Evening Wrap: ASX 200 dives 180 points as global tech meltdown deepens and uranium and silver stocks tumble, WEB -30% on audit

The S&P/ASX 200 closed 180.4 points lower, down -2.03%.

The ASX 200 slumped 2.0% in its worst session since November as offshore tech weakness and sharp swings in precious metals and uranium crushed market breadth to single digit advancers.

All 11 of the major ASX sector indices (12 if you include the Gold Sub-Index (XGD) (-3.2%)) were down today, with the least-worst performer, Health Care (XHJ), down over 1%. The move was so broad-based, that there roughly 30 stocks falling for each gainer in the ASX 300 (think of it this way: 9 up vs 281 down! 😱).

Information Technology (XIJ) (-3.3%) continued its slide as the AI-vs-software companies rout deepened, with Wisetech (WTC) (-4.6%) and NextDC (NXT) (-3.8%) among the hardest hit.

In stock news, Web Travel Group (WEB) (-29.5%) cratered after disclosing a Spanish tax audit, and REA Group (REA) (-7.8%) tumbled after a soft first half result and downbeat FY26 listings guidance.

Silver bounced in Asian trade after its 18% overnight flush, while gold also steadied. Today's rebound failed to lift the precious metals majors, though, with Newmont (NEM) (-4.9%) and Silver Mines (SVL) (8.9%) deeply in the red.

The other sector that perfectly illustrates just how fast things change in financial markets is uranium. Only days ago, the uranium price surged to 12-month highs, dragging the ASX uranium sector with it. With the uranium price down 20% in 5 trading sessions, stocks like Paladin Energy Ltd (PDN) (-10.9%) and Deep Yellow (DYL) (-12.0%) were smashed today.

Be sure to click/scroll through for the usual reporting of the major sector and stock-specific moves, the broker responses to them, as well as all the key economic data in tonight's Evening Wrap.

Also, I have detailed technical analysis on the Nasdaq Composite and the S&P/ASX 200 in today's ChartWatch.

Let's dive in!

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Markets

ASX 200 Session Chart

The S&P/ASX 200 (XJO) finished 180.4 points lower at 8,708.8, 0.29% from its session low and 2.07% from its session high. In the broader-based S&P/ASX 300 (XKO), decliners thrashed advancers by 281 to 9.

For the week, the XJO finished down 160 points or 1.8% lower, 2.7% from its intraweek high and just 0.29% from its intraweek low.

Fund flows: Harder to pick than a broken 👃!

These moves are the hardest to pick.

Trump tariff madness…

Fed lift-off…

Global pandemic…

European sovereign debt crisis…

Sub-prime meltdown / credit crunch / Lehman Bros. going under…

On each of those occasions, the culprit was clear. Stocks were falling because of “Insert market melting factor in here”.

What’s today’s market melting factor? I’m not sure. No doubt you’ll have some opinions… But I would suggest that there isn’t anything mega out there — that we know of, at least! 😉

Which makes moves like these the hardest to pick… And, in many ways, the most disturbing and frustrating! 😱

Whilst I can’t give you the smoking gun reason for why global stocks were belted in the last 24-hours… I’m not sure that you really need one. Will it make you feel any better to know why? Is knowing why any more important than simply knowing that it’s happening? 🤔

I’m in that second camp. I stopped wanting to know why a long time ago. Life’s been so much easier since then! You know me — I just look at what is happening in the charts and then do two things:

1. Follow the trend ✅

2. Manage risk ✅

One these two points, can I say:

1. Previously well-defined uptrends are under significant pressure = investors are finding just as much reason to stay as to go (i.e., “go” to safe assets like highly rated sovereign bonds and cash rather than “stay” in risk stocks. Yes Mr. Smith, your stocks are risky… Yes, even your BHP, RIO, and Big 4 Banks! As far as global fund managers are concerned all stocks are risk assets!).

