Bitcoin hits new record high as rally marches on
Bitcoin hit $US111,886.41 in early trading hours in London, according to Coin Metrics, before paring some of those gains to trade at around $US111,012.
Bitcoin's move has been 'driven by a mix of positive momentum, growing optimism around US crypto regulation, and continued interest from institutional buyers,' James Butterfill, head of research for crypto-focused asset manager CoinShares, told CNBC.
The price rise in world's largest cryptocurrency is taking place despite a drop in US stock markets on Wednesday.
Bitcoin has typically correlated with equity markets, particularly the tech-heavy Nasdaq.
The diverging movements of Bitcoin and stocks could be the result of investors looking for alternative stores of value.
'The rally was also helped along by broader macro concerns, including Moody's recent downgrade of US sovereign debt, which added to the narrative of Bitcoin as a hedge against fiat instability,' Butterfill noted.
Ratings agency Moody's cut the United States' sovereign credit rating last week.
There have been some positive developments for the crypto space on the regulatory front in the US too. The GENIUS Act — a bill to regulate stablecoins — cleared a key procedural vote in the Senate.
US President Donald Trump and his AI and crypto czar David Sacks have pushed forward a pro-crypto agenda in the US, which has helped support the market.
Adding to upbeat news for crypto, JPMorgan CEO Jamie Dimon, a notable bitcoin skeptic, said that the bank will allow clients to buy the digital currency.
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Sky News AU
15 hours ago
- Sky News AU
ASX 200 thrives on Wednesday despite major companies suffering huge price drops
The ASX has jumped on Wednesday despite multiple large companies suffering major setbacks. In the first 30 minutes of trading, Qantas shares crashed two per cent after informing the public the personal data of six million of its customers had been stolen in a cyberattack. Domino's sank a whopping 16.7 per cent as its CEO Mark van Dyck will leave the pizza giant after just one year in the top job. It follows the company in February revealing it would close down more than 200 stores overseas amid sales slumps. Lenders mortgage insurance provider Helia is down a staggering 26.5 per cent after it told shareholders its long-term customer ING Bank was negotiating deals with other providers. Despite the crashes, the index is up 0.4 per cent with construction materials company James Hardie rising 6.2 per cent and fund manager Perpetual Limited rising eight per cent. Investors will also be eagerly watching the upcoming retail sales and building approvals data where a they can gain a better insight into the nation's economy. Overseas, Tesla shares dived on Tuesday after Donald Trump threatened to withdraw electric vehicles subsidies and review Elon Musk's immigration status in the latest episode between the formerly allied billionaires. "He's upset that he's losing his EV mandate and … he's very upset about things but he can lose a lot more than that," Trump told reporters at the White House on Tuesday. The electric vehicle maker plunged more than five per cent in reaction to Trump's threats. Wall Street was a mixed bag on Tuesday with the Dow Jones rising 0.9 per cent while S&P 500 sank 0.1 per cent and the Nasdaq shed 0.8 per cent. London's FTSE 250 grew 0.5 per cent, Germany's DAX shed one per cent and the STOXX Europe 600 fell 0.2 per cent. New Zealand's NZX 50 Index is up 0.4 per cent since trading began on Wednesday while Japan's has sunk one per cent.
