Wall Street edged higher after the US Treasury doubled its long-bond buyback program, sending yields retreating from near two-decade highs. Moderna rocketed 177% on a breakthrough cancer vaccine trial, while total US public debt crossed $40 trillion for the first time.
A global bond rout pushed the U.S. 30-year Treasury yield to 5.33% — its highest since 2007 — dragging equities lower as the Nasdaq fell 1.3% and semis plunged 5%. Oil prices climbed on the ongoing U.S.–Iran Strait of Hormuz standoff, while U.S. housing starts slumped to a three-and-a-half-year low even as AI-driven factory output hit a four-year high. ASX 200 futures point modestly lower ahead of Q2 wage data, RBA Deputy Governor Hauser, and Thursday’s FOMC minutes.
US stocks pulled back as oil surged past $90 following the expiry of the US-Iran truce, with 30-year Treasury yields hitting their highest since 2007. The AI investment narrative shifts from “will it pay off?” to “who wins?” as Anthropic’s revenue run rate tops $65 billion. ASX 200 futures point lower ahead of BHP, CSL and Pro Medicus earnings.
Wall Street dipped from record highs on Friday as US retail sales fell 0.6% and consumer sentiment slid to 51, but the S&P 500 still notched its third straight weekly gain (+0.4%) after soft data slashed September hike odds to 33%. S&P topped 7,800 for the first time. Brent crude surged 5.9% to $88.60 on the Hormuz stalemate, gold rose to $4,374.26, and SPI futures are down 33 points ahead of a monster ASX earnings week.
It’s been a quiet week, so the team revisits the forgotten thematics of 2026, from rare earths and strategic metals pulling back 41% from their highs, to the software sector finally catching a bid after private equity stepped in on Workday. We unpack what’s next for ASX earnings season with NAB, BHP, CSL and JB Hi-Fi on deck, why private equity keeps picking off undervalued ASX mid-caps, and whether AI’s “neocloud” phase is where the real money gets made. Plus, Kai explains why AI agents escaping sandboxes should have you paying attention to cybersecurity.
The S&P 500 closed at a record high of 7,799 on Thursday after soft July PPI data pushed September rate-hike odds below 34%. Cisco slumped 8.4% as its AI revenue guidance disappointed sky-high expectations, while oil snapped a six-day rally on a massive US crude inventory build. ASX futures are pointing down 37 points ahead of a data-heavy Friday.
U.S. stocks closed mostly higher overnight as July consumer inflation data came in line with expectations, prompting traders to pare Federal Reserve rate hike bets and push the odds of a September hold to 62%. The S&P 500 rose 0.3% to within striking distance of its record high, while AI infrastructure names CoreWeave and Super Micro Computer each surged 19% on blowout earnings. Oil seesawed as the U.S. and Iran continued to wrangle over the Strait of Hormuz, while gold hit a two-month high above US$4,400/oz. ASX 200 futures are pointing to a modest 24-point decline this morning, with a heavy earnings slate on deck including Telstra, IAG, Origin Energy and Transurban.
Commonwealth Bank delivered a record Cash NPAT of $10,982m (+7%) for the year ended 30 June 2026, with a fully franked dividend of $5.05 per share. CBA became the first major bank in 15 years to grow at or above system across all five core products. NIM held broadly stable at 2.05%, ROE lifted to 14.0%, and the balance sheet remains fortress-like at 12.0% CET1. Read our full analysis with CBA’s key graphics, divisional breakdown, credit quality deep-dive, and broker consensus.
Wall Street retreated on Tuesday as Hormuz uncertainty lingered and traders braced for key US CPI data, with the S&P 500 falling 0.3% while Brent crude rose to $89.20. Super Micro’s blockbuster after-hours guidance and a strong earnings season continue to underpin sentiment. ASX 200 futures point lower ahead of a major reporting day led by CBA.
Wall Street ended flat as a 5% oil surge on Iran’s refusal to reopen the Strait of Hormuz offset record earnings momentum. Nvidia confirmed a $500 billion AI infrastructure deal with six Wall Street giants. The RBA’s policy decision is the key domestic event today.
The full team is back for EP131 and it’s a packed one — markets at all-time highs, record ETF inflows, and ASX earnings season kicking off with some classic algo-driven sell-offs that turned into buying opportunities. We break down AMP, Credit Corp, James Hardie and Nick Scali, the SaaS apocalypse recovery with CrowdStrike and Atlassian up 100%+ from lows, Microsoft and Amazon saving the US market while Google’s AI team heads for the exits, a $45 billion hedge fund wiped out by a 20% move, gold bouncing off $4,200, and our Bulls vs Bears calls for next week.
Wall Street pulled back from record highs on Thursday as an Iranian plan to bar U.S. vessels from the Strait of Hormuz sent oil prices surging and reignited inflation fears ahead of Friday’s closely watched jobs report. The S&P 500 shed 0.2% while the Dow dropped 0.9%, with Treasury yields climbing on hawkish Fed expectations. Memory chipmakers Sandisk and Western Digital tumbled despite beating earnings estimates, dragging Asian chip stocks lower. ASX 200 futures point to a modestly lower open.