Markets live: ASX rises after mixed results on Wall Street, SpaceX shares wipe more than $1 trillion
By business reporter Adelaide Miller
Topic:Stock Market
Thu 16 Jul 2026 at 7:29am
Thu 16 Jul 2026 at 7:29am
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The Australian share market opens in the green, after mixed results on Wall Street. Elon Musk’s SpaceX sees $1 trillion gone from its share price
Meanwhile, the price of oil continues to rise, sitting at about $US85 a barrel
Follow the day’s financial news and insights from our specialist business reporters on our live blog
Disclaimer: this blog is not intended as investment advice
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Thu 16 Jul 2026 at 10:16am
Thu 16 Jul 2026 at 10:16am
Market snapshot
By Adelaide Miller
- ASX 200: +0.1% to 8,845 points
- Australian dollar: +0.04% to 70.09 US cents
- Wall Street: Dow Jones (+0.3%), S&P 500 (+0.4%), Nasdaq Composite (-0.3%)
- Europe: Stoxx 600 (+0.1%), FTSE (-0.1%), DAX (-0.6%)
- Spot gold: -0.03% at $US4,057/ounce
- Brent crude: +0.4% to $US85.30/barrel
- Iron ore: +0.4% to $US100.55/tonne
- Bitcoin: -0.3% to $US64,762
Prices current at around 10:15am AEST
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Key Event
Thu 16 Jul 2026 at 10:37am
Thu 16 Jul 2026 at 10:37am
‘This isn’t a bond market, it’s literally about space’: analysts weigh in on SpaceX
By Adelaide Miller
Big numbers have been thrown around this morning, as investors of the new publicly listed SpaceXlearn more than $1 trillion Aussie dollars were wiped from the share price
Senior Market Analyst Tony Sycamore says the initial gains for SpaceX were driven by “a media frenzy” and “hype around Elon Musk” which saw shares reach $US225.
“These were incredible gains in the early stages of the move … then we saw the reality around valuation,” he says
Initially, SpaceX was trading somewhere between 90 and 110x valuation revenue.
“That’s huge,” says Mr Sycamore
“For context, Tesla is about 16x and that’s considered expensive.”
Then on June 22, a few weeks after the initial IPO, SpaceX came out and launched its inaugural debt offering, as the company looked to raise money in the debt market to pay off bridging loans, to fix up balance sheets, and pay off ex AI acquisitions
SpaceX plunged -16.4% to $US154.60that day, which Mr Sycamore says took “a lot of air out of the balloon”
Fast forward to now, the company has seen its share price fall eight out of the past 10 sessions, taking us back to around the expected IPO price
But what are investors thinking and are they worried? Tony Sycamore thinks for the most part, no
“Because many of those investors bought into the idea that this was the new frontier of tech stocks, and will pay off within the five to 10 years time frame,” he says
“Also considering they already have taken profits on day two or three.”
He says the bigger question is if or when the share price falls below the initial IPO price, and holds
“SpaceX is the new frontier with everything where mankind is going because it encompasses AI, sending people to space and Starlink, but it also has a lot of unknowns,” says Mr Sycamore
“This isn’t a bond market, it’s literally about space, people were warned this is more of a high risk investment.”
The first earnings report is due around August 6, and many will be watching closely
Key Event
Thu 16 Jul 2026 at 10:02am
Thu 16 Jul 2026 at 10:02am
ASX in the green
By Adelaide Miller
The Aussie share market has started the trading day up +0.1% to 8,854 points
More to come
Thu 16 Jul 2026 at 9:54am
Thu 16 Jul 2026 at 9:54am
Coles appealing ACCC’s Kalgoorlie supermarket ruling
By Emilia Terzon
Emilia here with an update on a story we brought you a few weeks ago, with Coles just confirming it will indeed appeal the ACCC’s recent ruling on its Kalgoorlie supermarket opening
The competition regulator knocked back Coles’s plan to open a second site in the FIFO mining city in WA last month, on the grounds it would knock out smaller competitors and make it harder for new entrants (like Aldi) to come to town
As you’d expect, Coles ain’t happy
“The Determination was not the objectively correct or preferable decision,” its appeal notes
The appeal is with the Australian Competition Tribunal, as part of the new appeals process brought into play this year. It will be heard by an economist, a businessperson and a judge
More from Coles:
Coles respectfully disagrees with the ACCC’s assessment and remains of the view that the proposed development would not substantially lessen competition in Kalgoorlie.
