Market Wrap / rates reset

The S&P/ASX 200 closed at a fresh record closing high of 8,880.80 points Tuesday, after the RBA cut the official cash rate by 25 basis points and hinted at further cuts ahead.Consumer discretionary stocks led the gains including Nick Scali, Myer and Premier Investments, with JB Hi-Fi jumping 5.6% as the brokers positively weighed in on its full year results.

Industrials were the weakest sector after SGH fell 8.5% on a profit guidance below forecasts. Life360 was the best perfomer on the ASX200, climbing 7.8% after it upgraded full-year guidance alongside a 34% rise in second-half revenue to US$219 million. Life360 co-founder Chris Hulls will step down as CEO.

Meanwhile, SkyCity Entertainment rose 0.6% after an independent review found its Adelaide casino suitable to retain its licence. Star Entertainment shares rose on a deal to sell 50% of its Brisbane resort.

Markets are watching and waiting for the US inflation report tonight, which could determine if the US Fed will cut rates when it meets next month.

Tomorrow, CBA delivers its full-year results before the market opens, with Westpac and ANZ set to post quarterly updates later in the week.