ASX 200 futures were up 67 points (+0.74%) at 9:45 am AEDT, setting the local market up for a firmer start after Tuesday’s session finished essentially flat.
Wall Street steadied overnight, with the S&P 500 up 0.77%, the Nasdaq up 1.04% and the Dow up 0.76%, as investors leaned back into growth after the latest bout of AI-disruption nerves. The tech bounce was helped by a renewed picks-and-shovels narrative — highlighted by another major AI hardware investment deal — while a rebound in US consumer confidence also improved risk appetite.
Wall Street: tech regains its footing, volatility cools
US stocks closed near session highs, with broad participation across most sectors. Technology and consumer-facing names outperformed, while energy and healthcare were softer.
A key theme was that the market’s latest AI panic appears to have cooled — at least for now — after commentary and product updates suggested “enterprise AI” is more likely to be deployed alongside existing systems than instantly replacing them. That helped software and broader growth stocks stabilise following recent heavy selling.
The next major test for the AI trade is still close: Nvidia’s earnings are due tomorrow, while President Donald Trump’s State of the Union later today (1:00 pm AEDT) will be watched for any fresh detail on trade settings and broader economic messaging.
ASX recap: Resources strength offsets a bruising tech session
Back home, the S&P/ASX 200 slipped 0.04% to 9,022.3 on Tuesday, a quiet headline move that masked a clear split between old economy support and growth-stock weakness.
Energy (+1.68%) and materials (+1.01%) did the heavy lifting, helped by firmer commodity prices and stronger moves across parts of the miners. Among the larger names, Woodside, Whitehaven, BHP and Northern Star were among the standouts.
On the other side of the ledger, the sell-off in growth stocks continued. Information technology fell 3.46%, while consumer discretionary (-1.71%) and health care (-1.04%) also lagged, extending the recent “tech wreck” tone as investors reassessed how quickly AI tools could alter pricing power across software and services.
Several earnings-driven moves also made the day feel far more volatile than the index suggested. Monadelphous jumped after a strong result and an upbeat outlook update, and Viva Energy rallied sharply on a better-than-expected earnings outcome. Meanwhile, ARB Corporation slid after a profit decline, and Southern Cross Media fell on softer revenue and higher costs.
Commodities and currencies
Overnight moves were mixed but still supportive for several resource-linked corners of the ASX:
- Gold eased 1.25% to US$5,162/oz, with the market appearing to lock in profits after recent strength.
- Copper rose 2.07%, keeping industrial metals on a firmer footing.
- Oil was little changed, with WTI hovering around US$66/bbl.
- AUD/USD held around 0.706, broadly steady into key local inflation data.
Lithium remains a major watchpoint this morning after another strong move in China’s lithium carbonate futures, reinforcing the idea that pricing may be stabilising after a sharp pullback from late-January highs.
What’s on today
Locally, the main macro focus is the January monthly CPI indicator at 11:30 am AEDT, alongside construction work done (Q4) — both key inputs into how investors think about the Reserve Bank’s next move.
On the corporate calendar, it’s another busy reporting day with a few larger names in the mix, including Fortescue, Woolworths and WiseTech, alongside a long tail of small and mid-caps. Notable early results updates include:
- SiteMinder delivered strong recurring revenue momentum (ARR growth was solid), though profitability and losses were a sticking point.
- Steadfast reported higher earnings and reaffirmed full-year guidance, though revenue and the profit mix are drawing scrutiny.
- Wagners stood out with a strong first-half performance and a full-year guidance upgrade, pointing to solid demand across its divisions.
Offshore, Trump’s State of the Union later today could inject another round of headline-driven volatility, particularly if trade policy or tariff settings shift again — while Nvidia’s result tomorrow remains the looming catalyst for global tech sentiment.
For Australian investors, that combination sets up a session where the local CPI print, earnings reactions and offshore headlines could all take turns driving the tape — even if the futures point to a clean start.