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At The Bell — Another tech dive on Wall Street will weigh on the ASX 200, especially after chipmakers and semiconductors combined to drag the S&P 500 and Nasdaq lower. Before Friday’s open, the Australian stock market is looking at a 20-point drop, -0.2% weaker, to sink us back towards 8,800 points.
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There had been some fairly good second-quarter earnings out of the U.S., but that tech selling quickly became the bigger mover intraday.
Maybe it’s the newer heavyweights not helping: SK Hynix dumped -12%, while SpaceX recorded its eighth drop in nine sessions. The latter was a hot topic on the HotCopper Wire podcast episode this week – that’s out now.
We got some interesting Oz stats, with household spending up a modest 0.3%, though it’s still being held back by inflation and higher-for-longer interest rates. Those will both be adding to the nervous energy Down Under.
And the IMF has warned a return of the U.S.-Iran war will deplete oil reserves by CY27.
ASX stocks to watch
Around the traps, Telstra (ASX:TLS) boss Vicki Brady and other company chiefs will be grilled by the Senate at midday. The main topic will be about the outage that put lives in danger when repeated faults meant customers could not call emergency services. Expect compensation to be discussed, too.
BHP (ASX:BHP) is facing more strikes as well, with ~50 high-voltage workers who help power mining camps and sites in the Pilbara overwhelmingly endorsing 24-hour stoppages after 12 months of failed bargaining.
That decision comes after 200 workers stopped work at BHP’s Port Hedland terminal yesterday. The industrial action – the Pilbara’s first in 30 years – caused an estimated $50M of damage to BHP and saw the megacap drop -2%.
Regis Resources (ASX:REG) has told shareholders Duketon gold production for FY27 should be higher than last year. The gold miner is looking inward for this financial year after being muscled out of the Vault (ASX:VAU) merger.
And, Metal Hawk (ASX:MHK) has restarted RC drilling at Leinster South.
Buck and ore
In forex, the Oz dollar is buying US 69.9c today,
Then to commodities, all in the greenback,
Brent Crude halted at $84.90/barrel,
Iron Ore is $100.10 a tonne in Singapore today after dipping around -0.3%,
Gold has capitulated below $4,000/ounce after another slump, and,
US natgas futures down -1%, $2.89 per gigajoule.
That’s HotCopper‘s Market Open, I’m Isaac McIntyre – happy trading today.
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