Daily Market Update: 27 July 2026

Tech sell-off and Middle East tensions drag ASX to weekly loss

The S&P/ASX 200 Index (ASX: XJO) fell 66.7 points, or 0.8 per cent, to 8,772.30 on Friday, ending the week down 0.3 per cent, as renewed Middle East tensions pushed oil back above US$100 a barrel and Wall Street concerns over artificial intelligence spending hit the domestic technology sector. Seven of the 11 sectors finished lower. WiseTech Global Limited (ASX: WTC), Xero Limited (ASX: XRO) and Codan Limited (ASX: CDA) each dropped more than 4 per cent, while NEXTDC Limited (ASX: NXT) fell 3.6 per cent to $13.42, Technology One Limited (ASX: TNE) lost 3.9 per cent to $27.11, Megaport Limited (ASX: MP1) fell 3.3 per cent to $18.47 and Life360, Inc. (ASX: 360) dropped 4.4 per cent to $23.07. Resources also weakened, with BHP Group Limited (ASX: BHP) down 2.9 per cent to $58.85, Rio Tinto Limited (ASX: RIO) losing 1.7 per cent to $160 and Fortescue Ltd (ASX: FMG) down 1 per cent to $18.57, while gold miners including Northern Star Resources Limited (ASX: NST), Evolution Mining Limited (ASX: EVN), Genesis Minerals Limited (ASX: GMD), Perseus Mining Limited (ASX: PRU), Greatland Resources Limited (ASX: GGP) and Capricorn Metals Ltd (ASX: CMM) sank as bullion fell as much as 2.2 per cent. Energy bucked the trend, with Woodside Energy Group Ltd (ASX: WDS) up 1.8 per cent to $32.37 and Santos Limited (ASX: STO) gaining 1.5 per cent to $7.97.

Cochlear, Monvia and James Hardie in the spotlight

Cochlear Limited (ASX: COH) gained 0.5 per cent to $111.61 after confirming it can import its products into the US duty-free following the conclusion of a government investigation, though Morgans analyst Derek Jellinek noted the news does not resolve the company’s more fundamental near-term challenges. Insurance technology company Monvia Limited (ASX: MNV) rose 1.8 per cent to $1.12 on its trading debut, above its $1.10 IPO price. ASX Limited (ASX: ASX) fell nearly 1.2 per cent to $54.33 after chief financial officer Andrew Tobin, who joined in 2022, announced his retirement. James Hardie Industries plc (ASX: JHX) eased 0.2 per cent after Jarden analyst Daniel Sykes cut his rating from “overweight” to “neutral”, citing increased risks to the construction sector.

US indices mixed as rate hike and AI capex concerns persist

US equities closed mixed on Friday as investors weighed corporate earnings against the interest rate outlook, with the S&P 500 Index (NYSE: SPX) inching higher, the Nasdaq 100 Index (NASDAQ: NDX) losing 1.1 per cent and the Dow Jones Industrial Average (NYSE: DJI) adding 236 points. Oil prices eased but remained sharply higher on the week after escalating strikes between the US and Iran disrupted tanker traffic through the Persian Gulf and Red Sea, while Treasury yields followed energy prices higher on growing bets that persistent energy-driven inflation could push the Federal Reserve to raise rates next week. Intel Corporation (NASDAQ: INTC) fell 7.9 per cent despite posting its strongest revenue growth in 17 years, reflecting continued volatility in semiconductors since their second-quarter rally, while AI capex concerns weighed on hyperscalers, with Tesla, Inc. (NASDAQ: TSLA) down 2.1 per cent and Meta Platforms, Inc. (NASDAQ: META) slipping 1.8 per cent. Elsewhere, American Express Company (NYSE: AXP) fell 4.3 per cent after reporting earnings, while Verizon Communications Inc. (NYSE: VZ) gained 5.8 per cent on stronger-than-expected subscriber growth.