2. My view on the need to manage my risk and how I intend to do it are expressed clearly in ChartWatch below — as they have been for the last couple of years I’ve been writing it. Today’s just another day to go through the process. 📋

I will leave you with a few pictures to mull this weekend. If you aren’t sure how to interpret them, then consider watching any or all of these videos on YouTube instead of Netflix or Binge: ChartWatch *LIVE* Webinars Playlist.

S&P-ASX 200 Information Technology Sector Index chart (-top-); S&P-ASX 200 Communication Services Sector Index chart 6 Feb 2026 (-bottom-)

👆 Computer says "No!" 🤖🚫

S&P-ASX 200 Consumer Discretionary Sector Index chart

👆 Rolling on high P/E and rate hikes. 📈

S&P-ASX 200 Real Estate Sector Index chart 6 Feb 2026

👆 Another sector that hates higher rates... ⚠️

S&P-ASX 200 Financials Sector Index chart

👆 Started to look good... but then back to swinging today! ⚖️

S&P-ASX All Ordinaries Gold SubInd Index chart

👆 Houston... we have a problem! 🚀💥

S&P-ASX 200 Resources Index chart

👆 Has been invincible, gaining from Tech's demise... but first gold's reversal hit hard... now diminished global risk appetite... can it hang on!? 🙈

Today's best blue chip gainers

Today's worst blue chip losers

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ChartWatch

Nasdaq Composite Index

Analysis

It’s palpable, isn’t it? 🤢

You can feel the demand-side’s control over prices of Comp stocks just ebbing away…

Replaced by greater motivation, and for the last 3 supply-side controlled sessions, size of supply.

Hey — there’s “feel”… But then there’s the black and white of our technicals — pun intended! ⬛🕯️⬜🕯️

We don’t need to guess if the supply-side is growing in motivation and size… We know that if this the case, then we’re going to see black-bodied candles and or upward pointing shadows + above average volume. It must be!

= ✅ + ✅

We don’t need to guess that the market psychology has flipped from “buy the dip and FOMO into new highs” to “sell the rally and panic out at new lows”… We know that if this the case, then we’re going to see falling peaks + falling troughs. It must be!

= ✅ + ✅

We don’t need to guess whether previous places where investors saw value are still perceived as value… We know that if this isn’t the case, then we’re going to see the price crash through historical points of demand and the trend ribbons. It must be!

= ✅ + ✅

If you’ve suffered through enough of my rants here in ChartWatch, then these things are self-evident in the chart above / on your own computer screen. 💻

I also trust… That if you’ve suffered long and hard with my, at times, seemingly monotonous and repetitious rants… Then you have… Quite some time ago… Taken the appropriate steps to manage your risk accordingly.

That doesn’t mean you’re completely unscathed by present events… But you are very likely doing better than the investor who isn’t following my model (and therefore, NOT following the trend and NOT managing their risk! 😉)

View

A you know, since earlier in the week, I had suspended the addition of all new long-side exposure, with the goal of letting portfolio risk roll off due to “natural attrition”. Today, I am officially moving to a 1/2RP portfolio risk limit — i.e., my portfolio risk bucket for US stocks can only be half full 🪣.

When one considers that at 2/3RP, I was already 33% cash — it shows how superior this model is compared to typical balanced funds that have a typical maximum cash allocation of 5-10%, or a passive strategy of holding index funds which are, by definition, 0% cash / 100% invested!

Cash might seem like a waste of time… it typically is when markets are rising… But, when markets are sideways — cash is still earning a few percent… And when markets are falling — and cash’s buying power increases by as much as stocks decline, then, as they say in the classics: Cash is King! 💵👑

Key levels

The next zone of demand is is the long term uptrend ribbon (presently 21555-22425). 21898 is another critical static point of demand to watch. If the Comp closes below both areas of demand, we can assume the long term uptrend is over. The short term trend ribbon (presently 23355-23360) is the nearest critical zone of supply — the Comp must close above this zone with a strong demand-side candle to confirm the demand-side is unequivocally back in control of its price).

