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Good Afternoon and welcome to Market Close for Monday of Week 3 of 2026, I’m Jon Davidson. Before we talk about the local market, let’s turn to the US where we’ve had some fairly big news come out that will no doubt dominate at least the next twenty four hours of market commentary.
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Donald Trump’s Department of Justice has served the Federal Reserve with a subpoena described by the Fed as “threatening a criminal indictment,” targeting Jerome Powell. This comes on the back of last year’s Federal Reserve renovations controversy which, as Powell asserted using official government channels earlier today, is being used as a pretext for politically interfering with the Federal Reserve.
Powell’s on the way out, Trump wants interest rates lower, and Jerome has been unwilling to fold to that pressure. Trump and Powell aren’t exactly best friends. And currently, Donny’s on a blitz of policy announcements ahead of the midterm elections given that his popularity ratings aren’t great. So if you want to trade the Federal Reserve subpoena, go look at gold prices which shot up today, NASDAQ futures have also taken an intraday slump, too. Tonight may be interesting on Wall Street.
Let’s turn back to the local market. It was a strong day for us on the back of fresh records from Wall Street last Friday, and above all else, consumer discretionary was the best performing sector on Monday; utilities led the laggards.
So let’s quickly run through companies in the green.
Imricor Medical Systems the day’s top gainer up nearly +20% after the FDA approved its first device, a heart catheter for use in MRI machines to 3D model the patient’s heart.
Light & Wonder meanwhile popped as it solved a dispute with Aristocrat Leisure over IP theft related to mobile gambling apps; it’s coughing up just south of $200M to sweep the matter under a rug.
Finally, GreenX Metals in a similar fashion up to $1 per share as the company looks like the Polish government will need to pay it nearly $400M in a long running dispute.
And as for the reds!
Biotech darling 4D Medical continues to sell off after running very hard very fast in the last few weeks, shares were around $4.30 each in arvo trades.
Mesoblast also cooling off in a similar fashion down around -5% heading into late arvo, the stem cell player posted record US revenues last week.
Finally, Super Retail Group sinking over -5% despite a strong day for discretionary; a trading update failed to get investors feeling generous on Monday.
That’s Market Close, I’m Jon Davidson, have a great night and we’ll see you on Tuesday.
