Daily Market Update: 05 March 2026

Australian market sell-off

The S&P/ASX 200 (ASX: XJO) tumbled 176.1 points to 8901.2, a decline of 1.9 per cent, wiping approximately $63 billion from market capitalisation and marking its second-largest fall since April. All 11 sectors finished lower as escalating Middle East tensions and surging oil prices rattled investor confidence and heightened inflation concerns. Stronger-than-expected fourth-quarter GDP growth of 2.6 per cent further fuelled expectations of tighter monetary policy, with money markets pricing in a 33 per cent chance of a second rate rise from the Reserve Bank of Australia later this month.

Resources and financials lead declines

Materials, banks and property stocks bore the brunt of the sell-off. Gold producers fell despite bullion rebounding 1.5 per cent, with Newmont Corporation (ASX: NEM) dropping 6.3 per cent, Westgold Resources Limited (ASX: WGX) losing 7.1 per cent and West African Resources Limited (ASX: WAF) retreating 7.4 per cent. Iron ore weakness pressured BHP Group Limited (ASX: BHP), down 3.5 per cent, Fortescue Ltd (ASX: FMG), off 3 per cent, and Rio Tinto Limited (ASX: RIO), which shed 1.6 per cent. The major banks declined more than 1 per cent, including Commonwealth Bank of Australia (ASX: CBA), down 1.2 per cent, and Australia and New Zealand Banking Group Limited (ASX: ANZ), falling 3.7 per cent, while rate-sensitive real estate names such as Goodman Group (ASX: GMG) and Scentre Group (ASX: SCG) also retreated sharply. In corporate updates, Endeavour Group Limited (ASX: EDV) fell 3.5 per cent after reporting a 17 per cent decline in half-year net profit, Treasury Wine Estates Limited (ASX: TWE) dropped 6 per cent following an executive retirement announcement, and AUB Group Limited (ASX: AUB) slipped 2.6 per cent after completing a $10.6 million share purchase plan. ARN Media Limited (ASX: A1N) rose 4.4 per cent on leadership developments, while Woodside Energy Group Ltd (ASX: WDS) edged up 0.9 per cent and Santos Limited (ASX: STO) eased 0.4 per cent. Paladin Energy Ltd (ASX: PDN) fell 7.6 per cent, whereas Whitehaven Coal Limited (ASX: WHC) gained 1.8 per cent as coal prices surged 7.3 per cent.

Global market pressures intensify

United States equities finished higher, with the S&P 500 Index (INDEXSP: .INX) rising 0.7 per cent, the Nasdaq 100 Index (INDEXNASDAQ: NDX) climbing 1.4 per cent and the Dow Jones Industrial Average (INDEXDJX: .DJI) adding 0.5 per cent, as investors looked through Middle East tensions. A pullback in oil prices and solid economic data eased growth concerns after US Treasury Secretary Scott Bessent flagged measures to safeguard Persian Gulf crude flows, helping West Texas Intermediate post its first decline since the conflict began. Sentiment improved despite confirmation that 15 per cent global tariffs will take effect this week, supported by stronger-than-expected ADP private employment data and moderating services inflation. Technology stocks led gains, with Micron Technology Inc. (NASDAQ: MU) and Advanced Micro Devices Inc. (NASDAQ: AMD) each surging more than 5.5 per cent, while Amazon.com Inc. (NASDAQ: AMZN) advanced 3.9 per cent. Financials also rebounded, including KKR & Co. Inc. (NYSE: KKR) and Blackstone Inc. (NYSE: BX), both up around 3 per cent, and nLIGHT Inc. (NASDAQ: LASR) jumped 6.3 per cent to a 52-week high amid renewed appetite for growth stocks.