Staff writersUpdated July 2, 2026 — 10:38am,first published July 2, 2026 — 5:23amThe Australian sharemarket has retreated across the board at the open but under-fire gold miner Northern Star rose after unveiling its new chief executive officer.The S&P/ASX 200 was down 57.2 points or 0.7 per cent, to 8665.7 in early trade, with all 11 industry sectors in negative territory. It comes after the bourse shed 0.6 per cent on Wednesday to kick off the new financial year.Technology stocks continue to be volatile.APMining stocks are mixed with BHP and Rio Tinto slipping 0.8 per cent but Fortescue was up 0.4 per cent. Gold miner Northern Star jumped 3.3 per cent as it announced it had appointed Glencore’s Suresh Vadnagra as its new chief executive officer. He will replace outgoing boss Stuart Tonkin on October 5 while chairman Michael Chaney will be replaced by Michael Ashforth at the next annual general meeting in November. The miner has been under pressure from activist investor Elliott Management, which has pushed for change after building a $1 billion stake in the company. Rival Evolution Mining edged 0.1 per cent higher, with the price of gold steadying above $US4000 ($5808) per ounce.Financial stocks are mixed with Commonwealth Bank losing 0.5 per cent and Westpac shedding 0.3 per cent but National Australia Bank added 1.5 per cent and ANZ Bank rose 0.5 per cent in early trade.Energy stocks lost ground as oil prices fell extended falls this morning as flows through the Strait of Hormuz climbed and there were signs of progress in indirect talks between the US and Iran.West Texas Intermediate traded near $US68 a barrel, after sliding 3 per cent in the previous two sessions, while Brent settled below $US72 on Wednesday. Oil supply through the critical waterway has reached more than 10 million barrels a day, underscoring Tehran’s now-limited ability to halt shipping, a US official said, while President Donald Trump hailed progress in negotiations. Woodside Energy lost 1.9 per cent and Santos shed 2.2 per cent. The refiners are mixed, with Ampol up 0.1 per cent and Viva Energy 0.3 per cent lower.Technology stocks are mixed with Xero adding 1.8 per cent and Technology One up 1 per cent, but WiseTech slipped 0.8 per cent and NEXTDC retreated 2.3 per cent.The Australian dollar was trading at US68.88¢.Overnight, the S&P 500 slipped 0.2 per cent for its eighth loss in 11 days. The Dow Jones Industrial Average dipped 13 points, or less than 0.1 per cent, and the Nasdaq composite fell 0.7 per cent.General Mills helped lead the market and climbed 8.5 per cent after the company behind the Cheerios and Progresso brands reported better results for the latest quarter than analysts expected. It also announced a plan to cut $US3 billion ($4.4 billion) in costs over four years.Three out of every five stocks within the S&P 500 likewise climbed, and the index trimmed an early drop of 0.7 per cent after a report said US manufacturing grew last month at a slightly slower speed than economists expected. The survey from the Institute for Supply Management also said prices were increasing at a slower pace.The data could take some upward pressure off inflation, which in turn could make the Federal Reserve less likely to raise interest rates multiple times this year. Following the report, the yield on the 10-year Treasury pulled back from a peak near 4.50 per cent in the morning and fell to 4.47 per cent.That offered some relief because higher yields make it more expensive for businesses and households to borrow money and in turn can slow the economy. Higher yields also tend to undercut prices for stocks and other investments. Yields have been on the rise since the war with Iran began because of worries about high inflation caused by expensive oil.The heaviest weights on the market were stocks that had soared earlier in the euphoria around artificial-intelligence technology, including drops of 10.6 per cent for Micron Technology, 6.9 per cent for for Advanced Micro Devices and 1.3 per cent for Nvidia.Such stocks have been zigzagging in recent weeks because of worries that they had become too expensive. They also have big influence on the S&P 500 and other indexes because they’ve grown so huge in size.Kroger swung from an early loss to a gain of 1.3 per cent after the grocer said it agreed to buy Giant Eagle for $US1.25 billion in cash. It will also take on $US400 million in liabilities to buy the food and pharmacy retailer with stores stretching from Indiana to Maryland.Nike also flipped an initial loss and rose 4.9 per cent after reporting stronger results for the latest quarter than analysts expected. The athletic-gear giant is in the midst of a turnaround attempt by CEO Elliott Hill, and he said it’s still facing headwinds dragging on its revenue.From our partners