Wall Street dips as oil advances; SpaceX share lockup expires, ASX set to inch up
The Australian sharemarket saw a slight decline as investors reacted to global market trends and rising oil prices following tensions in the Strait of Hormuz. Meanwhile, US-based resource giants are engaging with the Trump administration regarding supply chain independence from China.
Why it matters
The intersection of geopolitical conflict, energy prices, and US-China trade policy significantly impacts global market stability and resource sector performance.
— 5:47pm , first published August 7, 2026 — 5:23am
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Share A A A The Australian sharemarket maintained momentum to end the week slightly below its previous peak, with tech stock Atlassian surging as it posted results after Wall Street’s closing bell.
The S&P/ASX 200 closed down just 8 points on Friday to 9263.6, retreating slightly from its record close on Thursday. The Australian dollar was steady at US70.35¢.
Wall Street retreated on Thursday. Bloomberg Gold miners performed strongly as the price of gold steady above $US4200 an ounce. Dual listed Newmont Corporation jumped 2.68 per cent, Northern Star ended the day 2.3 per cent higher while Evolution Mining dipped by 3.08 per cent.
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