Even with the proposed Coles store, supermarket capacity in Kalgoorlie would be lower than, or comparable to, similar regional centres such as Albany, Busselton and Geraldton
Coles’ business case for this store does not rely on any existing operator leaving the market. Rather, it assumes continued growth among competitors over time
Here’s the original story
Key Event
Thu 16 Jul 2026 at 9:41am
Thu 16 Jul 2026 at 9:41am
BlackRock assets hit record $US15 trillion
By Adelaide Miller
BlackRock’s second-quarter profit outpaced Wall Street estimates on Wednesday as a stock market rally lifted the value of client assets and investors poured money into the company’s exchange-traded funds, sending its shares up more than 7%
Assets managed by the New York-based company jumped to a record $US15.34 trillion in the quarter, up from $US12.53 trillion a year earlier and $US13.89 trillion in the first quarter
The world’s largest money manager pulled in $US192 billion of client cash during the period, underpinned by strength in its iShares ETF franchise
That compares with $US68 billion a year earlier and $US130 billion in the first quarter
Equity products accounted for $US71.6 billion of net flows in the quarter, while fixed-income products accounted for $US92 billion
“Market fundamentals are strong and well supported, with higher margins and earnings momentum catalyzed by new technology. The scale and depth of our client relationships globally have never been greater,” CEO Larry Fink said in a statement
On an adjusted basis, BlackRock earned $US13.91 per share in the three months ended June 30, topping expectations of $US12.59, according to estimates compiled by LSEG
The earnings beat was “broad-based,” Barclays analysts said in a note, adding that profit margins expanded more than Wall Street expected
The company said its second-quarter adjusted operating margin was 45.9%, its highest in almost five years
The company increased its planned share buybacks in 2026 to $US2 billion from $US1.8 billion
Major US equity indexes had ended June with their biggest quarterly gains since 2020 as optimism grew over corporate earnings and investors looked beyond the volatility sparked by the conflict in the Middle East
– Reuters
Key Event
Thu 16 Jul 2026 at 9:27am
Thu 16 Jul 2026 at 9:27am
Artificial intelligence, a speech from the PM, and what happens next
By Adelaide Miller
Yesterday we heard from Prime Minister Anthony Albanese about his plans to centralise oversight of artificial intelligence.
Down at the University of Sydney, the PM assured creatives their work wouldn’t be impacted by the quickly evolving AI landscape,but also warned the opportunity to get on the front foot with a frameworkfor management was quickly closing
Responding to the speech, Jane Livesey, president of Microsoft Australia and New Zealand, said she welcomed the government’s “sharpened focus for all who share responsibility in Australia’s AI transformation”
“Realising the promise of this technology requires deep partnership across industry, technology, and government – all working together to keep AI safe, inclusive, and delivering for every Australian,” she said in a statement
“The Prime Minister’s plan gives us the shared foundation to do exactly that. Australia’s rapid embrace of AI has been felt across every government portfolio, industry and community, and a single national framework is the right way to ensure all Australians benefit from the many opportunities this technology promises.
“Coordinating AI policy centrally will give business leaders greater certainty for faster decisions, give Australians confidence that standards are consistent and considered, and give our country the agility to keep pace as the technology evolves
“When people trust that AI is safe and well-governed, they adopt it with confidence – in turn, driving productivity and growth. A coordinated national framework is how we scale for systems-wide impact.”
The ABC’s AI reporter Cam Wilson was down at the speech yesterday, and says for all the ambitionand promises from the PM, there doesn’t seem to be any clear timelineas to what the next steps might be
You can read the full piece of analysis below:
Key Event
Thu 16 Jul 2026 at 9:10am
Thu 16 Jul 2026 at 9:10am
Why Australians shouldn’t panic about latest surge in oil prices and state of supply
By Adelaide Miller
Despite analysts warning the oil price hike could mean more hip pocket pain at the pump, supply chain experts say they don’t think it will be as bad as the price surge we saw in March
“There’s always cause for concern when we hear about these sorts of developments,” says Professor Daniel Prior, associate professor at the University of New South Wales and founding director of the Supply Chain Sustainment Research Group
“The difference now is that there’s a series of things that are in place which mean that the severity of the issue is perhaps a little bit more muted than what it might otherwise have been.”
You can read the full piece from Georgie Hewsonbelow
Plus, here is a bird’s eye view of oil pricingacross the year so far:
Key Event
Thu 16 Jul 2026 at 8:55am
Thu 16 Jul 2026 at 8:55am
Wall Street closes with mixed results
By Adelaide Miller
The S&P 500 finished Wednesday trading up +0.4% to 7,572 points, with Consumer Cyclicals leading the way for the major sectors
Paypal was the top mover, up a massive+17.2%.
