Market Open: Wall Street hits a bump in the road and ASX expected to follow

ASX today – The ASX is expected to open slightly lower this morning on the back of a fall in US markets and further oil price hikes.

Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.

ASX 200 futures were down 24 points or 0.3 per cent to 8976. The S&P 500 was 0.7 per cent lower at the closing bell yesterday.

In the US the Dow, S&P 500, Nasdaq fell as tech stocks were sold down.

The tech-heavy Nasdaq Composite fell 1.3%. The Dow Jones Industrial Average declined by 0.2%, while the S&P 500 fell by 0.6%.

The Nasdaq led stocks lower due to a sharp pullback in heavyweight semiconductor and AI-linked stocks.

Elevated oil prices on the back escalating Middle East tensions weighed heavily on major indexes.

Meanwhile, global commodity research firm Wood Mackenzie said the continuing  Middle East conflict is creating volatility in global oil markets, driving increasing interest in electric vehicles (EVs).

Wood Mackenzie’s base case already projects EVs jumping from four per cent of the global fleet today to 25 per cent by 2040.

But the firm says three factors could jolt EV sales even higher: governments boost EV supply chain investment to strengthen resilience to oil market shocks, high fuel prices prompt more consumers to switch to EVs and EV technologies advance faster than expected.

“If these forces converge all at once, the effect on EV adoption could be dramatic,” said David Brown, director, Energy Transition Research at Wood Mackenzie.

“Our electric shock scenario models what happens when policy, consumer behaviour and technology all move in the same direction, quantifying the implications for commodities and power markets.”

On the market news front:

Reporting season is now in full swing.

EBOS Group (ASX: EBO) has delivered strong revenue growth of 9.9% to $13.5 billion with underlying EBITDA growth of 5.0% to $614 million in its full year results to 30 June 2026,

The result was supported by broad-based growth across healthcare and animal care, together with contributions from recent acquisitions, and was achieved despite elevated fuel costs and foreign exchange headwinds. All FY26 financial guidance metrics were delivered within the Group’s stated ranges.

Fletcher Building (ASX: FBU) has returned to profit, with EBIT up 26%

Net earnings were $228 million with an improvement of $647 million on FY25.

“Fletcher Building is significantly more resilient than it was 12 months ago. We have moved at pace to improve our business model, and the strategic reset we set out last year is now starting to deliver tangible results,” MD and CEO, Andrew Reding, said.

“Our portfolio has been simplified with the divestment of the construction division and other non-core operating units, and we used the proceeds to strengthen our balance sheet.”

Mirvac Group’s (ASX: MGR) full-year results for the financial year ended 30 June 2026, were in line with guidance, with the group delivering an operating profit of $508 million, up seven per cent on FY25 and representing 12.9 cents per stapled security (cpss), and a distribution of $376 million, up six per cent on FY25, representing 9.5 cpss.

Pioneer Credit (ASX: PNC) has delivered a record FY26 statutory net profit after taxation (NPAT) of $23.1 million, up 245% on FY25 and in line with upgraded guidance.

The result reflected disciplined PDP investment, strong operating execution and the benefits of Pioneer’s scalable, customer-focused servicing platform.

Purchased Debt Portfolio (PDP) investment reached a record $105.1 million, ahead of FY26 guidance.

Buck and ore

Now – in forex, the Oz dollar is buying US$0.708

Looking at commodities, all in the greenback,

Iron Ore is up 0.35% to $95.28 a tonne in Singapore today,

Brent Crude gained 0.31% to $91.149 per barrel

Gold is selling at $4334.00

US natgas futures were up 3.86% to $2.7939 per gigajoule.

That’s HotCopper’s Market Open, I’m Colin Sandell-Hay – happy trading.

Join the discussion. See what’s trending right now on Australia’s largest stock forum and be part of the conversations that move the markets.

The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.