News.com.au
19 hours ago
- News.com.au
ASX Tech June Winners: Defence tech stocks dominate record-breaking month
S&P500 and Nasdaq hit new highs on Big Tech run
 ASX energy leads, but tech holds strong in June
 Defence stocks dominate as DroneShield, Elsight, archTIS surge Wall Street wrapped up the quarter on a strong note, with both the S&P 500 and the tech-heavy Nasdaq setting fresh record highs. The S&P500 is now up 25% since April's panic lows, a comeback so sharp it feels like the market went from 'brace for impact' to 'bring out the champagne' in under 90 days. And leading the charge was none other than Big Tech. The Nasdaq, flush with mega-cap firepower, hit fresh highs as investors kept pouring into names they now treat like digital infrastructure: Nvidia, Oracle, Meta, Apple. During the month, Oracle broke records on news of a single US$30 billion-a-year cloud deal, and Nvidia became the world's most valuable company at nearly US$4 trillion. Global X now reckons that Nasdaq could finish the year somewhere between 21,000 and 24,000 (from the current 20,400 level). This, it said, will be fuelled by profit upgrades and the broader shift in investor psychology: that AI and semiconductors aren't just themes, they're foundational to the next economic cycle. And while Wall Street partied, the ASX didn't just sit in the corner holding a warm beer. Energy stocks absolutely belted it in June, up 9% for the month, easily the strongest sector. Blame Middle East supply fears and a tight physical market keeping oil prices jumpy. Monthly return for ASX Sectors But the quiet achiever in June was tech, up 0.73% for the month and moving in rhythm with the global tune. Names like NextDC (ASX:NXT) got some love after recent pullbacks. And Goodman Group (ASX:GMG), with its data-centre exposure, continues to look like a long-term compounder. Local investors are waking up to the fact that some of our home-grown names are quietly building the digital infrastructure of the future. BlackRock is flagging defence tech as the next trend to watch. And global fund managers have picked their lane, too. They're overweight tech, underweight hesitation. ASX tech winners in June Code Name Price Month % Change Market Cap ICE Icetana Limited 0.056 300% $29,782,251 AR9 Archtis Limited 0.230 229% $66,232,445 IFG Infocus Group 0.016 167% $4,415,389 ELS Elsight Ltd 1.775 131% $322,590,650 DXN DXN Limited 0.072 100% $21,506,662 DRO Droneshield Limited 2.280 73% $1,994,130,987 VR1 Vection Technologies 0.037 68% $65,394,610 SIS Simble Solutions 0.005 67% $5,411,652 HCL Highcom Ltd 0.310 55% $31,831,628 EOS Electro Optic Sys. 2.850 54% $549,913,482 OPL Opyl Limited 0.029 53% $6,814,081 YOJ Yojee Limited 0.395 46% $128,918,944 BDT Birddog 0.068 45% $10,981,050 1CG One Click Group Ltd 0.009 29% $10,640,575 FCT Firstwave Cloud Tech 0.016 23% $27,416,299 DUG DUG Tech 1.360 21% $183,134,337 FBR FBR Ltd 0.006 20% $34,136,713 QOR Qoria Limited 0.495 19% $652,328,462 JCS Jcurve Solutions 0.039 18% $12,883,394 SLX Silex Systems 4.220 17% $1,004,806,155 PHX Pharmx Technologies 0.093 16% $55,661,131 XF1 Xref Limited 0.155 15% $34,113,913 ASB Austal Limited 6.280 14% $2,645,010,676 DUB Dubber Corp Ltd 0.018 13% $47,220,614 CDA Codan Limited 20.110 12% $3,651,389,633 ESK Etherstack PLC 0.490 11% $64,764,281 SMP Smartpay Holdings 1.040 11% $251,621,203 NXT Nextdc Limited 14.500 11% $9,286,033,305 SKO Serko 2.930 8% $365,078,440 DCC Digitalx Limited 0.075 7% $90,271,791 MP1 Megaport Limited 14.440 7% $2,323,992,834 XYZ Block Inc 102.650 6% $4,849,418,810 8CO 8Common Limited 0.017 6% $3,809,613 BEO Beonic Ltd 0.210 5% $14,880,812 OEC Orbital Corp Limited 0.095 4% $15,654,073 BCC Beam Communications 0.125 4% $10,802,740 JAN Janison Edu Group 0.145 4% $37,683,797 XRG Xreality Group Ltd 0.031 3% $20,569,973 PPK PPK Group Limited 0.325 3% $29,514,062 EML EML Payments Ltd 1.165 3% $445,146,763 