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Northern Star Resources (up 3.5 per cent) and Lynas Rare Earths (up 2.8 per cent) rounded out the top three advancers. Another embattled ASX-listed company, WiseTech, also gained 2.7 per cent.

Qantas shares hit a record high of $8.17 during the session before closing at $8.13.

The laggards

Oil and gas stocks declined further after the price of crude had its biggest drop in more than a year overnight.

The barrel of benchmark US crude fell 6.1 per cent, and Brent crude, the international standard, slid 6.1 per cent overnight. It was the first trading for them since Israel attacked Iranian military targets on Saturday in retaliation for a barrage of ballistic missiles.

Woodside slipped 0.7 per cent, Santos fell 0.3 per cent and Yancoal was down 1.5 per cent, hurt by the sinking oil price.

Telix Pharmaceuticals (down 3.5 per cent) was the worst performing large-cap, followed by Resmed (down 3 per cent) and Fisher & Paykel Healthcare (down 2.9 per cent).

Shares of Australia’s largest steelmaker, Bluescope Steel, dipped 0.5 per cent after it cut its profit forecast for the six months to the end of the year. Bluescope pegged the weaker numbers on more Chinese steel exports flowing into the markets and ongoing economic headwinds.

The lowdown

In the US, the S&P 500 started the week 0.3 per cent stronger. The main measure of the US stock market was coming off its first losing week in the last seven, but it’s still near its all-time high set this month. The Dow Jones rose 0.65 per cent, while the Nasdaq composite finished 0.3 per cent higher. It’s now within 0.4 per cent of its all-time high set in July.

Financial markets are also dealing with the volatility that typically comes as a US presidential election day approaches. Markets have historically been shaky heading into an election, only to calm afterward regardless of which party wins.

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The trend affects both stock and bond markets. In the bond market, Treasury yields were ticking higher to tack more gains onto their sharp rise for the month so far. The yield on the 10-year Treasury rose to 4.28 per cent from 4.24 per cent late Friday. That’s well above the roughly 3.70 per cent level where it was near the start of October.

Yields have also climbed as investors have seen former President Donald Trump’s chances of re-election improving. Economists say a Trump win could help push inflation higher in the long term, and worsening inflation could push the Fed to hike interest rates.

Trump Media & Technology Group, the company that tends to move more with Trump’s re-election odds than on its own profit prospects, jumped 21.6 per cent on Monday to $US47.36. The parent company of Trump’s Truth Social platform has been rallying since hitting a bottom of roughly $US12 in late September, though it’s still well below its perch above $US60 reached in March.

Meanwhile, Boeing has launched a nearly $US19 billion ($29 billion) share sale, one of the largest ever by a public company, to address the troubled planemaker’s liquidity needs and stave off a potential credit rating downgrade to junk.

Tweet of the day

Quote of the day

“Trust has … been eroded,” the first wide-ranging inquiry into the national response to the COVID-19 pandemic has concluded. “Many of the measures taken during COVID‑19 are unlikely to be accepted by the population again. We must plan a response based on the Australia we are today, not the Australia we were before the pandemic.”

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Hospitality giant Merivale has stepped down from the board of the Australian Restaurant and Cafe Association following claims of sexual harassment, exploitation and drug use at the company’s high-profile Sydney venues as chief executive Justin Hemmes says he is “devastated” by the allegations.

AP, Bloomberg

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