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Good Afternoon and welcome to HotCopper’s The ASX Today for Tuesday of Week 29, I’m Jon Davidson and we’re back to where we were in April as the Brent Crude price hits $85 a barrel on a fresh breakdown between the US and Iran. Bad news unless you’re in energy or coal.
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Heading into the final leg of the day BHP was seeing significantly less turnover than on Monday suggesting not many investors are playing from home right now as the ASX continues to look particularly quiet when compared to Wall Street right now.
But we’re seeing some pain on Wall Street too. Perhaps most worth considering is that one month on from the SpaceX listing, that stock – the world’s biggest IPO everybody was talking about – is trading sideways and very close to its US$135/sh filing price.
Meanwhile, Korean computer memory maker SK Hynix, which listed on Friday US time, was down at Monday close on the NASDAQ, meaning its debut hype cycle lasted one day.
That suggests to me that we could be seeing a shift in the way investors react to endless news from an ever-increasing list of AI tech giants. While I don’t think we’re about to see some kind of bubble-pop-crash, I am wondering if perhaps we’ve hit a ceiling.
And looking back to the ASX, the gold price is hugging $4,000 flat an ounce again, so there’s that.
Not much really in way of company news, Genesis Minerals has won in its bidding war with Regis to acquire Vault Minerals. Elsewhere, uranium stocks fell on Tuesday after climbing late last week when Australia announced it will supply India with uranium. BHP Group flipped green late into the day as copper prices held up on commodity markets.
That’s The ASX Today for Tuesday, I’m Jon Davidson, have a great night and we’ll see you tomorrow.
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