Daily Market Update: 24 July 2026

Jobs surprise clips ASX rally as rate-rise odds firm

The S&P/ASX 200 Index (ASX: XJO) rose 16 points, or 0.2 per cent, to 8839, having rallied as much as 1.1 per cent intraday to a high of 8926.30, its best level since mid-June, before paring gains after employment data smashed expectations. The economy added 76,000 jobs in June, well above consensus of 15,000, while unemployment held at 4.4 per cent, lifting the odds of an August RBA rate rise to 36 per cent and cementing a fully priced move to 4.6 per cent by year-end. Five of the 11 sectors finished higher, led by materials, as gold traded around $US4116 an ounce and iron ore futures climbed 1.7 per cent to $US98.70 in Singapore, lifting BHP Group Limited (ASX: BHP) 1.5 per cent to $60.63, Fortescue Ltd (ASX: FMG) 1 per cent to $18.76 and Northern Star Resources Limited (ASX: NST) 2 per cent to $20.74. Energy stocks were supported by a 2.3 per cent rise in the oil price to $US96.24 a barrel after Iran-backed Houthi militants reportedly attacked two Saudi Arabian tankers in the Red Sea, with Woodside Energy Group Ltd (ASX: WDS) up 0.5 per cent to $31.80. Banks eased off a strong pre-data rally but still finished higher, led by National Australia Bank Limited (ASX: NAB) up 1.4 per cent to $39.81, while technology was the weakest sector after disappointing Alphabet earnings dragged Xero Limited (ASX: XRO) down 5 per cent to $64.45 and WiseTech Global Limited (ASX: WTC) down 7 per cent to $31.48.

Macquarie succession news and a wealth platform standout

Macquarie Group Limited (ASX: MQG) fell 0.5 per cent to $253.75 after chief executive Shemara Wikramanayake announced she will retire in November, with the board appointing head of banking and financial services Greg Ward as her successor. Generation Development Group Limited (ASX: GDG) soared 37.1 per cent to $4.58 after the wealth platform reported record quarterly sales and a 36 per cent rise in funds under management to $46.4 billion over FY26. Sandfire Resources Limited (ASX: SFR) rallied 3.6 per cent to $19.36 after finishing FY26 with record quarterly revenue, stronger copper-equivalent production and a $353 million net cash position. Santos Limited (ASX: STO) was flat at $7.85 after narrowing its 2026 production guidance to 99 million to 105 million barrels of oil equivalent as its Barossa and Pikka projects ramp up following commissioning delays.

AI jitters and a weak macro backdrop hit Wall Street

US stocks closed lower on Thursday amid a deteriorating macroeconomic backdrop and renewed doubts over AI spending, with the S&P 500 Index (NYSE: SPX) down 1.2 per cent, the Nasdaq 100 Index (NASDAQ: NDX) losing 1.9 per cent and the Dow Jones Industrial Average (NYSE: DJI) shedding 507 points. Communication services and consumer discretionary were the worst-performing sectors while technology also came under pressure, with Alphabet Inc. (NASDAQ: GOOGL) falling 6.9 per cent after raising its capital spending forecast and Tesla, Inc. (NASDAQ: TSLA) tumbling 14.5 per cent as profit declined despite strong electric-vehicle deliveries. Other hyperscalers weakened too, with Nvidia Corporation (NASDAQ: NVDA) down 1.6 per cent, Microsoft Corporation (NASDAQ: MSFT) down 2.2 per cent, Meta Platforms, Inc. (NASDAQ: META) down 3.4 per cent, Amazon.com, Inc. (NASDAQ: AMZN) down 4.6 per cent, Broadcom Inc. (NASDAQ: AVGO) down 1.1 per cent and Oracle Corporation (NYSE: ORCL) down 4.6 per cent. Treasury yields rose as tighter naval blockades in the Middle East stoked energy supply concerns and initial jobless claims fell to a 57-year low, while Goldman Sachs Group, Inc. (NYSE: GS) shed 2.1 per cent, Visa Inc. (NYSE: V) fell 0.5 per cent and Comcast Corporation (NASDAQ: CMCSA) lost 6.8 per cent on declining profits, against a 7.3 per cent gain for RTX Corporation (NYSE: RTX) after beating expectations.