Adrian BlackUpdated June 1, 2026 — 10:46am,first published June 1, 2026 — 5:23amAustralia’s sharemarket has ended the day roughly where it began in a cautious session as the US and Iran exchanged strikes despite ongoing ceasefire negotiations.The S&P/ASX200 slipped 2.3 points on Monday, down 0.03 per cent, to 8729.4, as the broader All Ordinaries rose 4.8 points, or 0.05 per cent, to 8969.8.Wall Street has recorded seven straight winning sessions. AP“Overall, today’s session has been a very cautious one, and for good reason,” IG market analyst Tony Sycamore said.“We’ve had reports the (US-Iran) ceasefire deal seemed to be on the verge of being signed off, then footage emerging over the weekend of what appears to be naval mines floating in the Strait of Hormuz, Israel pushing further into Lebanon, and now there’s been more reports of exchange of fire between the US and Iran.”Eight of 11 local sectors traded lower, while energy and materials stocks edged higher and IT stocks rocketed more than 5 per cent to four-month highs.BHP, Rio Tinto and Fortescue all made gains despite iron ore futures falling below $US105 a tonne, down from $US109 a week earlier amid easing steel demand in China.Gold stocks were broadly higher as the precious metal held its ground near $US4515 ($6287) an ounce.The energy sector’s advance came despite a flat session for segment giants Woodside and Santos as coal miners pulled ahead.The heavyweight financials sector trimmed more than 0.3 per cent as Commonwealth Bank and ANZ shares dragged.Australia’s banks are facing pressure from slower economic growth, cooling property markets and uncertain investor sentiment, according to Justin Lin, investment strategist at Global X ETFs.“While CBA has benefited from years of strong domestic capital flows and a premium valuation, investors are beginning to question some of the assumptions underpinning that premium,” Lin said.“Concerns around slower loan growth are increasing as the domestic economy and property market cools.”Real estate trusts fell 0.7 per cent as the auction market shows signs of cooling after the preliminary clearance rate fell to a six-year low last week.Consumer-facing stocks lost ground, with staples and cyclicals trimming 0.3 per cent and 0.2 per cent respectively.In company news, Droneshield tumbled more than 8 per cent after more than 50 per cent of shareholders voted against the company’s remuneration report.Pro Medicus outperformed the top 200, rallying more than 9 per cent after signing $46 million in new and renewed contracts.Fashion retailer Cettire rocketed by more than 25 per cent after striking a partnership with Alibaba Group’s cross-border e-commerce platform as it looks to expand its reach in China.The Australian dollar was buying US71.83¢ – up from US71.61¢ on Friday at 5pm.On Friday on Wall Street, the S&P 500 rose 0.2 per cent, notching its seventh consecutive gain and ninth straight winning week — the longest such streak since 2023. The benchmark index set an all-time high for the fourth day in a row. The Dow Jones gained 0.7 per cent and the Nasdaq composite added 0.2 per cent. The Dow and Nasdaq also reached new heights after posting record highs earlier in the week.Big technology stocks have been behind much of Wall Street’s record-breaking streak. Their pricey stock values give them more influence in directing the market higher or lower. In May alone, technology stocks within the S&P 500 rose more than 15 per cent, while most of the sectors in the benchmark index actually lost ground.“The rally has been largely tech-led and supported by resilient earnings, but the key question is whether it can be sustained,” wrote Angelo Kourkafas, senior global strategist at Edward Jones, in a research note.Microsoft rose 5.4 per cent and Broadcom gained 4.7 per cent.Dell Technologies surged 32.8 per cent to lead all stocks in the S&P500 after delivering profits that blew past expectations. The company also raised its outlook, citing powerful demand for AI computing.Most other sectors in the S&P 500 lost ground Friday. Paramount Skydance fell 1.9 per cent, Amazon.com dropped 1.2 per cent and Costco Wholesale closed 3.9 per cent lower.Treasury yields held relatively steady as oil prices fell. The yield on the 10-year Treasury slipped to 4.44 per cent from 4.45 per cent late on Thursday.AAP with AP, BloombergThe Market Recap newsletter is a wrap of the day’s trading. Get it each weekday afternoon.From our partners