports after Houthi rebels threatened to blockade a Red Sea export route.

Hub24 falls on trading update as Pro Medicus is cut to neutral

Hub24 Limited (ASX: HUB) dropped 4.2 per cent to $81.35 despite reporting record platform net inflows of $18.9 billion for the 2025-26 financial year and total funds under administration rising 20 per cent to $164.3 billion. Pro Medicus Limited (ASX: PME) dropped 3 per cent to $180.04 after JPMorgan Chase & Co. (NYSE: JPM) cut it to “neutral” with a $203.70 price target. Telix Pharmaceuticals Limited (ASX: TLX) slid 1.4 per cent to $15.31 despite second-quarter revenue climbing 21 per cent to $353.2 million, tracking towards the upper end of full-year guidance. Qantas Airways Limited (ASX: QAN) added 0.5 per cent to $10.14 after Morgan Stanley (NYSE: MS) lifted its price target to $12.50 from $10.60 on expectations Project Sunrise will drive a re-rating of the airline’s international business, while SiteMinder Limited (ASX: SDR) edged up 1.8 per cent to $3.40 after appointing director Samantha Lawson as chief product officer.

Chipmaker rally lifts Wall Street ahead of Alphabet earnings

United States equities closed higher as a rebound in semiconductor stocks lifted the broader market, with the S&P 500 Index (INDEX: SPX) up 0.9 per cent, the Nasdaq 100 Index (NASDAQ: NDX) advancing 1.9 per cent and the Dow Jones Industrial Average (INDEXDJX: DJI) gaining 385 points. Chip stocks extended their rebound from last week’s sell-off after strong export data from Taiwan and South Korea, with Micron Technology, Inc. (NASDAQ: MU) up 12.2 per cent, Sandisk Corporation (NASDAQ: SNDK) rising 14.3 per cent and Advanced Micro Devices, Inc. (NASDAQ: AMD) climbing 8.1 per cent, while NVIDIA Corporation (NASDAQ: NVDA) gained 2 per cent and Intel Corporation (NASDAQ: INTC) rose 8.6 per cent on planned job cuts. The rally came ahead of Alphabet Inc. (NASDAQ: GOOGL) earnings on Wednesday, down 1.4 per cent, which are expected to signal AI infrastructure demand from hyperscalers, while further escalation between the US and Iran pushed oil prices higher and kept Treasury yields elevated, limiting gains in financials. Elsewhere, General Motors Company (NYSE: GM) rose 4.9 per cent on its earnings, while The Charles Schwab Corporation (NYSE: SCHW) fell 2.5 per cent after missing estimates.