ASX set to jump as Wall Street rallies; Retailer surges as Trump backs Sydney Sweeney ad
The S&P 500 jumped 1.3 per cent in afternoon trading to claw back more than two thirds of Friday's drop. The Dow Jones was up 493 points, or 1.1 per cent, in mid-afternoon trade, and the Nasdaq composite was 1.8 per cent higher. The Australian sharemarket is set to bounce higher, with futures pointing to a rise of 83 points, or 0.9 per cent, at the open. The ASX closed flat on Monday.
Idexx Laboratories helped lead the way on Wall Street and soared 26 per cent after the seller of veterinary instruments and other health care products reported a stronger profit for the spring than analysts expected. It also raised its forecast for profit over the full year.
Tyson Foods likewise delivered a bigger-than-expected profit for the latest quarter, and the company behind the Jimmy Dean and Hillshire Farms brands climbed 3.2 per cent.
They helped offset a 3.5 per cent drop for Berkshire Hathaway after Warren Buffett's company reported a drop in profit for its second quarter from a year earlier. The weakening was due in part to the falling value of its investment in Kraft Heinz.
The pressure is on US companies to deliver bigger profits after their stock prices shot to record after record recently. The jump in stock prices from a low point in April raised criticism that the broad market had become too expensive.
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Stocks just sank to their worst week since May not so much on that criticism but on worries that Trump's tariffs may be hitting the US economy following a longer wait than some economists had expected. Job growth slowed sharply last month, and the unemployment rate worsened to 4.2 per cent.
Trump reacted to the disappointing jobs numbers by firing the person in charge of compiling them. He also continued his criticism of the Federal Reserve, which could lower interest rates in order to shoot adrenaline into the economy. The Fed has instead been keeping rates on pause this year, in part because lower rates can send inflation higher, and Trump's tariffs may be set to increase prices for US households.
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AU Financial Review
4 minutes ago
- AU Financial Review
Trump to hike India's tariff over Russian oil buys
President Donald Trump said he would be 'substantially raising' the tariff on Indian exports to the US over the Asian nation's purchases of Russian oil, a move New Delhi slammed as unjustified in an escalating fight between the two major economies. 'India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits,' Trump wrote on social media Monday. 'They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA.' Trump did not say by how much he would increase the levy. Last week, he announced a 25 per cent rate on Indian exports and vowed more duties if India continued to buy oil from Russia. The US president's warning comes ahead of an August 8 deadline for Russia to reach a truce with Ukraine, with the administration threatening so-called secondary sanctions on countries that purchase Russian energy. Ukraine's allies view those purchases as helping to prop up Russian leader Vladimir Putin's economy and undercutting pressure on Moscow to end a war that is now in its fourth year. India has been a top Trump target in the campaign to end the war. New Delhi has been defiant, however, with Prime Minister Narendra Modi — who previously enjoyed warm relations with Trump — responding by urging Indians to buy local goods and signalling that his country will continue to buy Russian oil. 'The targeting of India is unjustified and unreasonable,' said India's Ministry of External Affairs in a social media post later on Monday, accusing the EU and US of trading with Russia when it is 'not even a vital national compulsion.'
