ASX 200 Rises Despite Wall Street Losses; Tesla Plunges as Gold, Uranium and Mining Stocks Lead Gains

Australian shares pushed higher on Thursday, shaking off a softer overnight session on Wall Street as investors turned their attention to the strength in commodity markets rather than weakness in global technology stocks.

By late morning, the S&P/ASX 200 had climbed around 0.75% to 8,889 points, while the broader All Ordinaries Index added 0.73% to just over 9,070 points. Market breadth was firmly positive, with advancing stocks comfortably outnumbering decliners.

Live stock data: source Tradingview

The resilience stood in contrast to the previous night’s performance in the United States, where the technology-heavy Nasdaq slipped 0.57%, the S&P 500 eased 0.14% and the Dow Jones Industrial Average finished little changed.

Instead of following Wall Street lower, Australian investors rotated into sectors benefiting from stronger commodity prices and defensive positioning.

Gold and uranium regain momentum

Mining companies were the standout performers as higher precious metal prices continued to lift sentiment across the resources sector.

The ASX 200 Resources Index gained 1.18%, while the ASX All Ordinaries Gold Index jumped 2.29%, reflecting renewed interest in producers and explorers as gold traded around US$4,135 an ounce.

Silver also remained elevated near US$59.90 an ounce, providing additional support for precious metals companies.

Live stock data: source Tradingview

Among the day’s strongest performers were:

• Generation Development Group (ASX: GDG) +34.43%
• Paladin Energy (ASX: PDN) +10.08%
• Forrestania Resources (ASX: FRS) +7.79%
• Ausgold (ASX: AUC) +7.45%
• Silver Mines (ASX: SVL) +7.41%
• Alkane Resources (ASX: ALK) +7.38%
• Deep Yellow (ASX: DYL) +7.22%
• Minerals 260 (ASX: MI6) +7.20%

Live stock data: source Tradingview

Live stock data: source Tradingview

The strength extended beyond gold, with uranium and critical minerals stocks also attracting buying interest. The move reflects growing confidence that long-term themes such as energy security, electrification and critical mineral supply chains continue to support the sector.

According to the World Gold Council, sustained central bank buying and geopolitical uncertainty have remained key drivers behind gold’s record price levels, helping underpin demand for gold-related equities.

Energy benefits from elevated oil prices

Energy shares also advanced as crude oil prices remained elevated.

Brent crude traded around US$95.61 a barrel, while West Texas Intermediate hovered near US$88.01, supported by ongoing geopolitical tensions in the Middle East and concerns about global supply.

The ASX Energy sector gained 1.15%, reinforcing the market’s preference for commodity-linked businesses during the session.

Higher oil prices can boost earnings for energy producers, although they also raise broader inflation concerns that central banks continue to monitor.

Technology loses momentum

While resources enjoyed a strong session, technology shares moved in the opposite direction.

The ASX Information Technology Index fell 2.13%, making it the weakest-performing sector of the day.

Live stock data: source Tradingview

Several high-profile technology names declined, including:

• Life360 (ASX: 360) -4.37%
• WiseTech Global (ASX: WTC) -4.02%
• Nuix (ASX: NXL) -3.98%
• Xero (ASX: XRO) -2.76%
• Appen (ASX: APX) -2.67%

The weakness followed another cautious session for global technology stocks.

Tesla weighed on sentiment after reporting quarterly earnings of US$0.31 per share, well below analysts’ expectations of US$0.51, despite revenue exceeding forecasts at US$28.23 billion. The electric vehicle maker’s shares fell during regular trading before extending losses after hours.

Attention also remained on Alphabet after the Google parent increased its planned 2026 capital expenditure to between US$195 billion and US$205 billion, highlighting the enormous investment being directed toward artificial intelligence infrastructure.

Thomas Monteiro, Senior Analyst at Investing.com, said investors are becoming increasingly focused on whether rising AI spending will translate into stronger long-term returns.

“After a negative cash flow quarter, the new raise in capex does not sit well for Alphabet. The market’s most reliable cash generators are now spending more than they bring in. As long as revenue keeps accelerating, investors will tolerate it. But capital has a real cost again, and the room for error is shrinking every quarter.”

Defensive sectors also attract buying

Beyond resources, utilities, property and financials all recorded healthy gains.

The day’s strongest sectors included:

• Utilities +1.96%
• Real Estate +1.72%
• Materials +1.47%
• Financials +1.20%
• Energy +1.15%

Healthcare, consumer discretionary and telecommunications finished lower, reflecting a more selective market rather than broad-based buying.

Meanwhile, the Australian dollar remained close to US$0.70, while iron ore traded near US$97.60 a tonne.

What today’s market is signalling

Thursday’s session suggests Australian investors are becoming increasingly selective rather than simply following overseas markets.

Instead of chasing high-growth technology stocks, capital flowed into companies tied to commodities, energy security and defensive sectors. Elevated gold and oil prices, combined with ongoing geopolitical uncertainty, continue to provide support for Australian resource companies even as global technology valuations face greater scrutiny.

Whether that rotation proves temporary or marks the beginning of a broader shift will likely depend on upcoming corporate earnings, commodity prices and global economic data. For now, Australia’s market appears comfortable charting its own course, even when Wall Street stumbles.

Sources: ASX market data (23 July 2026); Investing.com; World Gold Council; company announcements.