Market Wrap / servo support

The prospect of a prolonged Middle East conflict soured investor sentiment to start the new trading week this Monday. Off the back of extended Wall Street losses on Friday, the S&P/ASX200 dropped a further 0.65% to 8,461 points. 

Oil climbed to a four-yer high in the wake of Iran-aligned Houthi rebels in Yemen firing missiles at Israel, offsetting the Australian Government's temporary 50% fuel excise cut to lower prices by around 26.3 cents per litre. 

Meanwhile, equity markets felt the strain from growing uncertainty over interest rates, hitting interest senitive tech heavyweights Wisetech down 4.8% and Xero down 3.2%.

Elsewhere in the market, coal stocks recovered some losses as investors eyed alternative energy opportunities. Whitehaven Coal surged 6.6%, lifting its monthly gain to 23.9%.

In company news, AMP announced it is returning surplus capital to shareholders with a $150 million on-market share buyback, seeing a 3.2% lift in its share price.

And over in the C-suite, Webjet Group managing director and chief executive Katrina Barry resigned. The company reaffirmed guidance for its 2026 earnings, the share price jumped back up 1.9%. 

Tonight, Fed chair Jerome Powell is set to speak at Harvard University, Massachusetts.