S&P/ASX 200 (XJO)

Analysis

What do they say about “the best laid plans of mice and men”? 🤔 The same as they say about “following the trend until it bends”! 🤣

Is this the end of the ASX 200’s uptrend? Very possibly! Hey, I can’t tell the future, remember!? 🤷

What I can say, is that the present price action is inconsistent with the strong demand-side control that creates and sustains healthy bull markets.

If you believe me, then you’ll agree, and you’ll adjust your risk accordingly (if you’ve been following my model, you’re likely well ahead of the curve on this).

If you don’t, well, you’ll likely do what everyone else does — you know — the old “BHP Technique”.

It’s super effective most of the time… As most of the time stocks go up… Right?

Well, that also means that some of the time they don’t… ↔️ And some of those some of the times they go down. ⬇️

But then there’s an even smaller some of those some of those times that they absolutely soil themselves! (Think COVID, GFC, 1987, 1929… etc.)

Which one of the times are we in right now? No idea… Again can’t tell the future… 🔮

But that’s why I have a model to help me understand how the balance between demand and supply is changing in the markets. It’s presently telling me to hedge my bets: 50% invested and 50% cash.

My capital is balanced each way because the technicals suggest that the market is just as likely to move one way or the other. Whichever will be, will be… But I know that I’m going to sleep just fine tonight! 😴

(Oh, I nearly forgot! What’s the “BHP Technique”!? Well, that would be the investing strategy most average Aussie investors use: Buy, Hold, Hope, and (most importantly) PRAY! 🙏

View

On Monday I said that I will suspend adding all new long-side risk exposure and let my portfolio risk reduce by “natural attrition” to 1/2RP. I think we can all agree that the most prudent move now is to solidify that 1/2RP move, i.e., my new portfolio risk limit for ASX stocks is 50% 🪣.

Key levels

8675 is the closest point of demand, but far more important, is the dynamic demand we'd typically associate with the long term trend ribbon (presently 8610-8715) . A close below 8610 would neutralise the present long term uptrend. 8944-8979 is the next key zone of supply.

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Economy

Today

• 9:30 AUS RBA Gov Bullock Speaks

  • Inflation picked up in late 2025, with underlying inflation at 3.4 per cent and headline inflation at 3.6 per cent over the year to the December 2025 quarter, while unemployment stayed low at an average 4.2 per cent.

  • The Reserve Bank of Australia lifted the cash rate 25 basis points to 3.85 per cent to restrain demand as the economy looks more supply demand constrained than previously assessed, helped by easier financial conditions and stronger household and business spending.

  • Bullock flagged major work on payments and operational resilience, including finalising the surcharging and merchant card costs review by end March 2026.

Later this week

Saturday

• 07:00 USA January Consumer Credit m/m (9 billion forecast vs 4.2 billion in December)

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Latest News

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Interesting Movers

Trading higher

• +6.0% Tungsten Mining (TGN) – No news, rebounded after yesterday's sharp sell-off due to Watershed - Assessing Accelerated Development Pathways.

• +5.3% BetaShares Australian Equities Strong Bear Complex ETF (BBOZ) – No news (short ASX shares ETF).

• +4.7% Mayfield Group Holdings (MYG) – Change in substantial holding from WAX/WAA/WAM/WMI.

• +4.2% Forrestania Resources (FRS) – No news, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +3.6% BetaShares US EQY Strong Bear CCY H Complex ETF (BBUS) – No news (short US shares ETF).

• +3.5% Solstice Minerals (SLS) – Continued positive response to 03-Feb Outstanding High-Grade Cu-Au Intercepts at Nanadie.

• +3.5% Brambles (BXB) – No news.

• +2.4% SKS Technologies Group (SKS) – Continued positive response to 05-Jun Major Contract Award and FY26 Profit Upgrade.

