Daily Market Update: 30 January 2026

ASX flat as energy, materials offset retail losses, Lynas (ASX:LYC), Iluka (ASX:ILU) sink on price floor concerns, Deep Yellow (ASX:DYL) jumps on uranium prices

The All Ordinaries (ASX:XAO) ultimately finished four points lower on Thursday, as strength in the energy and materials sector, up 0.9 per cent, was offset by extended weakness in technology, down 1.9 per cent and retail stocks including JB Hi-Fi (ASX:JBH) amid concerns of an RBA rate hike next week.

It was all about the rare earth sector, however, as news that the US Government made be backing down on plans to put a price floor under key rare earth products in its ongoing battle with China may be reversed. The news sent Iluka (ASX:ILU) down 14 per cent, and Lynas (ASX:LYC) 8 per cent, with a $565 million writedown for the former adding to the selling pressure as key processing facilities have been paused. Across energy, the uranium price hit $100 for the first time in two years sending speculative companies including Deep Yellow (ASX:DYL) up double digits on hopes of a surge in demand. Elsewhere, Rio Tinto (ASX:RIO) benefitted from news that the Chinese government was set to cut debt reporting requirements for property developers with hope this would allow for a surge in construction once again.

Viva Energy (ASX:VEA) falls on weak volumes, Appen (ASX:APX) jumps on AI spend, Qube (ASX:QUB) due diligence extended

Fuel producer Viva Energy (ASX:VEA) fell by close to 8 per cent as the company reported sales increase of just 1.1 per cent on the prior year, with aviation spend only just offsetting lower marine demand. Convenience stores were down 1.5 per cent, while the illicit tobacco trade also hit sales at key service station sites. Appen (ASX:APX) surged by close to one third, after the company reported a 10 per cent increase in revenue on the prior year, and 33 per cent on the prior quarter, driven by growth in China and generative AI projects that added directly to profit. Qube Holdings (ASX:QUB) was broadly flat after acquirer Macquarie Asset Management sought to extend it’s exclusive due diligence period for another two weeks to February 15.

Dip buyers offset tech losses, Microsoft (NYSE:MSFT) sinks on capex plans, Meta (NYSE:META) surges on ad growth

US markets staged an almighty comeback, with the Dow Jones managing to close the session with a 0.1 per cent gain, while the Nasdaq lost 0.7 per cent on the back of a weaker outlook from Microsoft (NYSE:MSFT). The gold price retreated sharply and smaller companies continued to outperform their larger counterparts. But all eyes were on Microsoft (NYSE:MSFT) which delivered results after market, that sent the share price down 10 per cent. While all the focus will remain on the market cap losses in the hundreds of billions, investing are wary of the company being able to capitalise on the massive AI spend, with cloud growth slowing during the quarter, but still printing at 38 per cent. Some 15 million subscriptions have been added to Co Pilot in a positive sign. 

Meta (NYSE:META) had the opposite result, gaining more than 10 per cent after underperforming in 2025, with the company flagging a doubling of capital expenditure, in an all-in bet on AI, while the company delivered strong ad sales to support this bet. Tesla (NYSE:TSLA) fell 3 per cent as Elon Musk flagged a similar bet on energy, robotaxis and AI, in a shift away from the car makers prior focus.