Staff writersUpdated May 21, 2026 — 11:47am,first published May 21, 2026 — 5:12amThe Australian sharemarket has jumped higher at the open, as pressure from the bond market eased overnight and oil prices fell after President Donald Trump said the US is in the “final stages” of its war with Iran.The S&P/ASX 200 was up 153.10 points, or 1.8 per cent, to 8649.70 just before midday, with eight of its 11 industry sectors in positive territory. The ASX slumped by 1.3 per cent to a seven-week low on Wednesday.Wall Street bounced back on Wednesday, ending its three-day losing streak. APInvestors are also digesting a rise in Australia’s unemployment rate. The Australian Bureau of Statistics reported this morning that the nation’s jobless rate lifted to 4.5 per cent from 4.3 per cent in April. It’s the highest unemployment rate since November 2021 when the country was dealing with the fallout from the Covid pandemic. Total employment fell by 18,600 in the month, with full-time jobs down by 10,700.Mining stocks rebounded from Wednesday’s sharp losses, with BHP, the biggest stock on the bourse, jumping 3 per cent this morning, while Fortescue rose 1.1 per cent and Rio Tinto advanced 3.1 per cent.Gold miner Northern Star lost 2.8 per cent after managing director Stuart Tonkin announced his intention to stand down in the first quarter of the 2027 financial year. Tonkin’s departure comes as the company continues to struggle with production output at its flagship operation in Kalgoorlie, which has resulted in multiple cuts to its earnings forecasts. This has resulted in Northern Star’s shares tumbling over the last couple of months even as it benefited from high gold prices. Fellow gold miner Evolution Mining was 3 per cent higher in early trade.Financial stocks bounced higher on the improved investor sentiment with the big four banks all sharply higher, led by National Australia Bank’s 2.4 per cent gain, while Westpac rose by 1.9 per cent, ANZ Bank added 2 per cent and Commonwealth Bank was 0.7 per cent higher.Energy stocks slumped as oil prices fell by more than 5 per cent, with Trump’s comments raising hopes of a near-term restart of energy flows through the critical Strait of Hormuz. West Texas Intermediate fell by 5.7 per cent to settle near $US98 a barrel, with Trump’s comments stoking hopes for a deal between Washington and Tehran. Woodside Energy lost 2 per cent while Santos shed 1.3 per cent. Refiners Ampol and Viva Energy fell 0.7 per cent and 1.7 per cent, respectively.“One has to take these sorts of headlines with a pinch of salt,” said Fawad Razaqzada, market analyst for global macro at StoneX.“Trump has made so many claims of this nature during this conflict, and invariably the opposite has been true. Let’s see if this time it is different.”Technology stocks were mixed, with WiseTech losing 1 per cent, Xero 2.7 per cent and Technology One 2 per cent but NEXTDC jumped 3.3 per cent.Stuart Tonkin will stand down as managing director of Northern Star later this year.Trevor CollensNvidia, the world’s most valuable company, disappointed investors with its latest sales forecast after the closing bell in New York, adding to concerns about growing competition in the AI chip industry.Nvidia said revenue in the three months ending in July will be $US91 billion ($127.3 billion). Though analysts estimated $US87 billion on average, projections ranged as high as $US96 billion, according to data compiled by Bloomberg.The outlook disappointed investors who have grown accustomed to Nvidia shattering expectations. Nvidia shares fell about 0.5 per cent in after-hours trading.Meanwhile, SpaceX filed publicly for its initial public offering, revealing billions in losses and the super-voting share plan allowing Elon Musk to keep the rocket, satellite and artificial intelligence giant under his control, and prevent him from being removed from power against his will.The company known formally as Space Exploration Technologies Corp. chose Nasdaq to make its debut under the symbol SPCX, according to a filing with the US Securities and Exchange Commission.The company had a net loss of $US4.28 billion on revenue of $US4.69 billion for the first quarter, compared with a net loss of $US528 million on revenue of about $US4 billion a year earlier, according to its filing.Elsewhere, OpenAI is preparing to file for an initial public offering in the coming weeks and is targeting a public debut sometime in the fall, according to a person familiar with the plan.The ChatGPT creator is working with Goldman Sachs and Morgan Stanley to make a confidential IPO filing as soon as Friday, but the exact timing remains uncertain, the person said, asking not to be identified because the information isn’t public.OpenAI said in a statement: “We regularly evaluate a range of strategic options. Our focus remains on execution.”Overnight, the S&P 500 climbed 1.1 per cent for its first rise in four days and pulled closer to its all-time high set last week. The Dow Jones added 645 points, or 1.3 per cent, and the Nasdaq composite rallied 1.5 per cent.Technology stocks shone. Advanced Micro Devices jumped 8.1 per cent and Intel 7.4 per cent while Nvidia added 1.3 per cent before the release of its results.On the losing side of Wall Street was Target, which fell 3.9 per cent even though the retailer reported better profit and revenue for the latest quarter than analysts expected. A new CEO, Michael Fiddelke, is trying to turn around the company and boost its revenue.Expectations were high for the company’s performance after Target’s stock came into the day with a gain of more than 30 per cent for the year so far, quadruple the S&P 500’s gain.Stocks got a lift from easing yields in the bond market, which offered relief following rapid climbs that had rattled stock markets worldwide recently. The yield on the 10-year Treasury fell to 4.57 per cent from 4.67 per cent, which is a significant move for a market that measures things in hundredths of a percentage point.In stock markets abroad, indexes climbed in Europe.With AP, BloombergThe Market Recap newsletter is a wrap of the day’s trading. Get it each weekday afternoon.From our partners