Market Wrap / tariff threats

The S&P/ASX 200 stumbled by 0.33% to 8,874.50 points to kickstart the trading week, with investor sentiment dented by geopolitics. US President Donald Trump has re-engaged in tariff threats with the EU over Greenland. 

The tech sector was the hardest-hit, dropping by 2.5% this Monday, with analysts also concerned about valuations of established software players amid further disruption in the AI space. Logistics company WiseTech was seen as a net loser from a new tariff escalation and dropped 4.6% today.

Elsewhere, Reliance Worldwide fell 4.4% following a broker note from Citi which flagged its reliance on copper amid soaring prices. The Chairman also stepped down from the Board for health reasons. 

Gold proved to be the bright spot of the session, with investors looking once more for safe-havens. Northern Star was up 3.1%. 

In company news, NextDC advanced by 1.2% after declaring that the application for its M4 Melbourne Data Centre has received the green light from the Victorian Minister for Planning.

Elsewhere, NRW and Macmahon Holdings tracked lower despite being awarded new contracts. 

US markets are closed overnight for Martin Luther King Junior Day. Locally tomorrow, quarterly reports will start to trickle in, with Telix, Hub24 and Qoria reporting.