Derek RoseUpdated June 30, 2026 — 10:42am,first published June 30, 2026 — 5:19amThe Australian sharemarket has ended the financial year with a whimper, ending on the lows of the day amid sharp losses for goldminers.The benchmark S&P/ASX200 index closed down on Tuesday 44.7 points, or 0.51 per cent, to 8778.7, while the broader All Ordinaries dropped 40.7 points, or 0.45 per cent, to 8986.2.The ASX 200 rose 3.5 per cent in the June quarter.Getty ImagesThe ASX200 finished June up 0.5 per cent and rose 3.5 per cent for the June quarter, leaving the index up 0.7 per cent year to date.Traders were closely watching as the Reserve Bank released minutes from its June 16-17 meeting, revealing board members discussed the Middle East conflict and “persistently weak productivity growth” as the two main risks that could have a bearing on future rate decisions.“The board will remain focused on its mandate to deliver price stability and full employment and will do what it considers necessary to achieve that outcome, including increasing the cash rate target if necessary,” the minutes said.TD Securities senior Asia-Pacific rates strategist Prashant Newnaha said the minutes showed the board hadn’t ruled out lifting the cash rate again, but the hurdle for near-term policy tightening was now higher.Six of the ASX’s 11 sectors finished lower and five closed higher.Property was the biggest loser, dropping 2.3 per cent as Goodman Group lost 3 per cent and Abacus Group retreated 5.4 per cent.Goldminers were some of the worst performers as the yellow metal dropped as low as $US3955 an ounce in morning trading, its lowest level since November.After its monster year in 2025, gold has been struggling in recent months on the prospect the US will raise interest rates this year, increasing the opportunity cost of holding the non-yield-bearing asset.Northern Star dropped 5.8 per cent, Evolution retreated 5.2 per cent, Regis Resources declined 6.9 per cent and Minerals 260 fell 10.4 per cent, making it the worst laggard in the ASX200.After the ASX closed for the day, gold staged a bit of a bounce, climbing back over $US4,000 to change hands at $US4,040 around 5pm.The iron ore giants were also lower, with BHP dropping 0.7 per cent to $59.40, Fortescue falling 1.9 per cent to $19.15 and Rio Tinto declining 0.9 per cent to $172.51.The big four retail banks were mixed, with ANZ up 0.4 per cent to $35.35 and CBA rising 0.6 per cent to $164.62, while NAB and Westpac both lost 0.1 per cent, to $37.86 and $35.21, respectively.The Australian dollar was trading for US68.77¢, from US68.90¢ at 5pm on Monday.Overnight, the S&P 500 climbed 1.2 per cent. It was coming off just its second losing week in the last 13. The Dow Jones added 306 points, or 0.6 per cent, and the Nasdaq composite rallied 2.1 per cent.Several stocks boosted by the artificial-intelligence boom rose after Samsung Electronics and SK Hynix said they will invest roughly $US518 billion ($752 billion) in a new chipmaking hub in South Korea, as its president hopes to capitalise on surging AI demand.Applied Materials, whose equipment helps make semiconductors, rallied 10.8 per cent to vault its gain for the year so far above 170 per cent.“The bounce we’re seeing is a welcome development for the bulls,” said Matt Maley at Miller Tabak.“We continue to believe strongly that the action in the tech sector will continue to be the main driver in the stock market.”AI stocks have been on a roller-coaster ride recently after soaring to tremendous heights. They’re under pressure because of worries that their profits can’t possibly keep pace with the huge gains for their stock prices. And the moves have an outsized effect on investors because AI stocks have become some of Wall Street’s largest and most influential, giving them more weight on indexes than others.Nvidia was one of the strongest forces lifting the S&P 500, for example, after its stock rose 1.3 per cent. That’s because it’s Wall Street’s biggest stock with a total value of more than $US4.7 trillion.SpaceX, which owns the xAI business along with rockets, has already become worth more than $US2 trillion after its stock’s ballyhooed debut on the Nasdaq this month, with sharp rises and falls along the way. It’s become big enough that Nasdaq said Elon Musk’s company will join the Nasdaq 100 index before trading begins on July 7, which will force funds tracking the index to buy the stock.SpaceX climbed 7.2 per cent.Outside of AI, Comcast rose 4.5 per cent after saying it will split off its NBCUniversal media business and Sky from its broadband and wireless business. Its stock came into the day with a loss of 17.3 per cent for the year so far.That helped offset a 5.2 per cent drop for Verizon Communications, which said it’s paying $US625 million as part of a deal to combine its international wireline connectivity and managed network services business with some of London-based BT Group’s subsidiaries in a joint venture.AAP with AP, BloombergThe Market Recap newsletter is a wrap of the day’s trading. Get it each weekday afternoon.From our partners