23 Jun 2026 - Glenmore Asset Management - Market Commentary

Artificial intelligence ('AI') enthusiasm continued to push US markets higher, despite the ongoing conflict in Iran. Strong results from companies such as Dell and Advanced Micro Devices boosted the tech sector, resulting in a +8.4% increase in the NASDAQ. Despite not experiencing the same sharp rise, the S&P 500 rose +5.2%. Similar to the prior month, US markets outpaced their international peers, with the Euro Stoxx 50 and FTSE 100 rising +2.9% and +0.3% during the month, respectively.

Domestic markets continued to grind higher, with the ASX All Ordinaries Accumulation Index rising +1.2%. Miners led the way (+10.4%), whilst the Consumer Discretionary sector also outperformed (+6.3%), as investors reduced the chance of further RBA rate hikes following the release of softer economic data. From a negative standpoint, CSL's fall from grace continued (-22%) after another earnings downgrade.

In bond markets, the US 10-year bond yield rose +7 basis points (bp) to 4.44%, whilst its Australian counterpart fell - 23bp to 4.8%. The Australian dollar fell marginally during the month to US$0.72, implying a decrease of 0.1 cents.