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The Australian sharemarket has slid lower at the open after stocks retreated in the US as oil prices rose while Atlassian surged as it posted results after Wall Street\u2019s closing bell.<\/p>\n
The S&P\/ASX 200 was down 47.6 points, or 0.5 per cent, to 9224 in early trade, retreating from its record close<\/a> on Thursday. The Australian dollar is steady at US70.32\u00a2.<\/p>\n Mining stocks are mixed, with BHP losing 0.9 per cent, Fortescue down 1.1 per cent and Rio Tinto 1 per cent in early trade as iron ore prices slide lower. BHP and Rio Tinto executives have reportedly been invited by the White House to a meeting with Donald Trump on the weekend to demonstrate the administration\u2019s commitment to wean the US off supply chains dominated by China. Northern Star added 1.1 per cent while Evolution Mining dipped by 0.3 per cent with the price of gold steady above $US4200 an ounce.<\/p>\n Financial stocks lost ground, with all the big four banks retreating. Commonwealth Bank lost 1.3 per cent, National Australia Bank fell 1.2 per cent while Westpac and ANZ Bank each gave up 1.1 per cent.<\/p>\n Energy stocks climbed after oil prices rose again on reports that Iran attacked \u201chostile targets\u201d in the Strait of Hormuz, with Tehran seeking to bar US ships from the critical waterway in a deal with Oman. West Texas Intermediate rose above $US78 a barrel, after surging almost 3 per cent in the previous session, while Brent settled around $US82. Woodside Energy added 1.4 per cent and Santos advanced 1.3 per cent in early trade, while among the refiners, Ampol was up 0.3 per cent and Viva Energy lifted 1.3 per cent.<\/p>\n Related Article Technology stocks are mixed with Xero jumping 2 per cent and Technology One advancing 0.4 per cent but WiseTech slid 0.2 per cent and NEXTDC lost 0.5 per cent in early trade.<\/p>\n Overnight, the S&P 500 fell 0.2 per cent, and was just below the record it reached on Tuesday (US time). The Dow Jones Industrial Average fell 0.9 per cent, and the Nasdaq composite fell 0.1 per cent.<\/p>\n Atlassian, a leading provider of AI-powered collaboration and team productivity software, surged 32.7 per cent in after-hours trade after releasing robust results for its fourth quarter and fiscal year.<\/p>\n Total revenue grew 28 per cent year-over-year to $US1.77 billion ($2.5 billion) and cloud revenue growth rose 31 per cent year-on-year.<\/p>\n \u201cQ4 closes out a year that proves our long-term strategy is paying off,\u201d said Mike Cannon\u2011Brookes, Atlassian\u2019s CEO and co\u2011founder.<\/p>\n Wall Street has calmed over the last two days. Companies from a mix of sectors reported their latest financial results, adding to an already busy round of corporate earnings reports.<\/p>\n \u201cAugust is off to an extremely strong start, but there is still plenty of August left to go, and August is typically a volatile month for stocks,\u201d said Clark Bellin, president and chief investment officer at Bellwether Wealth, in a research note.<\/p>\n Warner Bros. Discovery rose 1.7 per cent after reporting earnings that came in ahead of what investors were expecting. Molson Coors rose 1.3 per cent after also reporting encouraging financial results.<\/p>\n On the losing end, Honeywell Aerospace fell 23.2 per cent after turning in results that fell well short of forecasts. AppLovin slumped 19.7 per cent after the digital ad company reported mixed financial results for its most recent quarter.<\/p>\n Strong overall profits from companies has helped allay concerns on Wall Street about the market being overpriced. Roughly 85 per cent of companies in the S&P 500 have reported their results and overall earnings growth for the period is shaping up to be the strongest since 2021.<\/p>\n Outside of earnings, SpaceX surged 6.1 per cent. More than 911 million SpaceX shares held by early investors and employees became eligible for sale on Thursday as a lockup period for the stock expired. That is more than double the shares that were initially offered to the public for sale during the initial public offering for Elon Musk\u2019s company. SpaceX jumped as high as $US225 a share following its market debut in June, but has since slumped below its initial $US135 offering price. The stock closed at $US114.92.<\/p>\n The rate of inflation is stuck above 3 per cent and higher costs have been squeezing businesses and households, while threatening to crimp broader economic growth. The US economy expanded at a sluggish 1.5 per cent pace during the second quarter. Households are still spending and the jobs market remains resilient, but worries linger for both areas of the economy.<\/p>\n Higher gas prices and added costs for shipping goods could prompt households to shift more spending toward necessities. That could hurt businesses focusing on nonessential items and services for many people, such as travel and entertainment.<\/p>\n![\"Wall](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/07\/a0715578adbd6e1851560a5b2b28717daa6cff76.jpeg\")
Wall Street retreated on Thursday. Bloomberg<\/p>\n![\"US](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/08\/8438edfd45bab5c49e270b837e7e71e98f9c6aa6.jpeg\")
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