22.08.202501:18:21UTC+00ASX 200 Retreats After Crossing 9,000

The S&P/ASX 200 index dipped by 0.3%, falling below the significant 9,000-point threshold, which it had surpassed in the previous session. This decline interrupted a two-day rally as the market mirrored the overnight downturns on Wall Street. Investors displayed caution in anticipation of Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole symposium, which is anticipated to be crucial for insights into the US interest rate outlook. Sentiment was further dampened by jobless claims data that exceeded expectations, despite the market still anticipating a 73% likelihood of a rate cut in September. On the corporate scene, it seemed investors opted to take profits as the index reached a notable psychological landmark, resulting in varied stock performances. Significant downturns were observed among major index players, including leading lender CBA (-0.6%), biotechnology leader CSL (-0.8%), ANZ (-0.8%), and Goodman (-2.6%). In contrast, BHP, the largest listed mining company globally, rose by 0.6% to attain a nine-month peak following news that President Trump might allocate $2 billion from the CHIPS Act to fund critical minerals.