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May 21, 2026
The Markets Brief
ASX Pre-Market · 7:30am AEST
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Opening Note
Wall Street rallied strongly overnight, with the S&P 500 gaining 1.08% to 7,433.0, the Nasdaq up 1.54% to 26,270.4, and the Dow adding 1.31% to 50,009.4. The ASX 200 closed yesterday's session down 1.26% at 8,496.6, meaning Australian equities enter today's open with positive offshore momentum behind them. Tech and growth stocks should lead any bounce, with the AUD/USD firming 0.64% to 0.7156 adding a modest headwind for exporters. The dominant commodity theme is a sharp -4.42% fall in WTI crude to $99.08, driven by reports that US-Iran nuclear negotiations are in their final stages. Iron ore is also under pressure after China unveiled stricter steel capacity controls, extending recent losses and directly threatening BHP, Rio Tinto, and Fortescue heading into today's session. Fed minutes released overnight showed more policymakers open to a rate hike, keeping the US 10-year yield at 4.57%. Technology One (TNE) surged 7.34% yesterday and will remain in focus after its outsized move, while energy stocks including Origin Energy (ORG, -3.11%) face further pressure from collapsing oil prices. Gold's 1.77% rise to $4,546.20 should support gold miners, though Newmont (NEM) bucked that trend with a -4.46% fall in yesterday's session.
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Markets at a Glance
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Indices
| ASX 200 |
8,496.6 |
▼ -1.26% |
| S&P 500 |
7,433.0 |
▲ +1.08% |
| Dow Jones |
50,009.4 |
▲ +1.31% |
| Nasdaq |
26,270.4 |
▲ +1.54% |
FX
| AUD/USD |
0.7156 |
▲ +0.64% |
| AUD/GBP |
0.5318 |
▲ +0.34% |
| AUD/EUR |
0.6151 |
▲ +0.49% |
| AUD/JPY |
113.5990 |
▲ +0.49% |
Rates
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Commodities
| Gold |
$4,546.20 |
▲ +1.77% |
| WTI Oil |
$99.08 |
▼ -4.42% |
| Copper |
$6.33 |
▲ +2.70% |
Crypto
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ASX Market Movers · Previous Session
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▲ Top Gainers
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TNE
Technology One
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$29.84 |
▲ +7.34% |
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MIN
Mineral Resources
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$67.31 |
▲ +2.39% |
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IGO
IGO
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$8.44 |
▲ +2.30% |
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PLS
Pilbara Minerals
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$6.03 |
▲ +1.86% |
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RMD
ResMed
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$29.26 |
▲ +1.77% |
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LYC
Lynas Rare Earths
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$18.37 |
▲ +1.38% |
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CPU
Computershare
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$33.49 |
▲ +1.12% |
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WES
Wesfarmers
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$73.72 |
▲ +1.01% |
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▼ Top Losers
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NEM
Newmont
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$146.59 |
▼ -4.46% |
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CAR
CAR Group
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$25.81 |
▼ -3.33% |
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ORG
Origin Energy
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$11.21 |
▼ -3.11% |
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SEK
Seek
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$13.54 |
▼ -3.08% |
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WBC
Westpac
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$35.51 |
▼ -2.42% |
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BHP
BHP
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$57.33 |
▼ -2.33% |
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GMG
Goodman Group
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$30.00 |
▼ -2.12% |
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ANZ
ANZ
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$34.77 |
▼ -2.11% |
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ASX Focus
Overview
Technology One jumped 7.34% to $29.84 as the strongest ASX mover yesterday, while iron ore miners including BHP (-2.33%) and energy stocks including Origin Energy (-3.11%) fell on China steel capacity curbs and a -4.42% collapse in WTI crude to $99.08.
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ASX Market Data
Technology One Surges 7.34% to Lead ASX Gainers
Technology One (TNE) rose 7.34% to $29.84, making it the standout ASX performer on Wednesday. The move outpaced the broader market, which fell 1.26% to 8,496.6 on the same session.
