In an intriguing turn of events, the Australian share market is poised for a significant upswing, buoyed by a positive rally on Wall Street. Furthermore, this afternoon, the Reserve Bank of Australia (RBA) is anticipated to make a crucial move by raising interest rates for the first time in over two years.
Stay tuned as we provide ongoing updates throughout the day in our live blog, ensuring you’re informed about the latest market developments.
Important Note: Please remember that the insights shared in this blog do not constitute investment advice.
Key Developments
Just In
- 10 minutes ago: February 2, 2026, at 9:16 PM
- 29 minutes ago: February 2, 2026, at 8:57 PM
- 38 minutes ago: February 2, 2026, at 8:47 PM
Pinned Update
- 50 minutes ago: February 2, 2026, at 8:35 PM
Current Market Overview
By Samuel Yang
- ASX 200 futures: Up by 1% to 8,815 points
- Australian dollar: Decreased by 0.2%, now at 69.45 US cents
- S&P 500: Increased by 0.6% to 6,979 points
- Nasdaq: Rose by 0.6% to 23,609 points
- FTSE: Gained 1.2% to 10,341 points
- EuroStoxx: Up by 1% to 636 points
- Spot gold: Dropped 4.1% to $4,663 per ounce
- Brent crude oil: Increased by 4.5% to $66.20 per barrel
- Iron ore: Down by 1% to $102.80 per tonne
- Bitcoin: Rose by 2.5% to $78,262
Note: Prices reflected are current as of around 7:30 AM AEDT.
Live Updates on Major ASX Indices
Gold Price Decline
- 10 minutes ago: February 2, 2026, at 9:16 PM
- Gold prices have seen a significant drop of 4%, now sitting at $4,670 per ounce as of 8:15 AM AEDT. This downturn in the precious metals market has come after recent peaks, following the appointment of Kevin Warsh as the new chair of the U.S. Federal Reserve.
Fund managers appear split on whether this marks the end of volatility in financial markets or if more turbulence lies ahead. Read more insights from business correspondent David Taylor.
Appointment Announcement
- 29 minutes ago: February 2, 2026, at 8:57 PM
- The current deputy of ASIC, Sarah Court, has been officially named as the next chair of the corporate regulator. She is set to take over the role on June 1, succeeding Joe Longo, who will step down at the end of May.
Mr. Longo expressed confidence in Ms. Court's leadership, stating, "Her work as Deputy Chair has been vital in enhancing the agency’s regulatory framework, leading to improved outcomes for consumers and a fairer financial landscape."
In her own words, Ms. Court remarked, "The role of ASIC is incredibly important for every Australian, and I look forward to the privilege of leading the organization starting in June."
Ms. Court has held her current position since 2021 and has prior experience from three terms as a commissioner with the ACCC.
Discussion Prompt
- 33 minutes ago: February 2, 2026, at 8:52 PM
- How are you feeling about the trajectory of interest rates? The RBA clearly indicated at the close of last year that they were not considering further rate cuts, but rather, hikes were on the horizon.
We’d love to hear your thoughts—whether you're a homeowner, saver, renter, potential homebuyer, retiree, or somewhere in between. How would a possible rate hike today affect you? Have you taken any steps to prepare, such as locking in your mortgage rate? Share your views with us in the comments!
Market Surge
- 38 minutes ago: February 2, 2026, at 8:47 PM
- The S&P 500 index surged into record-high territory on Monday, powered by advancements in chip manufacturing and companies linked to artificial intelligence. Meanwhile, smaller firms also saw notable gains.
The Russell 2000 index climbed by 1.1%, significantly outperforming both the S&P 500 and Nasdaq so far this year. Notable tech giants like Alphabet and Amazon each experienced over 1% increases ahead of their quarterly earnings reports, which could provide investors with more insight into the competitive race in AI technology.
AI-focused firms like Palantir also reported slight gains before their earnings announcement later today. The chip sector benefited greatly from rising demand for AI components, with shares of SanDisk soaring nearly 14%, while Advanced Micro Devices and Micron Technology increased by 4.3% and 5.1%, respectively.
This rally marked the S&P 500's first rise in three sessions, alleviating concerns regarding the high valuations of tech stocks that have surged based on optimism surrounding AI advancements. Currently, the S&P 500 is up around 2% this year, lagging behind the Russell 2000’s impressive nearly 7% increase.
Investors often interpret gains in small-cap stocks as a sign of growing confidence in the broader economy.
Tim Ghriskey, a senior portfolio strategist at Ingalls & Snyder in New York, commented, "The fundamentals remain strong, and earnings reports are looking good across the board, indicating positive surprises for revenues and profits."
Analysts predict that S&P 500 companies may report nearly 11% growth in earnings for the last quarter of December, an increase from an earlier estimate of 9% at the start of January, according to LSEG. Technology companies are driving most of this growth.
RBA's Interest Rate Path
- 49 minutes ago: February 2, 2026, at 8:36 PM
- Looking at the Reserve Bank's decisions, today’s monetary policy meeting is expected to see the cash rate rise to 3.85%, up from its previous rate of 3.6%, which has remained unchanged since August of last year.
Curious about how we reached this point? Here’s a brief overview of how the cash rate has evolved over recent years:
Upcoming Decision
- 1 hour ago: February 2, 2026, at 8:21 PM
- The RBA's decision is anticipated at 2:30 PM AEDT today.
Market Outlook
- 1 hour ago: February 2, 2026, at 8:21 PM
- Good morning! Welcome to our Tuesday market live blog, where we’ll keep you updated with the latest happenings and trends in the ASX and beyond.
Following a robust rally on Wall Street overnight, local markets are expected to react positively today. The Dow Jones index rose by 1.2%, the S&P 500 increased by 0.6%, and the Nasdaq Composite saw a gain of 0.7%.
ASX futures are showing an increase of 86 points, or 1%, reaching 8,818 at 7 AM AEDT. Concurrently, the Australian dollar has dipped by 0.2% to 69.42 US cents. Brent crude oil prices fell by 4.2%, trading at $66.33 per barrel, and spot gold dropped by 3.9% to $4,673. Iron ore also saw a decline of 1%, settling at $102.80 per tonne.
