The ASX 200 is set to open lower this morning, with futures down 37 points (-0.43%) at 8:30 am AEST. That comes despite another record high for the Nasdaq overnight, as investors weigh a mix of tech enthusiasm, soft economic signals and the lingering impact of tariff and geopolitical uncertainty.
A rally in AI stocks led by Nvidia helped buoy sentiment early in the session, but major US indices faded into the close as traders looked ahead to a heavy data slate and potential trade policy shifts in the coming weeks.
Nasdaq hits fresh high as Nvidia surges
The Nasdaq 100 climbed 0.3% overnight, driven by a 4.3% rally in Nvidia, which reclaimed its crown as the world’s most valuable company with a market cap of US$3.77 trillion. That helped offset losses in Tesla, FedEx and Paychex, each of which dropped on weak earnings updates or outlooks.
The S&P 500 ended flat while the Dow Jones fell 0.25%, with mixed corporate news and global headlines keeping risk appetite in check.
FedEx slumped after warning of softer demand and tariff-related headwinds, while Fed Chair Jerome Powell said the Fed would wait to cut interest rates until the impact of new trade agreements becomes clearer.
Meanwhile, geopolitical tensions simmered, with President Trump declaring the Middle East conflict “over for now” but threatening new tariffs on Spain and signalling further action against China.
ASX slips as energy, resources drag
The S&P/ASX 200 added just 3.7 points (+0.04%) on Wednesday, underperforming gains across Wall Street, Europe and Asia. Resources and energy stocks were a drag, offsetting strength in financials, led by the big banks.
Bond yields dipped as soft May inflation data strengthened expectations of a July RBA rate cut. Traders now see a 92% chance of a 25-basis point move next month.
In corporate news, ALS Ltd raised $22.5 million via its share purchase plan, falling short of its original $40 million target as shares were issued at $16.51 apiece. Chalice Mining reaffirmed it is on track to deliver a pre-feasibility study for its Gonneville project by the December quarter, with an environmental review to follow in mid-2026.
Meanwhile, GenusPlus upgraded its FY25 guidance, now expecting 28–32% organic EBITDA growth — up from its previous forecast of at least 20% — as infrastructure demand continues to support its outlook.
In small caps action today, European Lithium Ltd (ASX:EUR, OTCQB:EULIF) has sold 2 million shares of Nasdaq-listed Critical Metals Corp to a US institutional investor in an off-market deal, raising US$5 million (A$7.8 million) in proceeds. The company says the transaction affirms CRML’s valuation and highlights the arbitrage opportunity between US and Australian markets.
Commodities and currencies
Oil prices bounced overnight as US crude stockpiles fell and geopolitical jitters eased, while metals firmed and the Aussie dollar edged higher. Gold also gained modestly (up 0.3% to US$3,333.26/oz) as traders awaited key US data.
- Brent crude rose 0.8% to US$67.68
- Copper lifted 0.6% to US$4.91/lb
- Iron ore slipped 0.1% to US$94.52/tonne
- AUD/USD climbed 0.3% to 0.6513
- Bitcoin climbed 1.6% to US$107,684
What’s on today
Investors will be watching Australia’s May job vacancies data at 11:30 am AEST, while in the US, a raft of key releases is due including final Q1 GDP, durable goods orders, weekly jobless claims and pending home sales.
Locally, The Star Entertainment Group will hold its AGM. No stocks are trading ex-dividend today, but 13 REITs — including several Charter Hall and Centuria vehicles — will go ex tomorrow.
Overseas, attention will also turn to European consumer confidence readings and further commentary from US Federal Reserve officials.