The S&P/ASX 200 rose 0.6% to 8,815 on Tuesday, marking its highest level since November 2025, tracking a strong lead from Wall Street. US stocks gained momentum overnight after investors largely shrugged off concerns surrounding the US Justice Department’s criminal investigation into Federal Reserve Chair Jerome Powell. In Australia, RBA Governor Michele Bullock has yet to comment on the US developments, which Powell has described as an attempt to undermine the independence of the world’s most influential central bank. Meanwhile, the Westpac–Melbourne Institute Consumer Sentiment Index fell 1.7% month-on-month in January 2026 to a three-month low of 92.9, extending December’s 9.0% slump as shifting rate expectations weighed on confidence. Commodity-linked stocks led gains as prices rose amid tensions involving Iran. Mining giants BHP Group, Rio Tinto and Fortescue Metals climbed 1.7% to 2.3%, while gold miners Newmont, Northern Star and Evolution Mining added 0.5% to 1%.