News.com.au
14 minutes ago
- News.com.au
ASX Tech July Winners: A strong month as AI fever takes hold; iSynergy rockets 1,000pc
Wall Street tech rockets on earnings and stimulus ASX tech shines as inflation cools and rate hopes rise IS3 explodes 1000% on AI cloud ambitions What happened globally in July? After months of tweet-storms and tariff theatrics, July finally served up something investors hadn't tasted in a while ... clarity. Both the Nasdaq and S&P 500 hit fresh all-time highs during the month, riding a wave of solid earnings and the sense that maybe Washington was done setting things on fire. US growth stocks outpaced value 2-to-1, and nearly 80% of S&P 500 companies beat earnings expectations, according to figures from JPMorgan. Trump's new trade deals - first with Vietnam, then Japan and the EU - dialled down the tension. Tariffs are still chunky (15-20%), but investors would rather deal with known pain than flinch at every tweet. Then there was the real sugar hit: Trump's 'One Big Beautiful Bill Act' finally got the green light in July, promising another round of fiscal stimulus. On the quarterly reporting front, the Magnificent Seven's earnings surged 21.6% year-on-year while the rest of the market huffed along at just 4%. Alphabet and Apple lit the match, and Nvidia rode the rocket to new highs. But Tesla dropped more than 8% after Elon muttered something about 'difficult times' ahead. ASX tech stocks had strong month Then we pan back to the local stage, where the ASX 200 clocked a tidy 2.36% gain for July, its fourth straight winning month. With inflation cooling to 2.1% for the June quarter, punters started betting the RBA might soon loosen the screws. Rate cut hopes always put a bit more spring in the market's step. Among the 11 sectors, healthcare stole the spotlight. After months stuck in the recovery ward, health ripped back with a near 9% gain, making it July's best performer. That finally gave investors a reason to stop writing 'under review' next to their CSL notes. Tech also stacked on a 5% gain for the month, thanks to a mix of AI optimism and real earnings momentum. But some analysts reckon this market is still on a short rope. Profits have been falling for three years straight but valuations are still sitting up around 19x forward earnings. And the only thing keeping investors from bolting to cash are growth sectors like tech and biotech. ASX tech winners in July Code Name Price Month % Change Market Cap IS3 I Synergy Group Ltd 0.011 1000% 18,769,299 CT1 Constellation Tech 0.002 100% 2,949,467 NVQ Noviqtech Limited 0.042 83% 10,564,535 NVU Nanoveu Limited 0.069 68% 63,433,796 DRO Droneshield Limited 3.750 64% 3,279,820,703 AI1 Adisyn Ltd 0.070 59% 50,688,792 NOV Novatti Group Ltd 0.030 58% 16,799,952 ATV Activeportgroupltd 0.014 56% 9,617,679 OEC Orbital Corp Limited 0.145 53% 23,893,059 LIS Lisenergylimited 0.160 52% 102,432,037 WBT Weebit Nano Ltd 2.420 49% 504,472,157 BEO Beonic Ltd 0.300 43% 21,258,302 OLL Openlearning 0.017 42% 8,205,469 AXE Archer Materials 0.290 35% 73,905,634 FL1 First Lithium Ltd 0.100 33% 7,965,360 HYD Hydrix Limited 0.017 31% 4,637,070 ICE Icetana Limited 0.072 29% 38,291,466 AT1 Atomo Diagnostics 0.018 29% 14,177,803 SMN Structural Monitor. 