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ASX Market Data / The Guardian
Origin Energy Falls 3.11% as WTI Crude Drops 4.42%
Origin Energy (ORG) dropped 3.11% to $11.21 as WTI crude fell 4.42% to $99.08 following reports that US-Iran nuclear negotiations are nearing conclusion. Lower oil prices compress margins for domestic energy producers and reduce LNG-linked revenue expectations.
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ASX Market Data
BHP and Banks Drag ASX Lower as Iron Ore and Rates Weigh
BHP fell 2.33% to $57.33 as iron ore extended losses following China's announcement of stricter steel capacity controls. Westpac dropped 2.42% to $35.51 and ANZ fell 2.11% to $34.77, with rate-sensitive bank stocks pressured as Fed minutes signalled openness to further US rate hikes.
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Macro & Policy
Overview
Federal Reserve minutes released overnight showed more policymakers are open to a rate hike, with the US 10-year yield sitting at 4.57%, keeping upward pressure on global borrowing costs and rate-sensitive ASX sectors.
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Reuters via Google News
Fed Minutes Show More Policymakers Open to Rate Hike
Federal Reserve meeting minutes showed a growing number of policymakers are willing to consider a rate hike if inflation data warrants it. The US 10-year yield stands at 4.57%, maintaining pressure on rate-sensitive stocks including Australian banks and REITs.
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The Guardian
Oil Prices Fall After Trump Says Iran Negotiations in Final Stages
WTI crude fell 4.42% to $99.08 after President Trump stated that nuclear negotiations with Iran are in their final stages, raising the prospect of increased Iranian oil supply returning to global markets. The move directly pressures Australian energy producers and LNG exporters exposed to oil-linked contract pricing.
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Commodities
Overview
Iron ore extended losses after China announced stricter steel capacity controls, adding further downside pressure to ASX-listed miners including BHP, Rio Tinto, and Fortescue at today's open.
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ET Infra via Google News
Iron Ore Extends Losses as China Unveils Stricter Steel Capacity Controls
Iron ore prices fell further after China announced stricter controls on steel production capacity, reducing near-term demand expectations for the key steelmaking ingredient. BHP dropped 2.33% to $57.33 in Wednesday's ASX session, with Rio Tinto and Fortescue also exposed to further selling pressure.
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Market Data
Gold Rises 1.77% to $4,546.20 Amid Rate Uncertainty
Gold climbed 1.77% to $4,546.20 as investors responded to Fed uncertainty and broader macro risk, supporting ASX-listed gold producers. Newmont (NEM) fell 4.46% to $146.59 in Wednesday's session despite the gold price move, suggesting stock-specific factors or profit-taking were at play.
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Global Markets
Overview
US equities posted broad gains overnight, with the S&P 500 rising 1.08% to 7,433.0, the Nasdaq up 1.54% to 26,270.4, and the Dow adding 1.31% to 50,009.4, driven by easing rate fears and strong tech sentiment.
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Market Data
Wall Street Rallies on Tech Strength; S&P 500 Hits 7,433
The S&P 500 gained 1.08% to 7,433.0 and the Nasdaq rose 1.54% to 26,270.4 overnight, led by technology stocks. The move provides a positive lead for ASX tech names including Technology One and Computershare at Thursday's open.
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Australian Financial Review
SpaceX Files for Blockbuster IPO
Elon Musk's SpaceX has unveiled its IPO filing in what is shaping up as one of the largest public listings in recent years. While not directly ASX-listed, the filing is likely to lift global sentiment toward technology and space-adjacent stocks, supporting risk appetite at Thursday's open.
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The Number
$4,546.20/oz
Gold hit $4,546.20 per ounce overnight, up 1.77%, reinforcing its safe-haven bid amid Fed rate hike signals — a direct tailwind for ASX gold producers heading into Thursday's session.
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