ASX 200 futures were up 11.5 points (+0.13%) just ahead of the open on Friday, pointing to a steady start after the local market logged a second straight record close yesterday — though offshore leads are a little messier, with Wall Street rotating away from chips and back towards “everything else”.
Wall Street: Nvidia beats, Nasdaq blinks
US markets were mixed overnight, with the Dow essentially flat (+0.03%), while the S&P 500 slipped 0.54% and the Nasdaq fell 1.18% as semiconductors took the brunt of the selling.
The main driver was Nvidia Corp (NASDAQ:NVDA, XETRA:NVD): the chip giant delivered another huge quarter and upbeat guidance, but the stock still ended down 5% — a reminder that when expectations are stratospheric, “great” can still be treated as not-quite-good-enough. That pressure bled into the broader chip complex and pulled the tech-heavy Nasdaq down.
But the more interesting read-through was beneath the headline indices: the equal-weight S&P 500 outperformed sharply, suggesting investors weren’t abandoning risk so much as moving it around. Financials and parts of the old-economy tape held up better, and software continued clawing back ground after its recent hit, as traders reassessed the idea that AI winners must only be chipmakers.
Rates were also supportive at the margins. US bond yields eased again and the 30-year fixed mortgage rate dipped below 6% for the first time since 2022, feeding the view that the rate pulse has turned a little less hostile for housing and consumer-sensitive pockets of the market.
Trade policy back in focus
Trade headlines remain in play. After the US Supreme Court rejected the Trump administration’s claimed tariff powers, attention has shifted to what alternative mechanisms might be used instead.
US Trade Representative Jamieson Greer indicated President Trump will sign an order implementing a 15% tariff “where appropriate”, while Beijing has warned it would respond to any fresh measures.
For markets, the key takeaway is that tariff uncertainty has not fully cleared. While the legal pathway may be evolving, trade policy remains a live variable for global supply chains, industrials and export-exposed sectors.
ASX recap: Records, tech rockets, stock pickers busy
Back home, the S&P/ASX 200 rose 0.52% on Thursday to 9,175, marking two consecutive record closes. The tone was helped by a strong offshore session the night before, and locally by a steady stream of earnings reactions.
The standout sector was Information Technology, which surged as the global AI relief rally rolled into local names — a sharp reversal after earlier tech wobble. Materials also contributed, keeping February’s resources-heavy momentum intact, while energy lagged as investors rotated away from defensives and digested stock-specific moves.
Earnings season also delivered some big swings:
- Ramsay Health Care jumped after a return to profit helped revive confidence in its turnaround narrative.
- Super Retail Group pushed higher as sales momentum outweighed concerns around discounting and margins.
- Qantas went the other way — the market focused on softer patches and a less inspiring dividend outcome.
Commodities & currencies: Gold steady, oil waiting, crypto softer
Commodity price moves were fairly restrained, with one notable exception: gold was firmer, hovering around US$5,195/oz as the overnight tone turned a touch more defensive.
Oil was broadly steady (WTI around the mid-US$65s) as markets continued to watch US–Iran negotiations without committing too hard either way. Copper eased slightly, while the Aussie dollar slipped to around US71.1c, giving local exporters a modest tailwind.
Crypto was weaker, with bitcoin down around 2.5% in the latest leg of volatility.
What’s on the agenda today
It’s the final stretch of February reporting season, with a lighter but still meaningful slate including Coles, Harvey Norman, PEXA, TPG Telecom and Virgin Australia among the names due to report.
Among small caps reporting this morning:
- Ora Banda Mining Ltd (ASX:OBM, OTC:ESGFF) delivered record half-year results, with revenue up to $336.3 million and EBITDA surging 106% to $173.2 million as gold production rose 32% to 62,631 ounces. Net profit after tax increased 89% to $96.3 million and operating cash flow more than doubled to $184.0 million, lifting cash to $155.4 million. The ramp-up of the Sand King underground drove the uplift, achieving capital payback within 12 months, while 150,000 ounces have been hedged at A$6,000 across 2026–27.
- Anteris Technologies Pty Ltd (ASX:AVR, NASDAQ:AVR) reported full-year 2025 results alongside a clinical update, highlighting the launch of its global PARADIGM pivotal trial for the DurAVR® heart valve and FDA IDE approval in the US. Net operating cash outflows were US$77.8 million, reflecting increased R&D and trial activity, while recent capital raises totalling US$320 million — including a strategic Medtronic investment — bolster funding for clinical execution and manufacturing scale-up.
On the data front, Australia’s private sector credit is the key local print, while offshore attention turns to US producer price data later tonight (AEDT) — a reminder that even as equities rotate and reposition, inflation-sensitive markets are still setting the tempo in the background.