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ASX today – Look away now, traders, because today’s going to be a brutal one. Nvidia’s earnings double beat may have given us a day of joy, but it’s back to red arrows on Friday with a brutal -1.7% dump tipped in futures.
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All the dovish gains Oz shares made are set to be washed away – and then some – once the bell rings at 10am in Sydney, and it’s not going to be pretty.
(It’s almost a shame we don’t have an even redder feature image to use for this Market Open column today, all things considered.)
Most fascinatingly, there wasn’t really any one key thing that’s led to this impending battering, though Wall Street’s nervousness must have conquered all its excitement on the Nvidia earnings through to U.S.’s Thursday close.
All three major bourses over there had opened up, but by the end of the day, the Nasdaq composite had given back -2%. The S&P 500 lost a similar -1.5%.
Perhaps the biggest driver among many was the VIX springing above 27; the volatility marker hasn’t got that high since April’s dump.
This isn’t financial advice, of course, but we suspect there’ll be plenty who’ll be kicking themselves they didn’t sell out in the double-beat hype yesterday. Now it may be more about surviving through to the weekend.
Under that red cloud, let’s talk today’s company news.
ASX stocks to watch
First up, more on DroneShield (ASX:DRO): The company has said it was unaware that Vornik, James, and Marks were selling up to $70 million in stock and that they “did not have an agreement between them.”
(If you want more on DroneShield, Jonathon Davidson and I took a deep dive into the company in the last section of the HotCopper Wire poddy yesterday.)
Elsewhere, Chris Ellison is expected to stay on with Mineral Resources (ASX:MIN) long term now, after the under-fire company dropped his exit deadline.
And, the Star Entertainment (ASX:SGR) sale looks like it’s going through, with Bally’s Corporation given the greenlight from the NSW Independent Casino Commission regarding its “financial suitability.”
As many as 10 AGMs will run today, too, including meetings for News Corp (ASX:NWS), Kogan.com (ASX:KGN) and WiseTech Global (ASX:WTC). The latter meet may revolve around White’s sex scandal fallout. There have already been calls for him to “take a sabbatical” for the foreseeable future.
No ASX quarterlies planned for today, at least.
Buck and ore
Now – in forex, the Oz dollar buys 64.4 U.S. cents.
Looking at commodities, all in the greenback,
Iron Ore shaved another -0.2%, to $104.10 a tonne in Singapore,
Brent Crude lost -0.6%, to $63.11/bbl,
Gold has barely moved again on Friday, and is selling at $4,083 an ounce, and,
US natgas futures dropped -1.5%, to $4.47 per gigajoule.
That’s HotCopper’s Market Open, I’m Isaac McIntyre – good luck, happy trading.
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