The ASX will close early at 2.10pm AEDT on Wednesday for New Year’s Eve, remain closed on Thursday, and resume trading on Friday. From all of us here at Proactive Investors, we wish you a safe, happy and prosperous 2026.
With that in mind, let's have a look at what's happening on the market today (part from being super quiet).
ASX: modest gains in light holiday trade
The ASX is slightly higher in morning trade, up 0.14%, with gains led by the Energy (+0.45%) and Materials (+0.62%) sectors.
Australian shares are set for a subdued final session of the year, reflecting thin holiday trading and muted offshore leads. ASX futures were down 6 points, or 0.1%, at 8701, signalling a softer open after two sessions of modest declines.
The S&P/ASX 200 is on track for a 6.3% gain for the year, its weakest annual performance since the 2022 loss and below most major developed markets. One of the few peers the ASX is set to outperform is New Zealand, where the NZ50 has risen just 3.7%.
The Australian dollar was trading at US66.95¢ at 9.29am AEDT.
US markets: Wall Street wavers as Fed Minutes absorbed
US equities traded in a narrow range overnight, with the S&P 500 slipping 0.1% for a third consecutive decline. The Dow Jones Industrial Average and the Nasdaq composite both fell 0.2% with light volumes.
Investors digested minutes from the Federal Reserve’s December meeting, which showed most officials still see additional rate cuts as appropriate if inflation continues to ease, but also highlighted divisions within the committee. Several policymakers argued rates should remain on hold “for some time”, with some describing the December cut as finely balanced.
Despite the recent pullback, the S&P 500 has gained more than 17% over the year, while markets in the UK, Japan, Germany, Canada and Hong Kong are all on pace for gains above 20%, alongside the MSCI World Index.
Commodities: precious metals bounce, copper extends rally
Commodities were firmer, led by a rebound in precious metals. Silver jumped 8% in New York trading after early-week losses attributed to profit-taking following a two-week surge. Gold added 0.4% to US$4348.69 after falling 4.4% on Monday, while platinum rose 3.1% following a double-digit percentage decline earlier in the week.
Copper extended its December rally, rising as much as 3% to US$12,594 a tonne and heading for its longest winning streak since 2017. The move has been underpinned by concerns around supply-chain stress, with prices remaining resilient after briefly approaching record highs near US$13,000 a tonne earlier in the week.