Market Updates

US stock indices closed higher on Monday from last week’s rout as renewed dip buying drove the market toward its best day since April. The S&P 500 gained 2.3%, the Dow rallied 1,104 points, and the Nasdaq outperformed with a gain of 2.7%. Chipmakers rallied after Friday’s plunge, when Democrats took control of Congress and drove markets to speculate on lower returns for AI companies, compounding concerns that the sector’s growth was slowing. AMD (+13.3%) was upgraded to outperform at Oppenheimer. Broadcom surged 8.8%, Lam Research soared 10.4%, Micron jumped 6.2%, and Applied Materials climbed 11.4% ahead of its earnings this week. In contrast, Nvidia lost 4.3% after CEO Jensen Huang admitted to an affair with a suspected Chinese spy, potentially prompting Congress to tighten export controls on its chips. Among hyperscalers, Alphabet (+1.2%) is rolling out a broader array of AI chips. Meta jumped 5.1%, Microsoft rose 2.7%, and Amazon added 2.9%.
SPI up 96 = Gold up - Oil down
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The ASX 200 rose 9 points to 9,030 (0.1%) in a choppy session, with rotation once again out of the banks and defensive stocks back into resources. The ANZ results were a possible catalyst for this move, with CBA down 0.9%, NAB down 1.4%, and ANZ falling 3.2%. Insurers were a little mixed, as were rates, with SCG falling 4.4% on the back of the travails at David Jones. GMG rose 1.2% as tech steadied. Industrials fell 0.7% as retail gave back some recent gains with WES down 1.4% and TLS falling 1.0%. JBH dropped 0.8%.
The action was in resources as BHP rose 2.7% and lithium and critical mineral stocks found aggressive bargain hunters. LYC up 6.8% and PLS up 2.1%. Uranium stocks also in demand with PDN up 10.9% and the URNM rising strongly up 6.2%. Gold miners were stronger as bullion bounced back towards $4100. NST up 0.8% and EVN rallying 4.8%. Energy was up 0.7%, with WDS down 0.1%, coal stocks also in demand. Some short covering perhaps in resources stocks after the volatility last week.
In corporate news, DNL down 11.0% after an update and VNT fell 16.2% on new CEO's plans for the company. LLC dropped 5.4% as it aborted its plan for Milan sale and ANZ results proved a little underwhelming after its record-breaking run. On the economic front, we had Chinese PPI coming in hot and Sarah Hunter from the RBA making a speech on the effects of AI.
Asian markets mostly higher with the Nikkei up 3% and HK up 0.2%. US futures are firmer despite Nvidia issues.

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The S&P 500 rose 0.3% and the Nasdaq gained 1.3% on Friday, while the Dow shed 237 points. The moves followed a sharp sell-off in the previous session, the worst one-day losses since April 2025, that pushed the Nasdaq into correction territory. Concerns that Democratic midterm wins could lead to tighter AI-industry regulation and lower sector investment drove investors out of tech and AI-related stocks, triggering a broader risk-off mood. However, a chipmaker rebound propped up the market as dip buyers emerged, leading technology stocks to a sharp recovery. Nvidia gained 2.8%, Micron 5.1%, AMD 11%, SpaceX 8.6%, Tesla 4.2%, Intel 7.7%, and Lam Research 8.2%. Among hyperscalers, Alphabet and Meta each gained 0.8%. On the data front, nonfarm payrolls topped estimates and the unemployment rate edged lower. For the week, the S&P 500 lost 3.2%, the Dow 1.7%, and the Nasdaq 5.5%.
SPI up 20 - ANZ Results - Gold eases - Oil eases - WTC governance increased.
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Marcus Today – Daily Market Insights
Marcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise.
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MT20 – Managed ETF Portfolio
A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing.
http://bit.ly/mt20-podcast
Principles – How We Think About Investing
A short video series on timing, behaviour, and decision-making. No stock tips.
http://bit.ly/mt-principles-podcast
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Disclaimer
This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.

Marcus Today – Daily Market Insights
Marcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise.
If you'd like to go further:
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MT20 – Managed ETF Portfolio
A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing.
http://bit.ly/mt20-podcast
Principles – How We Think About Investing
A short video series on timing, behaviour, and decision-making. No stock tips.
http://bit.ly/mt-principles-podcast
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Disclaimer
This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.