Index Update: The S&P/ASX 200 closed 55.40 points lower, or 0.61%, at 9,026.00 on Monday as fresh uncertainty over U.S. tariff policy weighed on investor sentiment. Despite the decline, the benchmark remains up 0.99% over five days and sits just 1.01% below its 52-week high. Sector performance was largely negative, with eight of 11 segments in the red. Information Technology led losses, while Materials was the standout gainer, rising 1.53% on the day and 3.29% over the past week.

Macro Update: US President Donald Trump has announced plans to impose global tariffs of up to 15%, escalating his response to a Supreme Court of the United States ruling that struck down earlier import taxes. The new levy would be introduced under Section 122 of the Trade Act of 1974, allowing the tariffs to remain for about five months without congressional approval. Trump had initially proposed a 10% rate starting 24 February, but it remains unclear if the higher 15% will take effect on that date. The move creates uncertainty for nations such as the UK and Australia that had negotiated lower tariff arrangements.

Top Market Movers: Top gainers on Monday were Reece Limited (ASX:REH), which surged 13.916% to AUD15.880, followed by Guzman y Gomez Limited (ASX:GYG), up 8.613% to AUD19.040, and Pantoro Gold Limited (ASX:PNR), rising 8.589% to AUD5.310. On the losing side, Megaport Limited (ASX:MP1) plunged 17.513% to AUD7.960, Data#3 Limited (ASX:DTL) fell 14.396% to AUD7.790, and Perenti Limited (ASX:PRN) declined 13.830% to AUD2.430, marking the session’s steepest drops.

Commodity Update: The U.S. dollar eased in Asian trade on Monday as markets awaited a clearer direction on Washington’s tariff policy. Safe-haven demand strengthened after fresh global tariff announcements and recent U.S. economic data, supporting bullion for a fourth straight session. Gold climbed 1.94% to USD 5,179.50, silver surged 5.90% to USD 87.20, and copper gained 0.46% to USD 12,983.00. Brent crude slipped 1.00% to USD 71.03 amid U.S.-Iran nuclear talk expectations and trade uncertainty.

Our Stance: The S&P/ASX 200 slipped 0.61% to 9,026.00 as uncertainty over proposed U.S. tariffs dampened sentiment, with IT leading losses while Materials outperformed. The macro backdrop turned cautious after Donald Trump flagged tariffs of up to 15% under the Trade Act of 1974, clouding the outlook for trade partners including Australia. Stock moves were sharp, with Reece, Guzman y Gomez and Pantoro Gold rallying, while Megaport and Data#3 slid. Commodities were mixed as gold and silver surged on safe-haven demand and Brent eased. In short, it seems like near-term volatility may persist, but strength in materials and bullion-linked plays offers selective opportunities.

In its latest session, the S&P/ASX 200 declined by 55.40 points, printing a bearish candlestick on expanding trading volumes. The increase in volume alongside the pullback suggests heightened investor caution and emerging short-term weakness in the broader market. On the daily timeframe, the index continues to hover just above its 21-period Simple Moving Average (SMA), which remains a critical near-term support indicator. Immediate horizontal support is seen near 8,970.60, and maintaining levels above this zone will be essential to stabilise sentiment and prevent an acceleration in downside momentum. From a broader perspective, the weekly chart shows the index holding comfortably above its 50-period SMA, reinforcing a constructive medium- to longer-term technical structure despite recent softness.