The Australian stock market is significantly higher on Tuesday, reversing some of the losses in the previous two sessions, following the mixed cues from Wall Street on Monday. The benchmark S&P/ASX 200 index is moving up to near the 8,600.00 level, with gains across most sectors led by energy and technology stocks. Iron ore miners were the only weak spot.
The benchmark S&P/ASX 200 Index is gaining 86.90 points or 1.02 percent to 8,592.20, after touching a high of 8,600.90 earlier. The broader All Ordinaries Index is up 88.30 points or 1.01 percent to 8,823.70. Australian stocks closed sharply lower on Monday.
Among the major miners, Rio Tinto, Fortescue and BHP Group are losing almost 1 percent each, while Mineral Resources is edging up 0.1 percent.
Oil stocks are mostly higher. Beach energy is adding almost 2 percent and Origin Energy is advancing more than 1 percent, while Santos and Woodside Energy are gaining almost 1 percent each.
Among tech stocks, Afterpay owner Block, Zip and WiseTech Global are gaining almost 2 percent each, while Xero and Appen are adding more than 1 percent each.
Gold miners are mostly higher. Northern Star Resources and Evolution Mining are edging up 0.3 to 0.5 percent each, while Newmont is gaining almost 2 percent and Genesis Minerals is advancing almost 3 percent. Resolute Mining is losing more than 1 percent.
Among the big four banks, Commonwealth Bank is gaining almost 1 percent, while ANZ Banking, National Australia Bank and Westpac are advancing more than 1 percent each.
In economic news, the Reserve Bank of Australia will release the minutes from its May 5 monetary policy meeting. At the meeting, the RBA raised its key interest rate by a quarter-point to 4.35 percent as risks to inflation remain tilted to the upside. This decision followed similar quarter-point increases in February and March.
In the currency market, the Aussie dollar is trading at $0.716 on Tuesday.
On Wall Street, stocks saw continued weakness throughout much of the trading day on Monday but managed to regain some ground going into the end of the session, following the sharp pullback seen during last Friday's session.
The major averages climbed well off their worst levels of the day, with the Dow reaching positive territory. While the Dow climbed 159.95 points or 0.3 percent to 49,686.12, the S&P 500 edged down 5.45 points or 0.1 percent to 7,403.05 and the Nasdaq slid 134.41 points or 0.5 percent to 26,090.73.
Meanwhile, the major European markets moved to the upside over the course of the session. While the French CAC 40 Index rose by 0.4 percent, the U.K.'s FTSE 100 Index jumped by 1.3 percent and the German DAX Index shot up by 1.5 percent.
Crude oil prices surged on Monday as the U.S. takes time to respond to Iran's new peace proposal. West Texas Intermediate crude for June was last up $3.27 or 3.10 percent at $108.69 per barrel.
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Market Analysis
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.