ASX 200 falls 0.75% as tech unwind follows Tesla and Alphabet rout; banks cushion
ASX 200 close: 8,772.3 (-0.75%) Breadth: negative, small-caps led lower (All Ords -0.85%, AU VIX +6.88%) Sentiment: bearish
The S&P/ASX 200 closed at 8,772.3 on 24 July 2026, down 0.75% or 66.7 points, as local tech and high-beta names followed Wall Street's overnight slide in Tesla (-14.5%) and Alphabet (-7.1%) on AI-spending fears. BHP.AU -2.94% was the single biggest drag on the index and WiseTech WTC.AU fell 4.64%, while Karoon KAR.AU +10.84% led an energy bid on firmer crude. A rally in the big-four banks (CBA.AU +1.00%, NAB.AU +1.46%, WBC.AU +1.36%, ANZ.AU +1.42%) held the loss under a percent, with the US 10-year yield up at 4.70%.
What moved the index
- Tech and high-growth unwind: WiseTech WTC.AU -4.64%, Xero XRO.AU -4.45%, REA Group REA.AU -3.66% and Goodman GMG.AU -2.65% among the index heavyweights, worth roughly 25 bps of the 75 bps fall. Tesla -14.5% and Alphabet -7.1% overnight, both on lifted AI-capex forecasts, pushed the Nasdaq down 2.15% and the US 10-year yield up to 4.70%, and rate-sensitive growth names took the hit locally.
- Materials, led by BHP.AU -2.94%: the largest single weight on the index fell 2.94%, about 23 bps on its own, with RIO.AU -1.69%, S32.AU -3.65% and MIN.AU -2.33% deepening the drag. Materials cost the index close to 30 bps.
- Banks offset, about +28 bps: CBA.AU +1.00%, NAB.AU +1.46%, WBC.AU +1.36% and ANZ.AU +1.42% added roughly 28 bps, the reason the fall stopped short of a percent.
Together, the tech and materials drags total near 55 bps against a 28 bps bank offset. The residual to the 75 bps decline was broad small-cap selling: the All Ordinaries fell 0.85%, underperforming the ASX 200, and the AU VIX jumped 6.88%.
Session highlights
The S&P/ASX 200 closed at 8,772.3 on 24 July 2026, down 66.7 points or 0.75%, giving back Thursday's 0.18% gain and more.
- WTC.AU -4.64%, XRO.AU -4.45% and REA.AU -3.66% led the info-tech and growth selloff, tracking the Nasdaq's 2.15% overnight fall.
- BHP.AU -2.94% was the heaviest single drag; RIO.AU -1.69%, S32.AU -3.65% and MIN.AU -2.33% extended the materials weakness.
- CBA.AU +1.00%, NAB.AU +1.46%, WBC.AU +1.36% and ANZ.AU +1.42% rose, the big-four rally offsetting about a third of the index loss.
- WDS.AU +1.79%, STO.AU +1.53% and KAR.AU +10.84% climbed as Brent crude held near US$99 after an overnight spike above US$100.
- NST.AU -3.91% and EVN.AU -2.42% fell with the gold miners even as spot bullion held flat at US$4,051/oz; the selling tracked risk-off flows, not the metal price.
Sector scorecard
- Best: Energy, on WDS.AU +1.79%, STO.AU +1.53% and KAR.AU +10.84% as crude held above US$98.
- Worst: Info Tech, on WTC.AU -4.64% and XRO.AU -4.45% tracking the Nasdaq.
- Financials rose on the big-four banks (+1.0% to +1.5%); Materials fell on BHP.AU -2.94% and S32.AU -3.65%.
- Widest internal split sat in Materials: energy and a handful of gold explorers held up while iron-ore majors and lithium (LTR.AU -7.42%, PMT.AU -7.37%) sold off.
Top movers
| Ticker | Move | Reason |
|---|---|---|
| KAR.AU | +10.84% | Extended a post-Q2-results run on firmer crude; halted after the close |
| BNZ.AU | +8.31% | Gold explorer climbed on a broker rating upgrade |
| NUF.AU | +3.52% | Unannounced, likely flow-driven |
| TWE.AU | +2.60% | Defensive bid as money rotated out of tech |
| ASB.AU | +2.38% | Shipbuilder firmed with non-tech industrials |
| CNI.AU | -8.49% | Rate-sensitive property manager slid as bond yields rose |
| CU6.AU | -8.20% | High-beta biotech sold in the growth unwind |
| IPX.AU | -7.81% | Critical-minerals momentum name fell with global tech |
| DRO.AU | -7.69% | Defence-tech high-flyer unwound alongside momentum peers |
| ALQ.AU | -7.59% | Unannounced, likely flow-driven |
Notable announcements
- KAR.AU lodged its June-quarter results on 23 July and a buy-back update today; shares went into a trading halt after the close.
- TCG.AU -8.80%: Turaco Gold fell after a broker cut its rating.
- Lithium sold off: LTR.AU -7.42% and PMT.AU -7.37%, with UBS trimming its Liontown valuation.
At the AU close (16:15 AEST)
| Asset | Level | Change | Context |
|---|---|---|---|
| S&P 500 futures | 7,459.5 | +0.19% | steadying after Thursday's 1.21% cash fall |
| Nasdaq 100 futures | 28,645.8 | +0.09% | flat after the 2.15% overnight tech drop |
| Brent crude | US$98.90 | -1.78% | easing after an overnight spike above US$100 |
| Gold | US$4,051/oz | +0.03% | flat as gold miners fell |
| Copper | US$6.36/lb | +0.33% | firmer |
| AUD/USD | 0.6991 | +0.32% | firmer against a softer US dollar |
Next 24h catalysts (AEST)
- Fri (US tonight) American Express Q2 results and US S&P Global flash PMIs.
- Mon 09:00 SPI reopens, tracking Friday's Wall Street close.
- Week of 27 July AU June-quarter CPI, the key domestic read after this week's jobs data lifted RBA rate-hike bets.
- Week of 27 July US earnings resume with Microsoft, Meta, Apple and Amazon.
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