The Australia 200 trades 39 points lower (-0.44%) at 8888 as of 3.00pm AEDT.

AMD earnings and uranium weakness drive ASX 200 losses

The Australia 200 (ASX 200) eased from the open today and is set to end a two-day winning streak, with declines in this year's top-performing sectors – the energy and materials sectors.

The decline in the materials sector is led by uranium stocks, following Advanced Micro Devices's (AMD) post-earnings plunge of 17.3% to $200.19. The chipmaker's disappointing first-quarter (Q1) 2026 guidance has tempered enthusiasm for artificial intelligence (AI)-driven demand growth, raising doubts about the pace of data centre expansion and the need for nuclear power to meet growing energy requirements.

This saw uranium futures fall 5.09% overnight to around US$86 per pound, now 15% below last week's peak, triggering heavy selling in ASX uranium stocks.

ASX 200 stocks

Energy sector

Energy stocks fell on reports that United States (US)-Iran nuclear talks, initially believed to have collapsed overnight, are now confirmed to be back on for Friday, with the venue shifting from Turkey to Oman.

• Beach Energy fell 3.78% to $1.20
• Santos eased 0.71% to $6.99
• Woodside slipped 0.25% to $25.78.

Precious metals stocks

After yesterday's calmer session, volatility has returned to the precious metals market. Silver dropped 15% at one point, hitting a low of $73.50, while gold fell 3.3% to a low of $4789 – more than $300 below the $5091 high it reached yesterday. 

• Silver Mines dropped 8.16% to $0.22
• Genesis Mining fell 6.29% to $6.85
• Resolute Mining tanked 6% to $1.25
• Newmont lost 5.64% to $162.17.

Rare earths stocks

Rare earths stocks have dived, reversing their strong gains from earlier in the week. This sharp pullback occurred after US Vice President JD Vance outlined plans for a preferential trade bloc with allies, which includes coordinated price floors designed to shield non-Chinese suppliers from market flooding by China.

While the proposal aims to stabilise pricing and encourage domestic and allied investment in critical minerals, there is a fear that government-set floors could distort free market dynamics, cap upside potential, and ultimately reduce pricing power for producers. 

• Metallium dived 10.58% to $0.84
• Australian Rare Earths lost 10.26% to $0.18
• Australian Strategic fell 9.97% to $1.58
• Lynas Rare Earths dropped 6.84% to $14.91.

Technology sector

The much-maligned information technology (IT) sector is holding in positive territory, bucking the weakness seen in tech stocks overnight on Wall Street. Bargain hunters appear to be taking advantage of its dramatic 9.40% tumble yesterday.

• Seek lifted 2.54% to $19.75
• Block gained 2.48% to $81.75
• TechnologyOne added 2.16% to $23.14.

Uranium stocks

• Bannerman Energy dived 10.54% to $3.81
• Paladin Energy dropped 9.87% to $12.24
• Boss Energy slipped 8.74% to $1.59.

ASX 200 technical analysis

The ASX 200 last week encountered sellers operating ahead of trend channel resistance near the 9000 area, before falling below trend channel support on Monday.

However, the rebound that followed has allowed the ASX 200 to return to the safety of its upward sloping trend channel, from where it can continue its volatile ascent towards the 9115.2 record high.

A break below trend channel support at 8800 and then below Monday’s 8746.2 low would create technical damage and warn of a deeper pullback, initially to the 200-day moving average at 8667.

ASX 200 daily candlestick chart

• _{Source: TradingView. The figures stated are as of 5 February 2026. Past performance is not a reliable indicator of future performance. This report does not contain and is not to be taken as containing any financial product advice or financial product recommendation.}