Woolworths closed 0.4 per cent lower, after the supermarket giant said industrial action at its warehouses had cost the company $50 million in sales so far. Consumer discretionary stocks were also up, rising 0.9 per cent.

The biggest advancer among the large-cap stocks was dual-listed Block, which gained 5.8 per cent, after a strong performance from technology shares on Wall Street overnight.

Insurance broker Steadfast Group gained 2.7 per cent as the company released a review of its strata insurance, after a report on ABC’s Four Corners earlier this year alleged the company recommended a more expensive policy from a company it owned, over a cheaper policy from a rival.

The leaners

The utilities sector had a weaker day, with Origin Energy losing 1.3 per cent and Meridian Energy falling 3 per cent. Shares in mining giants Rio Tinto and BHP were slightly weaker, both falling 0.2 per cent.

Northern Star Resources fell 2.8 per cent, a further decline after Monday’s deal to buy rival gold miner De Grey Mining, while WiseTech fell 1.4 per cent as its founder Richard White said at an investor day that his resignation from the group in October had been a “circuit breaker”.

The lowdown

Market strategist at trading platform Moomoo, Michael McCarthy, said while the market clearly had momentum, valuations were stretched and any negative news could cause share prices to retreat.

He said key data releases coming up were Australia’s national accounts, to be published on Wednesday, and investors were expecting this would show quarterly economic growth of 0.4 per cent. In the US, there will be data released later this week on non-farm payrolls, which could affect the outlook for US interest rates.

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“It’s clear we’ve got momentum at the moment,” he said. “We are in a sweet spot where growth is strong enough to support profits, but not strong enough to imperil rate cuts in other parts of the world.”

McCarthy said if Australia’s national accounts showed weaker-than-expected growth in the most recent quarter, it could spark a negative reaction from investors.

Overnight, the S&P 500 rose 0.2 per cent from its all-time high set on Friday to post a record for the 54th time this year. The Dow Jones fell 128 points, or 0.3 per cent, while the Nasdaq composite gained 1 per cent.

Super Micro Computer, a stock that’s been on an AI-driven rollercoaster, soared 28.7 per cent to lead Wall Street.

Following allegations of misconduct and the resignation of its public auditor, the maker of servers used in artificial-intelligence technology said an investigation found no evidence of misconduct by its management or by the company’s board. It also said that it doesn’t expect to restate its past financials and that it will find a new chief financial officer, appoint a general counsel and make other moves to strengthen its governance.

Big Tech stocks also helped prop up the market. Gains of 1.8 per cent for Microsoft and 3.2 per cent for Meta Platforms were the two strongest forces pushing upward on the S&P 500.

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Intel was another propellant during the morning, but it lost an early gain to fall 0.5 per cent after the chip company said CEO Pat Gelsinger has retired and stepped down from the board. Intel is looking for Gelsinger’s replacement, and its chair said it’s “committed to restoring investor confidence.” Intel recently lost its spot in the Dow Jones Industrial Average to Nvidia, which has skyrocketed in Wall Street’s frenzy around AI.

Stellantis, meanwhile, skidded following the announcement of its CEO’s departure. Carlos Tavares steps down after nearly four years in the top spot of the automaker, which owns car brands like Jeep, Citroën and Ram, amid an ongoing struggle with slumping sales and an inventory backlog at dealerships. The world’s fourth-largest automaker’s stock fell 6.3 per cent in Milan.

All told, the S&P 500 added 14.77 points to 6,047.15. The Dow fell 128.65 to 44,782.00, and the Nasdaq composite climbed 185.78 to 19,403.95.