Market Wrap / it’s not you, it’s tariffs

The S&P/ASX 200 eased from record highs reached during Wednesday's session in today's trade, after US President Trump flagged more tariffs. Healthcare stocks shed 1.1%, while interest-rate sensitive stocks continued to rise amid rate cut expectations, with the consumer discretionary sector up 0.9%.A rush to safe-havens sent the gold players higher. Westgold Resources notably jumped 5.1%, as it also flagged a higher FY26 production targets, supported by mine and mill upgrades. Liontown Resources shares were halted amid an announcement it will receive $50 million in government support for one of its lithium mines. On the reporting season front, AMP gained 4.8% with its underlying net profit up 9% from the previous corresponding period.Elsewhere, Light & Wonder will delist from the NASDAQ, and keep its sole listing with the ASX. The stock lost 2% as it flagged a slight revenue decrease in the June quarter.

And shares in market operator ASX slumped 8.6% , the most since the GFC, as Treasurer Chalmers indicated a clamp-down on its monopoly and it revealed it will spend up to $35 million responding to governance and operational failings.Tonight, the Bank of England is expected to cut rates. Block reports in the US tonight, along with Eli Lilly, Pinterest and ConocoPhilips. QBE Insurance and Nick Scali are among companies reporting locally tomorrow.