DTL Data#3 Limited 7.610 2% $1,178,852,414 SPZ Smart Parking Ltd 0.885 2% $362,985,326 CCR Credit Clear 0.235 2% $99,792,431 WTC Wisetech Global Ltd 109.030 2% $36,483,944,164 EOL Energy One Limited 14.940 1% $468,075,922 GTK Gentrack Group Ltd 11.530 1% $1,242,033,461 Making news for the right reasons or just hitting milestones, here were some of the month's notable gainers… iCetana (ASX:ICE) icetana AI surged in June after signing a $3.6 million strategic partnership with global tech heavyweight SoftBank Robotics. The deal includes a $1.87 million equity investment from SoftBank Robotics Singapore, giving it a 17.6% stake in icetana AI. SoftBank Robotics Corp. was also appointed exclusive distributor in Japan, with a guaranteed minimum of around $693k in annual recurring revenue. On top of that, it agreed to a three-year, $1.08 million joint development program to integrate icetana AI's video analytics with its own robotics and security platforms. The deal is icetana AI's biggest to date and sets it up for deeper expansion into Japan's market, building on its long-standing relationship with local partner Macnica. archTIS (ASX:AR9) archTIS rose in June off the back of two major defence wins that put it firmly on the radar. The first was a breakthrough deal with the US Department of Defense, where a prime contractor signed on for 1,000 licences of NC Protect, worth $38,500. While the initial value is modest, the deal is seen as the gateway to a much bigger rollout, potentially onboarding 150,000 users across the DoD's warfighter network over the next year. Just days earlier, it landed another win, this time in the UK, signing a three-year, $263k contract with the local arm of a global aerospace and defence giant. The deal covers an initial 400 users as part of the client's Microsoft 365 cloud migration. The timing couldn't be better. With NATO recently agreeing to lift collective defence spending targets from 2% to 5% of GDP, and cybersecurity sitting high on the agenda, archTIS could be well placed here. Elsight (ASX:ELS) Elsight is another defence tech stock that lit up in June. The company locked in a fresh US$5.1 million order from its European defence OEM customer for more of its Halo connectivity units. That takes total orders from this one client to US$14.7 million for 2025 alone, a sixfold jump on what it booked for all of last year. Not bad for a company that was flying under the radar not long ago. The new contract comes off the back of that OEM securing a bunch of downstream defence clients who have now standardised on Halo as the go-to comms backbone for unmanned systems. Despite the regional conflict back home in Israel, Elsight said its production lines didn't miss a beat. DXN (ASX:DXN) DXN surged in June after landing two key contracts worth a combined $6.2 million. The big one was a $4.6 million deal with Globalstar to design and deliver three high-spec modular data centres for deployment in Hawaii by the end of 2025. The win came after a tough global tender, with DXN chosen for its strong customisation track record in defence, satellite and telco builds. Days later, it locked in a $1.6 million deal with Ventia to roll out its new indoor StructCore solution for a major Aussie telco, marking DXN's entry into the brownfield data centre retrofit market. Both contracts back the company's FY25 revenue guidance of $15.7-16 million, up at least 45% from last year. The market's now watching as DXN scales up across both satellite and telco infrastructure plays. DroneShield (ASX:DRO) Yet another defence stock on a tear. DroneShield locked in a record $61.6 million contract in June with a European military via its local reseller, marking the biggest deal in its history and larger than all of its 2024 revenue. The deal is for handheld and mobile counterdrone kits, with delivery and payment locked in for Q3 and Q4 next year. Just