Daily Market Update: 29 April 2026

Australian market overview
The S&P/ASX 200 Index (ASX: XJO) declined 55.70 points to 8,710.70, marking its sixth consecutive session of losses, the longest downturn since June 2022, as rising oil prices and caution ahead of inflation data weighed on sentiment. Ten of eleven sectors closed lower, with investors awaiting key updates on inflation and central bank policy, particularly expectations that the Reserve Bank of Australia may raise interest rates following a projected 4.8 per cent annual increase in consumer prices. Market participants remain in a holding pattern amid geopolitical tensions and macroeconomic uncertainty.

Australian sector and stock movers
Utilities led declines as Origin Energy Limited (ASX: ORG) fell 3.9 per cent following a broker downgrade, while AGL Energy Limited (ASX: AGL) dropped 1.5 per cent. Gold miners also dragged the market lower, with Newmont Corporation (ASX: NEM) down 4.5 per cent, Northern Star Resources Limited (ASX: NST) falling 2.9 per cent, and Evolution Mining Limited (ASX: EVN) losing 3 per cent amid weaker bullion prices. In contrast, lithium stocks rallied on upgraded price forecasts, with Pilbara Minerals Limited (ASX: PLS) rising 3 per cent, and Mineral Resources Limited (ASX: MIN) and Liontown Resources Limited (ASX: LTR) each gaining 4 per cent. Energy names tracked higher oil prices, including Santos Limited (ASX: STO) and Viva Energy Group Limited (ASX: VEA), while Whitehaven Coal Limited (ASX: WHC) climbed 3.9 per cent on strong production results. Notable corporate moves included gains in Reliance Worldwide Corporation Limited (ASX: RWC), a sharp fall in Pantoro Limited (ASX: PNR), a surge in European Lithium Limited (ASX: EUR), and a decline in Domino’s Pizza Enterprises Limited (ASX: DMP) following weak US performance.

Global market snapshot
US markets were weaker, with the S&P 500 Index (NYSE: SPX) falling 0.4 per cent and the NASDAQ Composite Index (NASDAQ: IXIC) dropping 1 per cent, pressured by technology sector declines and concerns overgrowth in artificial intelligence-related companies. Chipmakers including NVIDIA Corporation (NASDAQ: NVDA), Broadcom Inc. (NASDAQ: AVGO), Advanced Micro Devices Inc. (NASDAQ: AMD), Intel Corporation (NASDAQ: INTC) and Oracle Corporation (NYSE: ORCL) all retreated, while major technology firms such as Meta Platforms Inc. (NASDAQ: META), Microsoft Corporation (NASDAQ: MSFT) and Alphabet Inc. (NASDAQ: GOOGL) traded lower ahead of earnings. The Dow Jones Industrial Average (NYSE: DJI) was flat, supported by gains in The Coca-Cola Company (NYSE: KO). Oil price strength and geopolitical tensions continued to fuel inflation concerns, while central banks including the US Federal Reserve and Bank of Japan maintained a cautious stance.