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The Australian sharemarket has slid lower at the open, while Wall Street rallied in its first session since Donald Trump said a peace deal had been agreed to with Iran.<\/p>\n
The S&P\/ASX 200 was down 26.2 points, or 0.3 per cent, at 8887.80 in early trade. The Reserve Bank announces its interest rate decision this afternoon, with the central bank widely tipped to keep borrowing costs on hold. The ASX jumped 1.3 per cent<\/a> on Monday after the US-Iran agreement was announced. The Australian dollar was trading at US70.68\u00a2 at 10.35am AEST.<\/p>\n \u201cVolatility may persist in the near term as markets assess the implementation and durability of the deal, but we maintain our view that resilient growth and robust earnings should continue to drive stocks higher,\u201d said Ulrike Hoffmann-Burchardi at UBS Chief Investment Office.<\/p>\n Mining stocks were mixed in early trade after their bumper session on Monday, with BHP down 0.1 per cent, Fortescue falling 0.8 per cent and Rio Tinto dropping 0.5 per cent as the price of copper and iron ore slid.<\/p>\n But gold miners extended their gains even as the price of the precious metal steadied, with the long-awaited peace deal raising hopes that the energy shock that has roiled global markets will ease, lowering inflation and, in turn, the pressure on central banks to raise interest rates. Higher rates are a headwind for precious metals, which don\u2019t pay any interest to investors. Northern Star added 2.3 per cent and Evolution Mining added 0.7 per cent.<\/p>\n Financial stocks lost ground, with Commonwealth Bank down 2.1 per cent, National Australia Bank losing 1.6 per cent, Westpac shedding 1.7 per cent and ANZ Bank 1.3 per cent in early trade.<\/p>\n Energy stocks treaded water, with oil prices edging higher in early Asian trade after falling sharply in the previous session after the announcement of the deal.<\/p>\n Woodside Energy dipped 0.1 per cent in early trade. Bloomberg reported on Tuesday that Sarah Bairstow, the top executive at the company\u2019s $US17.5 billion ($24.8 billion) liquefied natural gas project in Louisiana, has exited the company, just over a year after she was hired.<\/p>\n She was a senior vice president and president of Louisiana LNG, Woodside\u2019s first LNG export project outside Australia and a key part of the company\u2019s goal to operate 5 per cent of global production of the superchilled fuel in the 2030s.<\/p>\n Related Article \u201cIt is not Woodside\u2019s practice to comment on personnel matters,\u201d a company spokesperson said.<\/p>\n Santos added 0.3 per cent while the refiners were both lower, with Ampol slipping 0.2 per cent and Viva Energy losing 0.5 per cent.<\/p>\n Technology stocks declined, with WiseTech and Technology One each down 2 per cent, while Xero and NextDC each shed 1 per cent.<\/p>\n On Wall Street overnight, the S&P 500 rose 1.7 per cent on hopes that this time, the announcement of an Iran-US agreement will mean a long-term fix to a conflict that has worsened inflation around the world. The Dow Jones climbed 468 points, or 0.9 per cent, to a fresh record, and the Nasdaq composite jumped 3.1 per cent.<\/p>\n Iran confirmed the peace deal, but it does not include a final agreement on issues like its nuclear program. Negotiations on that are expected to continue over the next 60 days, which leaves opportunity for hiccups that could derail the deal. And even if the Strait of Hormuz does fully reopen on Friday as expected, it will likely take months for the energy industry to get back to full speed.<\/p>\n For now, though, relief swept through financial markets worldwide.<\/p>\n On Wall Street, stocks of companies with big fuel bills were instant winners. United Airlines flew 3.9 per cent higher, and cruise operator Royal Caribbean Group rose 6.6 per cent.<\/p>\n Stocks of companies enmeshed in the artificial-intelligence industry also jumped. These stocks have yo-yoed in recent weeks, going from roaring to records to suddenly turning lower. The concern is whether such stocks shot too high, too fast because of AI mania, and their careening moves have sometimes reversed direction by the hour.<\/p>\n Micron Technology rallied 10.8 per cent, and Advanced Micro Devices rose 7 per cent. Nvidia\u2019s climb of 3.5 per cent was the strongest force pushing the S&P 500 upward because the AI chip company is Wall Street\u2019s most valuable company, giving it more weight on the index than any other.<\/p>\n SpaceX, Elon Musk\u2019s rocket company that also owns the AI company xAI, rose 19.6 per cent in its second day of trading on Wall Street. Its successful debut on the Nasdaq suggested plenty of demand still exists among investors for AI. The market has given SpaceX a total value of more than $US2.1 trillion ($3 trillion), making it bigger than Exxon Mobil, Bank of America and Coca-Cola combined.<\/p>\n Related Article In the bond market, Treasury yields eased on hopes that lower oil prices will remove pressure on central banks to raise interest rates.<\/p>\n The yield on the 10-year Treasury slipped to 4.47 per cent from 4.48 per cent late on Friday.<\/p>\n Europe\u2019s central bank last week became the first major one in the world to raise interest rates because of the war with Iran. High interest rates can keep a lid on inflation, but they also slow economies and undercut prices for all kinds of investments, including stocks and cryptocurrencies. They hit investments seen as the most expensive in particular, and some critics are calling the AI industry a bubble where investment inflated too far.<\/p>\n The Fed will announce its latest decision on interest rates later this week, which will be the first under its new chair, Kevin Warsh. Traders see it as a near certainty that the Fed will leave its main interest rate steady after its two-day meeting ends on Wednesday.<\/p>\n Traders had been raising bets that the Fed may have to raise interest rates this year because of how much inflation has accelerated and how solid the US job market remains. But the tentative deal between the United States and Iran means traders are now betting on only a 57 per cent chance of a hike this year, down from 71 per cent a week ago, according to data from CME Group.<\/p>\n Elsewhere on Wall Street, Roku fell 1.9 per cent after the company announced that Lachlan Murdoch\u2019s Fox Corp is buying the streaming pioneer<\/a> in a cash-and-stock deal valued at approximately $US22 billion.<\/p>\n With AP, Bloomberg<\/p>\n The Market Recap newsletter is a wrap of the day\u2019s trading. Get it each weekday afternoon<\/a>.<\/p>\n Save<\/p>\n You have reached your maximum number of saved items.<\/p>\n![\"Wall](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/06\/091b6e4afb2aadb31e50d09ab406f62494ce3cc1.jpeg\")
Wall Street jumped with the peace deal spreading relief through financial markets.AP<\/p>\n![\"Iran\u2019s](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/06\/1781579414_788_db62badc474d7ca5788716d6d5c890158a2a086e.jpeg\")
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