days later, it added a $9.7 million contract out of Latin America, again through a repeat reseller. Both wins reflect growing global demand as militaries move from testing to full-scale rollouts of counterdrone tech. With NATO ramping budgets and drone warfare heating up, DroneShield looks well-placed and well-armed for what's next. ASX tech losers in June Code Name Price Month % Change Market Cap 4DS 4Ds Memory Limited 0.025 -58% $51,522,468 ID8 Identitii Limited 0.005 -44% $3,890,068 IS3 I Synergy Group Ltd 0.001 -42% $1,502,190 CT1 Constellation Tech 0.001 -33% $1,474,734 AI1 Adisyn Ltd 0.044 -33% $31,861,526 DWG Dataworks Group 0.087 -33% $8,893,492 OLL Openlearning 0.012 -29% $5,792,096 DTI DTI Group Ltd 0.005 -29% $4,485,514 AXE Archer Materials 0.215 -28% $54,792,108 ZMM Zimi Ltd 0.008 -27% $3,420,351 RCL Readcloud 0.100 -26% $15,361,976 PIL Peppermint Inv Ltd 0.002 -20% $4,602,180 BLG Bluglass Limited 0.009 -18% $21,718,791 EXT Excite Technology 0.009 -18% $18,653,777 ODA Orcoda Limited 0.065 -18% $12,188,424 RWL Rubicon Water 0.175 -17% $42,121,642 X2M X2M Connect Limited 0.016 -16% $6,960,909 AT1 Atomo Diagnostics 0.014 -15% $10,319,613 SEN Senetas Corporation 0.017 -15% $28,152,324 NVQ Noviqtech Limited 0.023 -15% $5,785,341 COS Cosol Limited 0.670 -15% $121,932,493 NVU Nanoveu Limited 0.041 -15% $36,185,867 WHK Whitehawk Limited 0.012 -14% $8,896,157 CYB Aucyber Limited 0.069 -14% $14,448,372 NOV Novatti Group Ltd 0.019 -14% $10,346,775 BVS Bravura Solution Ltd 2.220 -13% $995,345,884 TAL Talius Group Limited 0.061 -13% $17,491,677 MX1 Micro-X Limited 0.049 -13% $32,692,910 AJX Alexium Int Group 0.007 -13% $11,105,001 W2V Way2Vatltd 0.007 -13% $11,896,288 PPS Praemium Limited 0.640 -12% $305,737,711 FLX Felix Group 0.185 -12% $37,832,447 SPA Spacetalk Ltd 0.150 -12% $10,936,902 NXL Nuix Limited 2.190 -12% $724,305,995 VNL Vinyl Group Ltd 0.115 -12% $154,855,021 PFM Platformo Ltd 0.080 -11% $7,592,664 OAK Oakridge 0.064 -11% $1,727,866 WBT Weebit Nano Ltd 1.625 -11% $338,676,722 DTZ Dotz Nano Ltd 0.043 -10% $25,458,764 EIQ Echoiq Ltd 0.220 -10% $141,941,296 XPN Xpon Technologies 0.009 -10% $3,728,279 NVX Novonix Limited 0.380 -10% $241,730,298 3DP Pointerra Limited 0.050 -9% $40,253,840 IKE Ikegps Group Ltd 0.840 -9% $135,455,037 TZL TZ Limited 0.054 -8% $15,153,162 LVE Love Group Global 0.115 -8% $4,661,429 ROC Rocketboots 0.081 -8% $13,876,382 SP3 Specturltd 0.012 -8% $3,697,801 IRE IRESS Limited 8.000 -8% $1,494,315,792 FND Findi Limited 4.250 -8% $262,655,189 HYD Hydrix Limited 0.013 -7% $3,545,995 ATA Atturralimited 0.800 -7% $305,163,887 ERD Eroad Limited 1.295 -7% $242,773,462 SNS Sensen Networks Ltd 0.029 -6% $22,998,087 VGL Vista Group Int Ltd 3.250 -6% $776,211,738 VIG Victor Group Hldgs 0.077 -6% $50,221,454 GTI Gratifii 0.093 -6% $35,320,595 AD8 Audinate Group Ltd 7.480 -6% $623,555,105 IRI Integrated Research 0.415 -6% $73,601,374 RUL Rpmglobal Hldgs Ltd 2.910 -5% $642,292,211 BRN Brainchip Ltd 0.195 -5% $395,019,638 AVA AVA Risk Group Ltd 0.100 -5% $29,047,203 CGO CPT Global Limited 0.060 -5% $2,513,842 LIS Lisenergylimited 0.105 -5% $67,221,024 CF1 Complii Fintech Ltd 0.024 -4% $13,713,447 IOD Iodm Limited 0.120 -4% $73,987,702 CXZ Connexion Mobility 0.025 -4% $20,275,987 FL1 First Lithium Ltd 0.075 -4% $5,974,020 CML Connected Minerals 0.125 -4% $5,169,777 SMN Structural Monitor. 0.415 -3% $64,078,095 360 Life360 Inc. 32.180 -3% $5,397,996,932 RDY Readytech Holdings 2.300 -3% $284,197,446 AMO Ambertech Limited 0.155 -3% $14,787,741 RKN Reckon Limited 0.475 -3% $53,815,045 ASV Assetvisonco 0.038 -3% $28,285,739 XRO Xero Ltd 179.800 -2% $29,598,429,674 HSN Hansen Technologies 4.980 -2% $1,015,083,943 IFM Infomedia Ltd 1.185 -2% $448,427,333 ACE Acusensus Limited 0.950 -2% $133,205,069 DDR Dicker Data Limited 8.070 -2% $1,458,184,303 SOR Strategic Elements 0.032 -2% $15,164,770 EVS Envirosuite Ltd 0.083 -1% $120,251,195 CPU Computershare Ltd 39.890 -1% $23,167,306,780 TYR Tyro Payments 0.880 -1% $464,945,862
