Index Update: The S&P/ASX 200 closed higher on Thursday, rising 39.10 points (0.44%) to 8,940.30. Despite the daily gain, the benchmark index remains 2.56% lower over the past five days and sits 2.85% below its 52-week high. Market breadth was positive, with eight of the eleven sectors finishing in the green. Information Technology emerged as the best-performing sector, surging 4.56% as investors returned to technology stocks following recent declines. However, the sector remains 1.50% lower over the past five trading sessions. The rebound came after the Australian market recovered from a $63bn sell-off, with investors stepping in to buy equities following strong US economic data that kept expectations of potential interest rate cuts in play.

Macro Update: Recently, the Federal Reserve reported that the United States economy expanded at a mild pace in early 2026, according to its latest Beige Book. Consumer spending remained pressured by inflation and winter storms, while tariff-related uncertainty also affected activity. Hiring levels were largely unchanged across many districts, and businesses reported moderate price increases, though expectations point to slower inflation and slight to moderate growth in the coming months.

Top Market Movers: Among the top gainers, Viva Energy Group Limited (ASX:VEA) rose 11.89% to AUD 2.07, Magellan Financial Group Limited (ASX:MFG) gained 10.45% to AUD 10.57, and Catapult Sports Ltd (ASX:CAT) advanced 10.30% to AUD 3.64. On the downside, Genesis Minerals Limited (ASX:GMD) declined 4.23% to AUD 7.25, Amcor plc (ASX:AMC) fell 3.52% to AUD 64.22, and Monadelphous Group Limited (ASX:MND) dropped 3.11% to AUD 30.22.

Commodity Update: The U.S. dollar paused its sharp rally on Thursday, offering brief relief to the struggling euro as investors hoped the Middle East conflict may not drag on as long as feared. Safe-haven demand lifted precious metals, with gold rising 1.33% to USD 5,203.70 and silver jumping 2.92% to USD 85.61, while copper gained 0.69% to USD 13,147. Meanwhile, Brent crude climbed 2.05% to USD 83.07 amid concerns over the prolonged closure of the Strait of Hormuz disrupting global oil flows.

Our Stance: The S&P/ASX 200 closed higher on Thursday, rising 39.10 points (0.44%) to 8,940.30. The rebound in the S&P/ASX 200 reflects selective buying after recent market weakness, particularly in technology stocks, though the index remains below recent highs. External factors such as expectations around Federal Reserve policy, global commodity movements, and geopolitical developments may continue to influence sentiment. Higher oil prices and safe-haven demand for precious metals indicate ongoing uncertainty in global markets. In the near term, market direction may depend on macroeconomic data, interest rate outlook, and sector-specific earnings trends, suggesting investors may continue to adopt a selective and cautious approach toward equities.

The S&P/ASX 200 Index advanced in the latest session, gaining 39.10 points to close at 8,940.30 and forming a strong bullish candlestick on increased trading volumes, reflecting renewed buying interest. From a technical perspective, the index continues to trade comfortably above its 50-period Simple Moving Average on the daily chart, reinforcing the prevailing short-term uptrend. Immediate support is positioned near 8,870.50, and holding above this level would help maintain the current bullish structure and allow for further upside momentum. However, a break below this support may introduce short-term volatility and encourage profit-taking. On the weekly timeframe, the index also remains well above its 50-period SMA, highlighting a solid medium- to long-term trend and confirming that the broader market bias remains constructive despite occasional near-term fluctuations.