Market Wrap / TACO Tuesday

Tough talk from the US President sent Wall Street and the S&P/ASX 200 bouncing back, as the US President indicated he could end the Iran war even if his previous condition of an open Hormuz Strait is not met. 

The local index jumped 0.25% to close at 8,481.80 points on Tuesday. However, over the course of the month, the S&P/ASX 200 fell 7.8%, posting its worst month since June 2022. 

The tech sector claimed 3.5% back, as investors looked at bargain opportunities. A similar movement was seen in gold, illustrated by Resolute Mining’s 8.6% gain. 

Trump’s remarks sent energy stocks lower, as crude oil eased in Asian trade after settling above US$100 a barrel for the first time since 2022. Santos dropped 1.1% while Yancoal was 4.7% lower. 

In company news, Collins Food share price slipped down 0.3% after it announced an exit from the Taco Bell brand in Australia. Other stocks tracking higher included Electro Optic Systems on new US orders, and the online furniture brand Koala. It made its ASX debut this Tuesday, despite a subdued consumer environment. 

Heading the other way, ARN Media fell 19% as broadcaster Jackie Henderson followed Kyle Sandilands in suing the broadcaster for unlawful sacking. And KMD Brands remained in a trading halt, amid an equity raising, although managed to narrow its 1H loss thanks to sales from Kathmandu and Rip Curl.

Looking ahead; US JOLTS job opening numbers are due tonight. Tomorrow, February building approvals data is due locally.