The Advertiser
a day ago
- The Advertiser
Wall Street slips amid Federal Reserve caution
The S&P 500 and Nasdaq indexes have inched down as Federal Reserve chair Jerome Powell stayed cautious on interest-rate cuts and investors watched a Senate voting marathon on US President Donald Trump's tax-cut and spending bill. The blue-chip Dow gained and was just about 746 points away from its all-time high touched in December. The day's moves for the S&P 500 and the Nasdaq Composite come after the indexes posted record closing highs on Monday, capping their best quarter in over a year as hopes for more trade deals and possible rate cuts supported sentiment. Powell reiterated the US central bank plans to "wait and learn more" about the effects of tariffs on inflation before lowering interest rates, again setting aside Trump's demands for immediate and deep rate cuts. The top policymaker has been facing harsh criticism from Trump to ease monetary policy, with the administration mapping out the likely plan for naming Powell's replacement for when he leaves the job next May. The fate of Trump's "One Big Beautiful Bill" was also in focus as US senators were still voting on Tuesday on a potentially long list of amendments to the legislation that is expected to add $US3.3 trillion ($A5 trillion) to the country's debt pile. The Republican majority's struggle to pass the bill exemplifies deep divisions within the party over debt. The bill aims to partly cover the cost of the tax reductions with cuts to Medicaid and some food assistance programs for low-income people. Trump said he was open to moving the July 4 deadline he gave fellow Republicans in the Senate to get behind the bill, while Treasury Secretary Scott Bessent said he expects the Senate to pass the bill by the afternoon. "This version that we hear about is not necessarily the one that's going to pass. So you know that's still something that weighs on investors' minds," said Kim Forrest, chief investment officer at Bokeh Capital Partners. Tesla's shares fell 4.5 per cent after a fresh spat between CEO Elon Musk and Trump over the tax bill, with the president urging the government efficiency department to review the subsidies that Musk's companies have received. Tesla also reported a sales drop for a sixth straight month in Sweden and Denmark in June but they rose in Norway and Spain during the same month. In early trading on Monday, the Dow Jones Industrial Average rose 189.54 points, or 0.43 per cent, to 44,284.31, the S&P 500 lost 2.54 points, or 0.04 per cent, to 6,202.41 and the Nasdaq Composite lost 32.26 points, or 0.16 per cent, to 20,336.87. The S&P 500 and the Nasdaq's rise to record highs marked a stunning recovery in sentiment that was hammered by Trump's chaotic trade policies and geopolitical tensions, with investors betting on AI enthusiasm and earnings momentum to keep the bull run going. Data showed US job openings increased unexpectedly in May, suggesting labour market resilience despite trade and economic uncertainties. Market focus now shifts to Thursday's non-farm payrolls report, which could recaliberate bets for a rate cut as soon as July. Money markets are pricing in a 21.2 per cent likelihood for a July rate cut and see about 64.5 bps worth of cuts by the end of this year, per LSEG data. AMC Entertainment Holdings dropped 6.5 per cent after the theatre chain operator said it would cut its debt by converting at least $US143 million in exchangeable bonds into shares. Shares of US-based casino operators rose after Macau reported a rise in June gambling revenue. Wynn Resorts gained 7.8 per cent, Las Vegas Sands was up 6.5 per cent and MGM Resorts International added 4.5 per cent. Advancing issues outnumbered decliners by a 1.28-to-1 ratio on the NYSE, and by a 1.05-to-1 