Monday 2nd February 2026
Daily Market Update: 3 February 2026
Australian market overview
The Australian share market recorded its sharpest fall in 10 weeks as losses in gold and silver weighed heavily on resource stocks. The S&P/ASX 200 Index (ASX: XJO) fell 1 per cent, or 90.50 points, to 8,778.60, with eight of the 11 sectors lower, tracking a broader global equity sell-off and ahead of an expected interest rate rise from the Reserve Bank of Australia. Precious metals extended steep declines after markets reacted to US President Donald Trump nominating Kevin Warsh as the next US Federal Reserve chair, prompting a reassessment of interest rate expectations.
Australian stocks in focus
Gold and silver weakness drove heavy selling across miners, with Newmont Corporation (ASX: NEM) down 10.1 per cent, Northern Star Resources Limited (ASX: NST) falling 8.1 per cent and Emerald Resources NL (ASX: EMR) lower by 9.3 per cent, while silver exposure saw South32 Limited (ASX: S32) and Sun Silver Limited (ASX: SS1) also retreat sharply. Outside resources, GrainCorp Limited (ASX: GNC) plunged 14 per cent after cutting full-year EBITDA guidance well below market expectations, while BlueScope Steel Limited (ASX: BSL)slipped after outlining further cost reductions. Banks were mixed, with Commonwealth Bank of Australia (ASX: CBA) gaining to reclaim its position as the largest index constituent, while BHP Group Limited (ASX: BHP)weighed on the market.
Global markets overview
US equities rebounded, with the S&P 500 Index (NYSE: SPX) rising 0.5 per cent to a fresh record, the Dow Jones Industrial Average (NYSE: DJI) up 1.1 per cent and the Nasdaq 100 Index (NASDAQ: NDX) advancing 0.7 per cent, as easing pressure from last week’s sell-off in precious metals and cryptocurrencies allowed investors to refocus on earnings momentum. Technology and growth stocks led gains, including Apple Inc. (NASDAQ: AAPL), Advanced Micro Devices, Inc. (NASDAQ: AMD) and Micron Technology, Inc. (NASDAQ: MU), while energy stocks lagged amid further declines in oil prices.
| Australian Indices | Daily % | Weekly % | 1 Month % | 3 Month % | 1 Year % |
| ASX 200 | -1.0 | -0.9 | 0.6 | -0.6 | 8.2 |
| Financials | 0.2 | 0.7 | -1.8 | -4.7 | 5.9 |
| Resources | -3.6 | 1.0 | 9.4 | 16.5 | 44.3 |
| Information Technology | -1.3 | -6.5 | -9.3 | -22.2 | -20.2 |
| Global Indices | Daily % | Weekly % | 1 Month % | 3 Month % | 1 Year % |
| US 500 | 0.5 | -1.5 | -3.3 | -4.9 | 3.4 |
| Europe | -0.1 | -0.3 | -1.0 | 3.1 | 19.2 |
| Japan | -0.2 | -1.0 | 1.6 | -0.6 | 17.3 |
| China top 50 | -2.2 | -0.2 | -3.5 | -4.5 | 16.0 |
| India top 50 | -0.3 | -0.9 | -9.3 | -10.6 | -10.0 |
| Fixed Interest | Daily % | Weekly % | 1 Month % | 3 Month % | 1 Year % |
| Australian Treasury Bond | 0.1 | 0.2 | 0.4 | -1.6 | 2.0 |
| Australian Corporate Bond | 0.1 | 0.2 | 0.6 | -1.2 | 2.9 |
| US Treasury | 0.2 | 0.1 | 0.1 | 0.2 | 5.0 |
| Cash | 0.0 | 0.1 | 0.3 | 0.9 | 4.0 |
| Commodities & Crypto | Daily % | Weekly % | 1 Month % | 3 Month % | 1 Year % |
| Gold | -9.7 | -1.2 | 9.2 | 15.9 | 55.3 |
| Silver | -28.9 | 2.2 | 32.7 | 96.7 | 190.2 |
| Crude Oil | -3.5 | 7.6 | 14.3 | 8.3 | 0.1 |
| Bitcoin | -8.0 | -13.0 | -15.1 | -32.6 | -29.3 |
