Daily Market Update: 28 July 2026

ASX rallies 1.4pc on eased Middle East tensions

The S&P/ASX 200 Index (ASX: XJO) climbed 1.4 per cent, or 121.7 points, to close at 8,894 on Monday, its biggest one-day gain since June 12, as the US and Iran refrained from retaliatory strikes after a recent escalation, easing concerns over Middle East energy supply disruptions. Nine of the 11 sectors finished higher, led by technology, with WiseTech Global Limited (ASX: WTC) rallying 7 per cent to $32.12, Xero Limited (ASX: XRO) climbing 6 per cent to $65.29 and NextDC Limited (ASX: NXT) rising 2.1 per cent to $13.70. Materials were well supported as BHP Group Limited (ASX: BHP) gained 2.1 per cent to $60.10 and Rio Tinto Limited (ASX: RIO) lifted 2.2 per cent to $163.58, while gold miners rallied as Northern Star Resources Limited (ASX: NST) added 2.2 per cent to $20.36 and Bellevue Gold Limited (ASX: BGL) surged 9.1 per cent to $1.38. The major banks also firmed, with Westpac Banking Corporation (ASX: WBC) up 1.5 per cent to $37.68, National Australia Bank Limited (ASX: NAB) up 1.4 per cent to $40.94, ANZ Group Holdings Limited (ASX: ANZ) up 1.2 per cent to $36.89 and Commonwealth Bank of Australia (ASX: CBA) up 1.2 per cent to $176.07, while energy was the biggest drag as Brent crude dropped 5.7 per cent to $US91.30 after the US paused strikes against Iran, with Woodside Energy Group Ltd (ASX: WDS) down 2.9 per cent to $31.42, Karoon Energy Ltd (ASX: KAR) plunging 7.8 per cent to $1.65 and Santos Limited (ASX: STO) down 3.6 per cent to $7.68.

Myer slumps on margin pressure, Perpetual lifted by higher EQT bid

Myer Holdings Limited (ASX: MYR) dived 12 per cent to 22 cents after flagging a sharp slowdown in consumer spending late in the financial year that forced heavier promotional activity and eroded margins despite modest sales growth. Perpetual Limited (ASX: PPT) rose 3.1 per cent to $19.50 after EQT Holdings Limited (ASX: EQT) lifted its takeover proposal to $22.50 a share, valuing the business at about $2.7 billion, a 2 per cent increase on its previous $22.07 offer. Evolution Mining Limited (ASX: EVN) climbed 2 per cent to $11.51 after agreeing to buy Carnaby Resources Limited (ASX: CNB) in a $213 million scrip deal, giving the gold producer access to the advanced Greater Duchess copper-gold project near its Ernest Henry operation in Queensland, sending Carnaby surging 57.3 per cent to 75.5 cents. Lynas Rare Earths Limited (ASX: LYC) edged up 0.5 per cent to $14.87 after the miner and South Korea’s LS Eco Energy signed binding agreements to each invest about $29 million in the other through convertible instruments.

US indices mixed as chip selloff extends ahead of Fed decision

US equities closed mixed on Monday as chipmakers extended their selloff ahead of this week’s Federal Reserve decision and a busy slate of economic data and corporate earnings. The S&P 500 Index (NYSE: SPX) ended little changed, the Nasdaq 100 Index (NASDAQ: NDX) lost 0.3 per cent and the Dow Jones Industrial Average (NYSE: DJI) gained 263 points, helped by easing concerns over tight financial conditions after the US and Iran paused strikes over the weekend, sending oil prices and Treasury yields lower and easing expectations of a Fed rate hike this week. NVIDIA Corporation (NASDAQ: NVDA) fell 5 per cent after announcing a $500 billion AI memory chip supply agreement with SK Hynix and separately guaranteeing $250 billion for OpenAI to lease computing capacity from a major data centre project, reviving concerns that circular AI financing deals could unravel if hyperscalers curb capital spending, while Micron Technology, Inc. (NASDAQ: MU) fell 2.2 per cent, Advanced Micro Devices, Inc. (NASDAQ: AMD) dropped 5.2 per cent, Intel Corporation (NASDAQ: INTC) eased 0.7 per cent and SanDisk Corporation (NASDAQ: SNDK) slid 11 per cent. Apple Inc. (NASDAQ: AAPL) rose 1.2 per cent, Meta Platforms, Inc. (NASDAQ: META) fell 0.2 per cent, Amazon.com, Inc. (NASDAQ: AMZN) fell 0.3 per cent and Microsoft Corporation (NASDAQ: MSFT) gained 1.9 per cent, trading mixed ahead of earnings releases.