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The S&P 500 closed at a record high of 7,799 on Thursday after soft July PPI data pushed September rate-hike odds below 34%. Cisco slumped 8.4% as its AI revenue guidance disappointed sky-high expectations, while oil snapped a six-day rally on a massive US crude inventory build. ASX futures are pointing down 37 points ahead of a data-heavy Friday.
U.S. stocks closed mostly higher overnight as July consumer inflation data came in line with expectations, prompting traders to pare Federal Reserve rate hike bets and push the odds of a September hold to 62%. The S&P 500 rose 0.3% to within striking distance of its record high, while AI infrastructure names CoreWeave and Super Micro Computer each surged 19% on blowout earnings. Oil seesawed as the U.S. and Iran continued to wrangle over the Strait of Hormuz, while gold hit a two-month high above US$4,400/oz. ASX 200 futures are pointing to a modest 24-point decline this morning, with a heavy earnings slate on deck including Telstra, IAG, Origin Energy and Transurban.
Wall Street retreated on Tuesday as Hormuz uncertainty lingered and traders braced for key US CPI data, with the S&P 500 falling 0.3% while Brent crude rose to $89.20. Super Micro’s blockbuster after-hours guidance and a strong earnings season continue to underpin sentiment. ASX 200 futures point lower ahead of a major reporting day led by CBA.
Wall Street ended flat as a 5% oil surge on Iran’s refusal to reopen the Strait of Hormuz offset record earnings momentum. Nvidia confirmed a $500 billion AI infrastructure deal with six Wall Street giants. The RBA’s policy decision is the key domestic event today.
Wall Street pulled back from record highs on Thursday as an Iranian plan to bar U.S. vessels from the Strait of Hormuz sent oil prices surging and reignited inflation fears ahead of Friday’s closely watched jobs report. The S&P 500 shed 0.2% while the Dow dropped 0.9%, with Treasury yields climbing on hawkish Fed expectations. Memory chipmakers Sandisk and Western Digital tumbled despite beating earnings estimates, dragging Asian chip stocks lower. ASX 200 futures point to a modestly lower open.
Global markets diverged overnight as the Dow Jones Industrial Average surged to a fresh record close above 54,300, powered by defensive and value names, while the Nasdaq tumbled 0.8% on a sharp rotation out of mega-cap technology stocks. Alphabet fell 4% after AI chief Jeff Dean announced his departure, AMD dropped 7% on disappointing data-centre guidance, and SpaceX slid 14% ahead of Thursday’s employee share lockup expiry. Gold rocketed 4.2% to a record US$4,248 per ounce as the US dollar hit a seven-week low, reinforcing the haven bid amid geopolitical uncertainty over Iran’s Hormuz Strait and a coordinated cyber attack on four of the world’s largest hedge funds. Oil edged lower on hopes of a shipping deal in the strait, while Minneapolis Fed President Kashkari rattled markets by suggesting rate hikes — not cuts — may be needed, even as ADP payrolls came in at just 44,000 versus 68,000 expected. The ASX faces a flat open with SPI futures down 9 points to 9,143, as investors digest AMP’s $150 million buyback announcement against REA Group’s 22% profit decline ahead of Thursday’s labour force data and next week’s RBA decision.
Wall Street rallied to kick off August — Dow hit a record, Nasdaq surged 2.1% on tech strength, oil plunged 5% on Iran peace hopes (though Hormuz remains shut), Japan spent ~$100B defending the yen in two days, and Palantir/Amazon headlined a strong earnings stretch.
Wall Street closed a turbulent July with Amazon’s 15% surge reviving AI confidence, but the Nasdaq slid 3.2% for the month as chips posted their worst decline since 2008. President Trump cancelled a planned Iran strike over the weekend, sending oil down 6% in CFD trading, while three Fed dissenters voted for a rate hike. ASX futures point to a 1% fall as reporting season kicks off.
Wall Street tumbled after the Fed held rates in a fractured 9–3 vote, with three officials dissenting for a hike and Chairman Warsh insisting there is “no soft inflation target.” The Nasdaq 100 entered correction territory as chips cratered, while oil surged 7% after Iran launched a surprise missile attack on US forces and Trump vowed retaliation. Treasury 30-year yields hit a 19-year high above 5.2%, gold rallied to $4,102, and SPI futures fell 51 points to 8,945.
Wall Street split sharply as semiconductor stocks plunged toward their worst month since 2002, with Nvidia’s credit default swap surging to a record 82 basis points on circular financing fears, while the Dow rallied 1% on strong earnings from Sherwin-Williams, Coca-Cola and Boeing. Oil posted its worst three-day stretch since 2020 as US–Iran ceasefire talks held, before bouncing 5% after hours on fresh Middle East attacks. ASX 200 futures point 0.8% higher ahead of today’s pivotal June quarter CPI print and Rio Tinto’s half-year results.
Chipmaker stocks dragged the S&P 500 sideways as Nvidia fell 5% on $750 billion in circular AI deals and ASML sank 8.3% on Chinese DUV production reports. Oil plunged sharply — WTI down 8.4% to $81.77 — after the US paused Iran strikes for a third day. ASX 200 futures point to a softer open at 8,818 ahead of RBA Governor Bullock’s speech.
Wall Street posted a second straight weekly loss as Brent crude briefly topped $100 on Houthi attacks on Saudi oil infrastructure, Alphabet’s $205 billion capex guidance triggered the worst Magnificent Seven selloff since April 2025, and Trump imposed new tariffs on 60 economies. The US paused airstrikes on Iran after 13 consecutive nights, with Tehran signalling a reciprocal halt heading into a pivotal week of Fed policy and mega-cap earnings.