Tuesday 7th July 2026
Daily Market Update: 7 July 2026
Defensive rotation weighs on ASX as slowdown fears build
The Australian sharemarket retreated on Monday as investors sought refuge in defensive healthcare stocks, lifting CSL Limited (ASX: CSL) to a two-month high while miners and banks dragged on the bourse. The S&P/ASX 200 Index lost 13.40 points, or 0.2 per cent, to 8831, with five of the 11 sectors weaker in a muted session after US markets closed for Independence Day on Friday. With no major data due, traders turned defensive as they weighed how a slowing domestic economy might affect the August earnings season, amid concerns that pressure on housing and consumer activity could point to materially slower earnings growth ahead.
Healthcare and tech gains offset by miners and banks
CSL Limited (ASX: CSL) rose 2 per cent to $124.23, extending monthly gains above 25 per cent, and Telix Pharmaceuticals Limited (ASX: TLX) added 3 per cent to $17.38. Those gains were offset by materials, with BHP Group Limited (ASX: BHP) down 0.8 per cent to $60.02 and Liontown Resources Limited (ASX: LTR) off 2.9 per cent to $1.65. Genesis Minerals Limited (ASX: GMD) sank 4.1 per cent to $6.03 after launching a $5.6 billion bid for Vault Minerals Limited (ASX: VAU), up 11.6 per cent to $5.09, trumping an offer from Regis Resources Limited (ASX: RRL). Commonwealth Bank of Australia (ASX: CBA) dipped 0.2 per cent to $164.66, Westpac Banking Corporation (ASX: WBC) fell 1.1 per cent to $35.29 and Australia and New Zealand Banking Group Limited (ASX: ANZ) slid 0.7 per cent to $35. Technology advanced as WiseTech Global Limited (ASX: WTC) rallied 7.3 per cent to $35.37 and Xero Limited (ASX: XRO) rose 1.8 per cent to $73.56, while Santos Limited (ASX: STO) gained 1.4 per cent to $7.20 on a broker upgrade and Woodside Energy Group Limited (ASX: WDS) rose 0.8 per cent to $28.10.
Chip rally lifts Wall Street to fresh records
US indices closed higher on Monday on strong semiconductor gains, with the S&P 500 adding 0.7 per cent, the Nasdaq 100 rising 1.3 per cent and the Dow Jones Industrial Average closing at a record 53,056. Broadcom Inc. (NASDAQ: AVGO) rose 3.7 per cent after extending its partnership with Apple Inc. (NASDAQ: AAPL), up 1.3 per cent, while Advanced Micro Devices, Inc. (NASDAQ: AMD) surged 6.6 per cent and NVIDIA Corporation (NASDAQ: NVDA) added 0.4 per cent. Investors await minutes from the Federal Reserve’s latest policy meeting on Wednesday for guidance on inflation and labour market risks.
| Australian Indices | Daily % | Weekly % | 1 Month % | 3 Month % | 1 Year % |
| ASX 200 | -0.2 | 0.1 | 2.5 | 3.4 | 6.1 |
| Financials | -0.4 | 0.9 | 4.5 | 0.5 | 3.4 |
| Resources | -0.3 | 1.1 | -3.7 | 2.5 | 48.5 |
| Information Technology | 0.5 | 1.2 | 0.3 | 19.2 | -25.0 |
| Global Indices | Daily % | Weekly % | 1 Month % | 3 Month % | 1 Year % |
| US 500 | 0.7 | -0.2 | 3.4 | 13.5 | 13.8 |
| Europe | 0.3 | 1.9 | 6.2 | 9.5 | 13.2 |
| Japan | 0.3 | 1.3 | 4.2 | 12.4 | 27.0 |
| China top 50 | 1.4 | 0.7 | -6.4 | -8.6 | -15.0 |
| India top 50 | -0.6 | -2.3 | 3.2 | 1.4 | -19.6 |
| Fixed Interest | Daily % | Weekly % | 1 Month % | 3 Month % | 1 Year % |
| Australian Treasury Bond | 0.1 | -0.1 | 1.0 | 2.6 | 0.5 |
| Australian Corporate Bond | 0.1 | 0.0 | 1.1 | 2.7 | 1.3 |
| US Treasury | 0.0 | -0.5 | 0.3 | 0.7 | 3.0 |
| Cash | 0.0 | 0.1 | 0.4 | 1.2 | 4.0 |
| Commodities & Crypto | Daily % | Weekly % | 1 Month % | 3 Month % | 1 Year % |
| Gold | -0.5 | 2.7 | -2.6 | -10.6 | 17.6 |
| Silver | -0.8 | 7.3 | -12.3 | -12.5 | 61.0 |
| Crude Oil | 0.1 | -2.9 | -22.3 | -29.7 | 28.7 |
| Bitcoin | 2.6 | 3.7 | 4.0 | -7.4 | -46.5 |
