Wednesday 24th June 2026
Daily Market Update: 24 June 2026
Technology weakness drags the ASX lower
The S&P/ASX 200 Index (ASX: XJO) fell 0.4 per cent, or 29.1 points, to 8787 on Tuesday, as renewed concerns about artificial intelligence valuations weighed on technology stocks ahead of key Australian inflation data. The local technology sector dropped 4 per cent, with Xero Limited (ASX: XRO) down 5.3 per cent to $65 and Technology One Limited (ASX: TNE) falling 7.1 per cent to $27.73. WiseTech Global Limited (ASX: WTC) declined 4.4 per cent to a five-year low of $28.76 after Monday’s 18 per cent fall, while the company said executive chairman Richard White was not aware of any Australian Federal Police investigation into his conduct.
Banks cushion losses as resources retreat
Mining and energy stocks weakened as iron ore, gold and oil prices eased, with BHP Group Limited (ASX: BHP) down 0.7 per cent to $59.92, Fortescue Ltd (ASX: FMG) losing 1.7 per cent to $19.27 and Newmont Corporation (ASX: NEM) falling 2.1 per cent to $141.70. Woodside Energy Group Ltd (ASX: WDS) eased 0.4 per cent to $28.65, while Viva Energy Group Limited (ASX: VEA) lost 2.4 per cent to $2.08 after updating the market on its Geelong refinery operations. Financials helped limit broader losses, with ANZ Group Holdings Limited (ASX: ANZ) up 1.4 per cent to $35.74, National Australia Bank Limited (ASX: NAB) rising 1.2 per cent to $38.33, Westpac Banking Corporation (ASX: WBC) gaining 1 per cent to $35.48 and Commonwealth Bank of Australia (ASX: CBA) adding 0.5 per cent to $164.21, while Reliance Worldwide Corporation Limited (ASX: RWC), Iluka Resources Limited (ASX: ILU) and Stockland Corporation Limited (ASX: SGP) traded lower on company-specific updates.
US chip rout pressures global markets
Global markets weakened as investors reassessed artificial intelligence-related valuations, with the S&P 500 Index (NYSE: SPX) falling 1.4 per cent and the Nasdaq 100 Index (NASDAQ: NDX) dropping 3.3 per cent amid heavy losses in chip and AI infrastructure names. NVIDIA Corporation (NASDAQ: NVDA) fell 4.2 per cent, Broadcom Inc. (NASDAQ: AVGO) lost 3.1 per cent, Qualcomm Incorporated (NASDAQ: QCOM) declined 8 per cent, Advanced Micro Devices, Inc. (NASDAQ: AMD) dropped 5.8 per cent, Micron Technology, Inc. (NASDAQ: MU) slid 13.2 per cent and SanDisk Corporation (NASDAQ: SNDK) fell 11.2 per cent, while Tesla, Inc. (NASDAQ: TSLA) and Oracle Corporation (NYSE: ORCL) each lost 5.8 per cent. The Dow Jones Industrial Average (NYSE: DJI) finished near flat as healthcare and defensive consumer stocks helped offset pressure from elevated Treasury yields and weaker energy prices.
| Australian Indices | Daily % | Weekly % | 1 Month % | 3 Month % | 1 Year % |
| ASX 200 | -0.4 | -1.5 | 1.5 | 5.4 | 6.0 |
| Financials | 0.6 | 0.5 | -0.1 | -1.2 | 0.8 |
| Resources | -1.9 | -4.8 | -1.7 | 14.1 | 54.7 |
| Information Technology | -2.3 | -3.8 | 2.4 | 8.4 | -29.0 |
| Global Indices | Daily % | Weekly % | 1 Month % | 3 Month % | 1 Year % |
| US 500 | -1.4 | 0.4 | 1.7 | 13.6 | 15.0 |
| Europe | 0.4 | 0.1 | 2.9 | 10.9 | 10.3 |
| Japan | -2.0 | 3.5 | 7.4 | 19.3 | 28.2 |
| China top 50 | -1.7 | -2.4 | -4.3 | -3.0 | -13.8 |
| India top 50 | 0.0 | 1.4 | 4.4 | 5.5 | -17.7 |
| Fixed Interest | Daily % | Weekly % | 1 Month % | 3 Month % | 1 Year % |
| Australian Treasury Bond | 0.2 | 0.3 | 1.2 | 3.0 | 0.4 |
| Australian Corporate Bond | 0.1 | 0.3 | 1.2 | 3.2 | 1.2 |
| US Treasury | -0.1 | -0.1 | 0.6 | 0.6 | 2.7 |
| Cash | 0.0 | 0.1 | 0.4 | 1.1 | 3.9 |
| Commodities & Crypto | Daily % | Weekly % | 1 Month % | 3 Month % | 1 Year % |
| Gold | -1.4 | -2.3 | -5.3 | -6.3 | 17.5 |
| Silver | -5.4 | -4.8 | -11.1 | -1.7 | 69.9 |
| Crude Oil | -3.0 | -1.8 | -21.7 | -3.4 | 46.0 |
| Bitcoin | -0.8 | -2.9 | -16.4 | -10.1 | -44.7 |