Global water treatment and sustainable solutions company Pentair finished down-15%
The Dow Jones Industrial Averageclosed up+0.3%to 52,659 points
Of the top movers, Apple finished up +4.0%
Of the bottom movers,Cisco finished down -4.5%
The Nasdaqclosed down-0.3% to 29,503 points,with an even split across major sectors
Of the top movers, Paypalonce again led the way
Of the bottom movers, Western Digital Corp finished down -8.8%
Key Event
Thu 16 Jul 2026 at 8:40am
Thu 16 Jul 2026 at 8:40am
Telstra and telco regulator prepare for grilling over widespread outage
By Adelaide Miller
Both Telstra and the communications regulator have raised concerns about a consumer group survey suggesting up to 10 per cent of customers had difficulty making Triple Zero calls
The regulator, ACMA, issued legal demands to the consumer group for its survey methodology, threatening potential imprisonment or fineseven though the group said it had already handed over the information
You can read the full piece from business reporter Dan Ziffer, which comes ahead of tomorrow’s Senate inquiry into Triple Zero outages, where both Telstra and the communications regulator will be questioned
Key Event
Thu 16 Jul 2026 at 8:25am
Thu 16 Jul 2026 at 8:25am
SpaceX shares sees more than a trillion dollars wiped
By Adelaide Miller
SpaceX shares dropped below their initial public offering price for the first time on Wednesday (US time) before closing just above that level
It comes just over a month after the rockets-to-AI firm completed the biggest IPO ever and made Elon Musk the world’s first trillionaire
The shares dropped -0.6% to close at $US135.27,after falling as low as $US132.28 — below the $135 IPO price and well below last month’s high that briefly propelled the company’s market valuation above those of tech giants Microsoft and Amazon
It is the latest reminder that Wall Street’s enthusiasm can cool quickly, even for a company whose vast ambitions and Musk backing briefly helped it fetch a valuation above $US2.6 trillion ($AU3.7 trillion)last month, compared with $US1.78 trillion ($AU2.5)on Wednesday afternoon
That means more than 1 trillion Aussie dollars was wiped.
“I think the elephant in the room is there’s a lot of folks that are in the stock and maybe some of them or a good number of them are wanting to take some liquidity, which is essentially putting a lot of pressure on the stock,” says Justus Parmar, CEO of SpaceX investor Fortuna Investments
“You’re probably seeing a little bit of it and through the course of the year, we’ll be seeing more of that.”
The about-face in SpaceX reflects in part investor concern over debt-funded AI spending and what potential Federal Reserve rate hikesmight do to stretched tech valuations
SpaceX turned to the bond market last month to raise $US25 billion,becoming the latest tech giant to sell bonds to build out costly technology infrastructure whose return prospects are hotly debated on Wall Street
The stock’s retreat “seems to be a combination of profit-taking, valuation reassessment and the unwinding of extremely bullish positioningfollowing one of the most anticipated listings in recent years,” says Daniela Hathorn, senior market analyst at Capital.com
– Reuters
Key Event
Thu 16 Jul 2026 at 8:10am
Thu 16 Jul 2026 at 8:10am
Businesses globally claw back $110 billion after Trump’s tariffs deemed unlawful
By Adelaide Miller
Businesses around the world are clawing back tens of billions of dollars paid to United States customs after Donald Trump’s “liberation day” tariffswere deemedunlawful
Business reporter Emilia Terzonspoke with the owner of one Australian companywho confirms a six figure payment has landed in his account
“I can’t believe my eyes,” he says
You can read the full exclusive report here:
Key Event
Thu 16 Jul 2026 at 7:55am
Thu 16 Jul 2026 at 7:55am
ICYMI: Wednesday Finance with Alan Kohler
By Adelaide Miller
IBM shares have had the biggest fall in the company’s history
But that didn’t prevent share markets from rising after Trump backed down from his threat to charge ships for transiting
Here’s yesterday’s finance recap with Alan Kohler
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Key Event
Thu 16 Jul 2026 at 7:40am
Thu 16 Jul 2026 at 7:40am
ASX to rise at the open, SpaceX plunges
By Adelaide Miller
Good morning everyone and happy Thursday!
Business reporter Adelaide Miller here to guide you through the morning, covering the latest business, finance and economics stories
To start with, ASX Futures is pointing up for the open +0.1%to8,818 points
That’s after Wall Streetclosed with mixed results (I’ll provide a breakdown shortly)
SpaceX is in a world of pain, as its share price plunges. Here is a look at its movement before the close
As you can see, during the trading day, the share price fell below the $US135 IPO price.
I’ll provide further detail on this soon
But for now, grab yourself a coffee and see you back here soon!
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Thu 16 Jul 2026 at 7:28am
Thu 16 Jul 2026 at 7:28am
Market snapshot
By Adelaide Miller
- ASX 200 Futures: +0.1% to 8,818 points
- Australian dollar: -0.01% to 70.05 US cents
- Wall Street: Dow Jones (+0.3%), S&P 500 (+0.4%), Nasdaq Composite (-0.3%)
- Europe: Stoxx 600 (+0.1%), FTSE (-0.1%), DAX (-0.6%)
- Spot gold: +0.1% at $US4,059/ounce
- Brent crude: +0.8% to $US85.43/barrel
- Iron ore: +0.4% to $US100.55/tonne
- Bitcoin: -0.1% to $US64,886
Prices current at around 7:25am AEST