ratio on the Nasdaq. The S&P 500 posted 14 new 52-week highs and no new lows while the Nasdaq Composite recorded 46 new highs and 42 new lows. The S&P 500 and Nasdaq indexes have inched down as Federal Reserve chair Jerome Powell stayed cautious on interest-rate cuts and investors watched a Senate voting marathon on US President Donald Trump's tax-cut and spending bill. The blue-chip Dow gained and was just about 746 points away from its all-time high touched in December. The day's moves for the S&P 500 and the Nasdaq Composite come after the indexes posted record closing highs on Monday, capping their best quarter in over a year as hopes for more trade deals and possible rate cuts supported sentiment. Powell reiterated the US central bank plans to "wait and learn more" about the effects of tariffs on inflation before lowering interest rates, again setting aside Trump's demands for immediate and deep rate cuts. The top policymaker has been facing harsh criticism from Trump to ease monetary policy, with the administration mapping out the likely plan for naming Powell's replacement for when he leaves the job next May. The fate of Trump's "One Big Beautiful Bill" was also in focus as US senators were still voting on Tuesday on a potentially long list of amendments to the legislation that is expected to add $US3.3 trillion ($A5 trillion) to the country's debt pile. The Republican majority's struggle to pass the bill exemplifies deep divisions within the party over debt. The bill aims to partly cover the cost of the tax reductions with cuts to Medicaid and some food assistance programs for low-income people. Trump said he was open to moving the July 4 deadline he gave fellow Republicans in the Senate to get behind the bill, while Treasury Secretary Scott Bessent said he expects the Senate to pass the bill by the afternoon. "This version that we hear about is not necessarily the one that's going to pass. So you know that's still something that weighs on investors' minds," said Kim Forrest, chief investment officer at Bokeh Capital Partners. Tesla's shares fell 4.5 per cent after a fresh spat between CEO Elon Musk and Trump over the tax bill, with the president urging the government efficiency department to review the subsidies that Musk's companies have received. Tesla also reported a sales drop for a sixth straight month in Sweden and Denmark in June but they rose in Norway and Spain during the same month. In early trading on Monday, the Dow Jones Industrial Average rose 189.54 points, or 0.43 per cent, to 44,284.31, the S&P 500 lost 2.54 points, or 0.04 per cent, to 6,202.41 and the Nasdaq Composite lost 32.26 points, or 0.16 per cent, to 20,336.87. The S&P 500 and the Nasdaq's rise to record highs marked a stunning recovery in sentiment that was hammered by Trump's chaotic trade policies and geopolitical tensions, with investors betting on AI enthusiasm and earnings momentum to keep the bull run going. Data showed US job openings increased unexpectedly in May, suggesting labour market resilience despite trade and economic uncertainties. Market focus now shifts to Thursday's non-farm payrolls report, which could recaliberate bets for a rate cut as soon as July. Money markets are pricing in a 21.2 per cent likelihood for a July rate cut and see about 64.5 bps worth of cuts by the end of this year, per LSEG data. AMC Entertainment Holdings dropped 6.5 per cent after the theatre chain operator said it would cut its debt by converting at least $US143 million in exchangeable bonds into shares. Shares of US-based casino operators rose after Macau reported a rise in June gambling revenue. Wynn Resorts gained 7.8 per cent, Las Vegas Sands was up 6.5 per cent and MGM Resorts International added 4.5 per cent. Advancing issues outnumbered decliners by a 1.28-to-1 ratio on the NYSE, and by a 1.05-to-1 ratio on the Nasdaq. The S&P 500 posted 14 new 