Adrian BlackJuly 10, 2026 — 6:25amAustralia’s sharemarket has broken a four-session losing streak but it ended the week lower as a global rally in artificial intelligence and chip stocks largely skipped the local bourse.The S&P/ASX200 rose 43.5 points on Friday, up 0.5 per cent to 8806, as the broader All Ordinaries advanced 42.4 points, or 0.47 per cent, to 9003.7.The Australian sharemarket rose on Friday, helped by a rebound in mining shares.Getty ImagesThe exchange’s muted advance was outshone by major rallies in other indices in Asia, the US and Europe, as investor excitement about chip and AI firms outweighed worries about renewed conflict in the Persian Gulf.“There’s a general strong sentiment despite the deterioration of the situation in the Middle East and that’s an indicator of real underlying strength globally, yet we just didn’t see that here today,” Moomoo market strategist Michael McCarthy said.“It’s either ... AI-on or AI-off, and Australia’s low presence in the industries that this impacts means that we’re just not seeing much of an impact here.”Local mining stocks rebounded after tumbling more than 4 per cent during the week, the bounce led by BHP, Rio Tinto and gold stocks on the back of stronger commodity prices.Gold was trading at $US4118 ($5924) an ounce on Friday, but the All Ordinaries gold sub-index was down more than 5 per cent for the week.Energy stocks were soft, down 0.2 per cent as oil prices retreated on investor bets that the worst of the US-Iran conflict was behind them, despite escalating conflict in recent days.Woodside and Santos both traded lower, while uranium stocks provided the sectoral support on the back of a reinvigorated AI narrative and signs Australia will boost its exports to India.Financials helped lift the exchange with a 0.6 per cent improvement, notching the sector’s best daily close in nine weeks as the big four banks continued to recover from a weak second quarter.Healthcare stocks, consumer discretionary stocks and communications stocks underperformed.In company news, Telstra resumed its slump after Wednesday’s major outage. An apology from chief executive Vicki Brady was not enough to allay investor concerns about potential fines and reimbursements. Telstra shares fell 1.6 per cent.The Finance Sector Union has accused CommBank of using “fake” redundancies to offshore Australian jobs, claiming CBA readvertised axed roles under similar job titles at its Indian subsidiary.WiseTech Global fell 1.8 per cent as it moved to dispel rumours it was set to lose a major client, days after surging on news that co-founder Richard White was stepping down from his lead board role.Mesoblast shares soared more than 6 per cent after declaring revenues of $US115 million ($165 million) in the 2026 financial year for its mesenchymal stromal cell product Ryoncil.The Australian dollar was buying US69.50¢, up from US69.39¢ on Thursday as the greenback softened on improving risk sentiment.Overnight on Wall Street, the S&P 500 climbed 0.8 per cent, more than recovering its loss from the day before. The Dow Jones Industrial Average added 0.3 per cent, and the Nasdaq composite rose 1.3 per cent.Tech shares have become some of Wall Street’s most influential after growing so big in the euphoria around AI. But AI stocks have also come under pressure recently because of worries their prices had shot too high and that AI may not create enough productivity and profits to make all the investments in chips and data centres worth it.Shares broadly got some help from falling yields in the bond market. The yield on the 10-year Treasury fell to 4.53 per cent from 4.56 per cent late on Wednesday.It had been climbing on worries about high oil prices and the potential for higher interest rates, which cranked up the pressure on stocks and prices for other investments.Besides the war with Iran, another big event for Wall Street is the upcoming start of earnings reporting season for companies. Next week, the biggest banks are set to unveil how much profit they made from April through June. Companies across industries will need to report strong growth to justify the big moves their share prices have made.AAP with APThe Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. Sign up to get it every weekday morning.More:SharesInvestingBondsCommoditiesCurrenciesDividendsFrom our partners