Daily Market Update: 2 February 2026

Australian market overview

The Australian share market recorded its sharpest daily decline in nearly two weeks on Friday as heavy selling in gold miners dragged the market lower, following a slump in bullion prices amid speculation over the next US Federal Reserve chair. The S&P/ASX 200 Index (ASX: XJO) fell 58.4 points, or 0.7 per cent, to close at 8869.1, after earlier touching an intraday high of 8971.6, with four of the 11 sectors finishing lower. Despite the late-week weakness, the benchmark still ended January up 1.8 per cent and gained 0.1 per cent over the week.

Materials stocks were the weakest sector, falling more than 3 per cent as investors exited gold exposures. Ora Banda Mining Limited (ASX: OBM) led declines, dropping 11.7 per cent, while Newmont Corporation (ASX: NEM) fell 7.9 per cent and Genesis Minerals Limited (ASX: GMD) slid 9.9 per cent. Among diversified miners, Rio Tinto Limited (ASX: RIO) declined 3.5 per cent and BHP Group Limited (ASX: BHP) eased 1.8 per cent. Energy shares were mixed, with Whitehaven Coal Limited (ASX: WHC) down 6.7 per cent on profit-taking, while Woodside Energy Group Limited (ASX: WDS) rose 0.8 per cent and Santos Limited (ASX: STO) gained 2.5 per cent as oil prices tracked toward their strongest monthly performance since mid-2023.

Australian stocks in focus

Healthcare stocks outperformed as investors rotated defensively ahead of an anticipated Reserve Bank of Australia rate increase. CSL Limited (ASX: CSL) advanced 1.1 per cent, while ResMed Inc. (ASX: RMD) jumped 3.1 per cent after exceeding second-quarter earnings expectations. In corporate news, Nine Entertainment Co. Holdings Limited (ASX: NEC) surged 5.1 per cent after announcing the acquisition of QMS Media and the sale of its radio assets. Pilbara Minerals Limited (ASX: PLS) fell 6.5 per cent despite reporting a strong December quarter, while The Star Entertainment Group Limited (ASX: SGR) plunged 15.6 per cent after flagging ongoing uncertainty. Origin Energy Limited (ASX: ORG) finished flat after narrowing its full-year LNG production guidance.

Global market summary

US equities ended the week lower as higher Treasury yields and a stronger US dollar weighed on risk sentiment following President Donald Trump’s nomination of Kevin Warsh as the next Federal Reserve chair. The S&P 500 Index (INDEXSP: GSPC) and the Dow Jones Industrial Average (INDEXDJX: DJI) each fell 0.4 per cent, while the Nasdaq Composite Index (INDEXNASDAQ: IXIC) dropped 1.3 per cent, with technology, materials and communication services underperforming. Healthcare stocks outperformed, while moves in individual names included gains in Apple Inc. (NASDAQ: AAPL) and Chevron Corporation (NYSE: CVX), and declines in Visa Inc. (NYSE: V), Exxon Mobil Corporation (NYSE: XOM) and American Express Company (NYSE: AXP). Despite the pullback, US markets still recorded solid January gains, supported by optimism around economic resilience and corporate earnings.