Markets Overview

  • ASX SPI 200 futures up 0.7% to 8,038.00
  • Dow Average little changed at 42,594.75
  • Aussie up 0.2% to 0.6300 per US$
  • US 10-year yield fell 2.4bps to 4.3114%
  • Australia 3-year bond yield rose 0.7 bps to 3.75%
  • Australia 10-year bond yield rose 2.3 bps to 4.42%
  • Gold spot up 0.3% to $3,018.96
  • Brent futures up 0.2% to $73.13/bbl

Economic Events

  • 11:00: (AU) Australia to Sell A$800 Million 3.5% 2034 Bonds
  • 11:30: (AU) Feb. CPI Trimmed Mean YoY, prior 2.8%
  • 11:30: (AU) Feb. CPI YoY, est. 2.5%, prior 2.5%

A rally in most big techs drove stocks higher on Tuesday, though gains moderated after one of the market’s best days in 2025 as traders assessed economic risks amid the threat of a trade war.

After fluctuating throughout most of the session, the S&P 500 rose by 0.2%. Tesla Inc. extended a five-day surge to 28% while Nvidia Corp. fell. A slide in consumer confidence to a four-year low weighed on sentiment. That’s even as traders added to wagers on Federal Reserve rate cuts this year. Bond yields slipped. The dollar halted a recent advance. Oil slid as US said Russia and Ukraine have agreed to a ceasefire in the Black Sea.

Market forecasters have been split on whether the rebound in equities has further to go. Strategists at HSBC Holdings Plc led by Max Kettner downgraded US stocks to underweight, citing economic concerns. Meantime, JPMorgan Chase & Co.’s Ilan Benhamou said it’s time to pause the rally-fading approach as emerging clarity on tariffs alleviates some key risks.

“Confidence is a fragile thing,” said Steve Sosnick at Interactive Brokers. “Despite the ever-increasing roles of algorithms and artificial intelligence in the investment process, emotions still play an important role in market behavior. Fear and greed still rule, and their constant tug-of-war has been on full display in both the market and the economy recently.”

The Nasdaq 100 rose 0.5%. The Dow Jones Industrial Average was little changed. A gauge of tech megacaps climbed 1.2%.

The yield on 10-year Treasuries slid two basis points to 4.31%. The dollar dropped 0.1%. US copper surged to a record.