Trading lower

• -29.5% (WEB) – Response to ASX Price Query and Receipt of audit notice, general weakness across the broader Information Technology sector today, fall is consistent with prevailing short and long term downtrends, a recent regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -27.8% Lotus Resources (LOT) – Completion of A$76 million Placement, general weakness across the broader Uranium sector today.

• -19.4% Manuka Resources (MKR) – Continued negative response to 05-Jun Draft Panel Decision to Decline Taranaki VTM Application, general weakness across the broader Silver sector today.

• -17.2% Appen (APX) – No news, general weakness across the broader Information Technology sector today.

• -16.3% Electro Optic Systems Holdings (EOS) – Trading Halt, general weakness across the broader Defence sector today.

• -15.5% Andean Silver (ASL) – No news, general weakness across the broader Silver sector today.

• -14.3% Meteoric Resources (MEI) – No news, general weakness across the broader Rare Earths & Critical Minerals sector today.

• -14.1% Elevate Uranium (EL8) – No news, general weakness across the broader Uranium sector today.

• -13.4% Nova Minerals (NVA) – No news, general weakness across the broader Rare Earths & Critical Minerals sector today.

• -13.2% Sunrise Energy Metals (SRL) – Change in substantial holding (Sailing Stone 8.0% from 9.1%), general weakness across the broader Rare Earths & Critical Minerals sector today.

• -13.2% Aura Energy (AEE) – No news, general weakness across the broader Uranium sector today.

• -13.0% Investigator Resources (IVR) – No news, general weakness across the broader Silver sector today.

• -12.9% Peninsula Energy (PEN) – No news, general weakness across the broader Uranium sector today.

• -12.4% Minerals 260 (MI6) – No news, general weakness across the broader Precious Metals sector today.

• -12.3% Boab Metals (BML) – No news, general weakness across the broader Silver sector today.

• -12.0% Deep Yellow (DYL) – No news, general weakness across the broader Uranium sector today.

• -11.9% Alligator Energy (AGE) – No news, general weakness across the broader Uranium sector today.

• -11.0% Chalice Mining (CHN) – No news, general weakness across the broader Rare Earths & Critical Minerals sector today.

• -10.9% Paladin Energy (PDN) – No news, general weakness across the broader Uranium sector today.

• -10.3% Flight Centre Travel Group (FLT) – No news.

• -10.1% Boss Energy (BOE) – No news, general weakness across the broader Uranium sector today.

• -10.0% Polymetals Resources (POL) – No news, general weakness across the broader Silver sector today.

• -10.0% Challenger Gold (CEL) – No news, general weakness across the broader Precious Metals sector today.

• -9.3% BetaShares Crypto Innovators ETF (CRYP) – No news (heavy falls in major cryptocurrencies over the last 24-hours).

• -9.1% Droneshield (DRO) – No news, general weakness across the broader Defence sector today.

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Broker Moves

Atlantic Lithium (A11)

• Downgraded to underperform from neutral at Macquarie; Price Target: $0.24

Alpha HPA (A4N)

• Initiated at speculative buy at Canaccord Genuity; Price Target: $1.20

Astral Resources NL (AAR)

• Upgraded to buy from speculative buy at Euroz Hartleys; Price Target: $0.64 from $0.54

Aussie Broadband (ABB)

• Retained at neutral at Macquarie; Price Target: $4.60 from $5.30

Australian Clinical Labs (ACL)

• Downgraded to hold from buy at Ord Minnett; Price Target: $2.80 from $3.50

ASX (ASX)

• Retained at neutral at UBS; Price Target: $57.60 from $56.90

BHP Group (BHP)

• Retained at hold at Morgans; Price Target: $48.00

Beach Energy (BPT)

• Retained at hold at Bell Potter; Price Target: $1.15 from $1.10

• Retained at buy at Canaccord Genuity; Price Target: $1.35 from $1.26

• Retained at sell at Citi; Price Target: $1.00

• Retained at neutral at E&P; Price Target: $1.30

• Retained at sell at Jarden; Price Target: $0.91 from $0.90

• Retained at underperform at Macquarie; Price Target: $0.65

• Retained at underweight at Morgan Stanley; Price Target: $1.10

• Retained at hold at Ord Minnett; Price Target: $1.18 from $1.20

• Downgraded to sell from neutral at UBS; Price Target: $1.05 from $1.15

Breville Group (BRG)

