Market Wrap / Woodside's win

The S&P/ASX 200 reversed earlier gains to finish at 8396.90 points this Wednesday, down 0.13%  despite a strong open on the back of positive US tailwinds. 

Woodside shares rose 3.2% after the Federal government approved its request to extend the life of its North West Shelf gas plant until 2070.

Lower iron ore prices weighed on the resources sector. Mineral Resources dropped 5.5% as it again cut its full-year guidance for iron ore production. 

Profit taking in the banks saw CBA lose 0.9%.

Meanwhile, the tech sector followed gains on the Nasdaq. Block's Aussie listed CDIs gained 4.9% after the Square owner announced plans to enable Bitcoin payments. 

Elsewhere, Web Travel soared 13% on an upbeat outlook for FY26, while Fisher & Pakel fell 4.8% despite reporting a 43% jump in full year profit.

On the data front, yearly trimmed mean inflation surprised economists and slightly increased to 2.8% in April. Most economists still suggest a RBA July rate cut remains on the cards. Across the ditch, the RBNZ cut its rate 25 basis points to 3.25%. 

Tonight, Nvidia reports and the Fed releases minutes from its latest meeting.