52-week highs and no new lows while the Nasdaq Composite recorded 46 new highs and 42 new lows. The S&P 500 and Nasdaq indexes have inched down as Federal Reserve chair Jerome Powell stayed cautious on interest-rate cuts and investors watched a Senate voting marathon on US President Donald Trump's tax-cut and spending bill. The blue-chip Dow gained and was just about 746 points away from its all-time high touched in December. The day's moves for the S&P 500 and the Nasdaq Composite come after the indexes posted record closing highs on Monday, capping their best quarter in over a year as hopes for more trade deals and possible rate cuts supported sentiment. Powell reiterated the US central bank plans to "wait and learn more" about the effects of tariffs on inflation before lowering interest rates, again setting aside Trump's demands for immediate and deep rate cuts. The top policymaker has been facing harsh criticism from Trump to ease monetary policy, with the administration mapping out the likely plan for naming Powell's replacement for when he leaves the job next May. The fate of Trump's "One Big Beautiful Bill" was also in focus as US senators were still voting on Tuesday on a potentially long list of amendments to the legislation that is expected to add $US3.3 trillion ($A5 trillion) to the country's debt pile. The Republican majority's struggle to pass the bill exemplifies deep divisions within the party over debt. The bill aims to partly cover the cost of the tax reductions with cuts to Medicaid and some food assistance programs for low-income people. Trump said he was open to moving the July 4 deadline he gave fellow Republicans in the Senate to get behind the bill, while Treasury Secretary Scott Bessent said he expects the Senate to pass the bill by the afternoon. "This version that we hear about is not necessarily the one that's going to pass. So you know that's still something that weighs on investors' minds," said Kim Forrest, chief investment officer at Bokeh Capital Partners. Tesla's shares fell 4.5 per cent after a fresh spat between CEO Elon Musk and Trump over the tax bill, with the president urging the government efficiency department to review the subsidies that Musk's companies have received. Tesla also reported a sales drop for a sixth straight month in Sweden and Denmark in June but they rose in Norway and Spain during the same month. In early trading on Monday, the Dow Jones Industrial Average rose 189.54 points, or 0.43 per cent, to 44,284.31, the S&P 500 lost 2.54 points, or 0.04 per cent, to 6,202.41 and the Nasdaq Composite lost 32.26 points, or 0.16 per cent, to 20,336.87. The S&P 500 and the Nasdaq's rise to record highs marked a stunning recovery in sentiment that was hammered by Trump's chaotic trade policies and geopolitical tensions, with investors betting on AI enthusiasm and earnings momentum to keep the bull run going. Data showed US job openings increased unexpectedly in May, suggesting labour market resilience despite trade and economic uncertainties. Market focus now shifts to Thursday's non-farm payrolls report, which could recaliberate bets for a rate cut as soon as July. Money markets are pricing in a 21.2 per cent likelihood for a July rate cut and see about 64.5 bps worth of cuts by the end of this year, per LSEG data. AMC Entertainment Holdings dropped 6.5 per cent after the theatre chain operator said it would cut its debt by converting at least $US143 million in exchangeable bonds into shares. Shares of US-based casino operators rose after Macau reported a rise in June gambling revenue. Wynn Resorts gained 7.8 per cent, Las Vegas Sands was up 6.5 per cent and MGM Resorts International added 4.5 per cent. Advancing issues outnumbered decliners by a 1.28-to-1 ratio on the NYSE, and by a 1.05-to-1 ratio on the Nasdaq. The S&P 500 posted 14 new 52-week highs and no new lows while the Nasdaq