The S&P/ASX 200 closed up 0.3 per cent to a record closing high of 7584.3 points thanks to the Commonwealth Bank adding $1.61 to a record closing high of $108.17.

Cyclical sectors like financials, energy and miners all finished up more than 0.9 per cent, whereas tech gave back 0.7 per cent and healthcare 0.6 per cent.

On the S&P/ASX 200 the top performer was IOOF, which added 5.8 per cent to $4.72. The worst performer was Megaport. It finished down 6.3 per cent on mixed broker views over its financial 2021 result.

US inflation data for July will be handed down at 08.30am eastern time in the US.