• Upgraded to overweight from neutral at JPMorgan; Price Target: $35.50 from $33.30

Collins Foods (CKF)

• Retained at buy at UBS; Price Target: $13.10

Capricorn Metals (CMM)

• Upgraded to outperform from neutral at Macquarie; Price Target: $16.20 from $15.20

Centuria Office REIT (COF)

• Retained at hold at Morgans; Price Target: $1.05 from $1.20

Charter Hall Retail REIT (CQR)

• Retained at buy at Citi; Price Target: $4.50

Deterra Royalties (DRR)

• Upgraded to outperform from neutral at Macquarie; Price Target: $4.70 from $4.40

Energy One (EOL)

• Retained at buy at Ord Minnett; Price Target: $24.47

Fortescue (FMG)

• Upgraded to neutral from underperform at Macquarie; Price Target: $22.00 from $21.00

Hansen Technologies (HSN)

• Retained at accumulate at Ord Minnett; Price Target: $6.78

IGO (IGO)

• Upgraded to outperform from neutral at Macquarie; Price Target: $9.50 from $9.00

Imdex (IMD)

• Initiated at neutral at Goldman Sachs; Price Target: $3.75

MAAS Group Holdings (MGH)

• Retained at hold at CLSA; Price Target: $4.35 from $5.00

• Retained at buy at Jefferies; Price Target: $5.25

• Retained at buy at Moelis Australia; Price Target: $4.65 from $5.08

• Upgraded to buy from accumulate at Morgans; Price Target: $5.10 from $5.45

Mineral Resources (MIN)

• Retained at buy at UBS; Price Target: $68.00 from $58.50

NEXTDC (NXT)

• Retained at outperform at Macquarie; Price Target: $22.30

Ora Banda Mining (OBM)

• Upgraded to outperform from neutral at Macquarie; Price Target: $1.50 from $1.40

PLS Group (PLS)

• Upgraded to outperform from neutral at Macquarie; Price Target: $5.00 from $4.50

• Upgraded to buy from neutral at UBS; Price Target: $5.00 from $4.00

Pinnacle Investment Management Group (PNI)

• Upgraded to buy from accumulate at Morgans; Price Target: $23.21 from $26.30

Perseus Mining (PRU)

• Upgraded to outperform from neutral at Macquarie; Price Target: $6.50 from $6.40

PEXA Group (PXA)

• Retained at outperform at Macquarie; Price Target: $19.00

REA Group (REA)

• Retained at buy at UBS; Price Target: $248.00

Rio Tinto (RIO)

• Retained at trim at Morgans; Price Target: $142.00

Regis Resources (RRL)

• Upgraded to outperform from neutral at Macquarie; Price Target: $9.60 from $7.60

Sigma Healthcare (SIG)

• Retained at overweight at Morgan Stanley; Price Target: $3.30

Superloop (SLC)

• Retained at outperform at Macquarie; Price Target: $3.30

Trajan Group Holdings (TRJ)

• Retained at buy at Ord Minnett; Price Target: $1.10 from $1.25

Treasury Wine Estates (TWE)

• Downgraded to sell from neutral at UBS; Price Target: $4.75 from $5.25

Vault Minerals (VAU)

• Upgraded to outperform from neutral at Macquarie; Price Target: $7.70 from $6.50

Vista Group International (VGL)

• Retained at buy at Ord Minnett; Price Target: $3.22

West African Resources (WAF)

• Upgraded to outperform from neutral at Macquarie; Price Target: $5.00 from $3.90

Woolworths Group (WOW)

• Retained at equal-weight at Morgan Stanley; Price Target: $31.30

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Scans