Composite recorded 46 new highs and 42 new lows. The S&P 500 and Nasdaq indexes have inched down as Federal Reserve chair Jerome Powell stayed cautious on interest-rate cuts and investors watched a Senate voting marathon on US President Donald Trump's tax-cut and spending bill. The blue-chip Dow gained and was just about 746 points away from its all-time high touched in December. The day's moves for the S&P 500 and the Nasdaq Composite come after the indexes posted record closing highs on Monday, capping their best quarter in over a year as hopes for more trade deals and possible rate cuts supported sentiment. Powell reiterated the US central bank plans to "wait and learn more" about the effects of tariffs on inflation before lowering interest rates, again setting aside Trump's demands for immediate and deep rate cuts. The top policymaker has been facing harsh criticism from Trump to ease monetary policy, with the administration mapping out the likely plan for naming Powell's replacement for when he leaves the job next May. The fate of Trump's "One Big Beautiful Bill" was also in focus as US senators were still voting on Tuesday on a potentially long list of amendments to the legislation that is expected to add $US3.3 trillion ($A5 trillion) to the country's debt pile. The Republican majority's struggle to pass the bill exemplifies deep divisions within the party over debt. The bill aims to partly cover the cost of the tax reductions with cuts to Medicaid and some food assistance programs for low-income people. Trump said he was open to moving the July 4 deadline he gave fellow Republicans in the Senate to get behind the bill, while Treasury Secretary Scott Bessent said he expects the Senate to pass the bill by the afternoon. "This version that we hear about is not necessarily the one that's going to pass. So you know that's still something that weighs on investors' minds," said Kim Forrest, chief investment officer at Bokeh Capital Partners. Tesla's shares fell 4.5 per cent after a fresh spat between CEO Elon Musk and Trump over the tax bill, with the president urging the government efficiency department to review the subsidies that Musk's companies have received. Tesla also reported a sales drop for a sixth straight month in Sweden and Denmark in June but they rose in Norway and Spain during the same month. In early trading on Monday, the Dow Jones Industrial Average rose 189.54 points, or 0.43 per cent, to 44,284.31, the S&P 500 lost 2.54 points, or 0.04 per cent, to 6,202.41 and the Nasdaq Composite lost 32.26 points, or 0.16 per cent, to 20,336.87. The S&P 500 and the Nasdaq's rise to record highs marked a stunning recovery in sentiment that was hammered by Trump's chaotic trade policies and geopolitical tensions, with investors betting on AI enthusiasm and earnings momentum to keep the bull run going. Data showed US job openings increased unexpectedly in May, suggesting labour market resilience despite trade and economic uncertainties. Market focus now shifts to Thursday's non-farm payrolls report, which could recaliberate bets for a rate cut as soon as July. Money markets are pricing in a 21.2 per cent likelihood for a July rate cut and see about 64.5 bps worth of cuts by the end of this year, per LSEG data. AMC Entertainment Holdings dropped 6.5 per cent after the theatre chain operator said it would cut its debt by converting at least $US143 million in exchangeable bonds into shares. Shares of US-based casino operators rose after Macau reported a rise in June gambling revenue. Wynn Resorts gained 7.8 per cent, Las Vegas Sands was up 6.5 per cent and MGM Resorts International added 4.5 per cent. Advancing issues outnumbered decliners by a 1.28-to-1 ratio on the NYSE, and by a 1.05-to-1 ratio on the Nasdaq. The S&P 500 posted 14 new 52-week highs and no new lows while the Nasdaq Composite recorded 46 new highs and 42 new lows.
