Daily Market Update: 23 February 2026

Australian market eases amid geopolitical tensions

The S&P/ASX 200 Index (ASX: XJO) slipped 4.8 points to 9081.4 on Friday, though the benchmark still recorded a 2.0 per cent weekly gain supported by broadly solid corporate earnings. Sentiment was tempered by renewed Iran–United States tensions after President Donald Trump flagged a limited 10 to 15-day window for nuclear negotiations. Reporting season outcomes have largely aligned with expectations, with most companies delivering results that did not materially shift valuation estimates, while upgrades and downgrades have tracked near historical averages.

Energy and corporate movers in focus

Oil prices climbed to their highest level since August, lifting Woodside Energy Group Limited (ASX: WDS) 1.2 per cent to $27.43 and Beach Energy Limited (ASX: BPT) 0.9 per cent to $1.14, while Santos Limited (ASX: STO) eased 0.9 per cent to $6.94 after signing a 10-year agreement to supply 20 petajoules of gas annually to transform Whyalla Steelworks into a green iron facility. Technology stocks extended losses, with WiseTechGlobal Limited (ASX: WTC) down 3.8 per cent, Xero Limited (ASX: XRO) falling 3.7 per cent and Megaport Limited (ASX: MP1) tumbling 11.8 per cent following softer-than-expected EBITDA guidance. Among notable movers, QBE Insurance Group Limited (ASX: QBE) rallied 7.1 per cent after reporting a 21 per cent rise in full-year net profit to $US2.16 billion, while Guzman y Gomez Limited (ASX: GYG), Inghams Group Limited (ASX: ING) and Alliance Aviation Services Limited (ASX: AQZ) posted double-digit declines. Gains were also recorded by Austal Limited (ASX: ASB), up 5.5 per cent on a $4 billion Australian Defence Force contract, and Telix Pharmaceuticals Limited (ASX: TLX), which surged 14.5 per cent on stronger-than-expected revenue guidance, while Newmont Corporation (ASX: NEM) fell 4.9 per cent on guidance for a 10 per cent drop in annual output.

Global markets rebound on tariff ruling

In the United States, the S&P 500 Index (INDEXSP: .INX) rose 0.7 per cent, the Nasdaq Composite Index (INDEXNASDAQ: .IXIC) gained 0.9 per cent and the Dow Jones Industrial Average (INDEXDJX: .DJI) added 0.5 per cent after the Supreme Court struck down President Trump’s reciprocal tariffs. The ruling found the administration lacked authority under the International Emergency Economic Powers Act to impose sweeping duties, though a new 10 per cent global tariff was subsequently announced via executive order. Amazon.com, Inc. (NASDAQ: AMZN) and The Home Depot, Inc. (NYSE: HD)advanced 2.6 per cent and 1 per cent respectively, while Alphabet Inc. (NASDAQ: GOOGL) climbed 3.7 per cent as core PCE inflation held at 3 per cent, keeping Federal Reserve policy expectations in focus despite a weak 1.4 per cent GDP print.