0.530 28% 81,834,675 SP3 Specturltd 0.015 25% 4,753,502 ZMM Zimi Ltd 0.010 25% 4,900,438 360 Life360 Inc. 40.160 25% 6,827,390,399 8CO 8Common Limited 0.021 24% 4,705,993 KYP Kinatico Ltd 0.240 23% 103,702,076 1CG One Click Group Ltd 0.011 22% 13,005,148 FLX Felix Group 0.220 22% 45,190,339 X2M X2M Connect Limited 0.019 21% 8,266,080 QOR Qoria Limited 0.600 21% 800,177,642 HSN Hansen Technologies 6.010 21% 1,226,308,647 DTI DTI Group Ltd 0.006 20% 5,382,617 ID8 Identitii Limited 0.006 20% 4,668,081 ODA Orcoda Limited 0.078 20% 14,626,109 ROC Rocketboots 0.097 20% 16,617,395 AMO Ambertech Limited 0.185 19% 17,649,885 FCL Fineos Corp Hold PLC 2.760 18% 934,351,756 NVX Novonix Limited 0.450 18% 286,775,115 PHX Pharmx Technologies 0.110 18% 65,835,747 JCS Jcurve Solutions 0.046 18% 15,195,798 XYZ Block Inc 120.940 18% 5,466,116,351 HCL Highcom Ltd 0.365 18% 37,479,175 EPX EPX Limited 0.027 17% 17,811,282 DCC Digitalx Limited 0.088 17% 129,806,213 JAN Janison Edu Group 0.170 17% 44,181,003 CYB Aucyber Limited 0.080 16% 16,699,810 RUL Rpmglobal Hldgs Ltd 3.370 16% 743,859,780 CAT Catapult Grp Int Ltd 6.630 13% 1,880,880,300 EOS Electro Optic Sys. 3.210 13% 619,376,238 RKN Reckon Limited 0.535 13% 60,612,735 CML Connected Minerals 0.140 12% 5,790,150 SEN Senetas Corporation 0.019 12% 31,464,363 TAL Talius Group Limited 0.068 11% 19,498,919 BLG Bluglass Limited 0.010 11% 25,764,258 DUB Dubber Corp Ltd 0.020 11% 52,500,599 EXT Excite Technology 0.010 11% 20,726,419 PPS Praemium Limited 0.705 10% 336,789,198 RCL Readcloud 0.110 10% 16,898,174 IFM Infomedia Ltd 1.300 10% 491,945,597 XF1 Xref Limited 0.170 10% 37,415,260 ERD Eroad Limited 1.420 10% 266,207,194 WTC Wisetech Global Ltd 119.380 9% 39,947,292,069 RKT Rocketdna Ltd. 0.012 9% 10,986,279 RWL Rubicon Water 0.190 9% 45,732,069 TYR Tyro Payments 0.955 9% 504,871,747 CCR Credit Clear 0.255 9% 108,285,404 IKE Ikegps Group Ltd 0.910 8% 167,050,840 NXL Nuix Limited 2.370 8% 783,837,994 DDR Dicker Data Limited 8.720 8% 1,575,634,092 SPX Spenda Limited 0.008 7% 34,614,116 ATA Atturralimited 0.855 7% 324,036,918 GTI Gratifii 0.099 6% 37,599,343 FCT Firstwave Cloud Tech 0.017 6% 29,129,818 HTG Harvest Tech Grp Ltd 0.017 6% 15,453,311 EVS Envirosuite Ltd 0.088 6% 127,774,253 CPU Computershare Ltd 42.150 6% 24,379,015,001 BRN Brainchip Ltd 0.205 5% 415,277,056 NOR Norwood Systems Ltd. 0.021 5% 10,834,480 OAK Oakridge 0.067 5% 1,808,860 WHK Whitehawk Limited 0.012 5% 8,525,483 ASB Austal Limited 6.560 4% 2,762,941,089 MP1 Megaport Limited 15.060 4% 2,423,776,460 CDA Codan Limited 20.950 4% 3,803,909,140 CF1 Complii Fintech Ltd 0.025 4% 14,289,450 BCC Beam Communications 0.130 4% 11,234,850 CXZ Connexion Mobility 0.026 4% 20,832,933 UBN Ltd 0.870 4% 68,417,589 SNS Sensen Networks Ltd 0.030 3% 23,791,124 CGO CPT Global Limited 0.062 3% 2,597,637 XRG Xreality Group Ltd 0.032 3% 23,793,521 KNO Knosys Limited 0.036 3% 7,780,993 VR1 Vection Technologies 0.038 3% 67,200,032 EIQ Echoiq Ltd 0.225 2% 145,167,235 SLX Silex Systems 4.250 1% 1,011,949,327 XRO Xero Ltd 180.990 1% 29,932,420,128 iSynergy Group (ASX:IS3) IS3 shares soared 1000% in July after it inked a non-binding MoU with Nasdaq-listed Treasure Global (TGL) to explore a $600,000 deal for AI chips and cloud infrastructure in Malaysia. The plan is to buy advanced GPUs over 12 months and potentially co-develop regional AI data centres. While the MoU isn't binding and no money's changed hands yet, it marks IS3's first serious step into AI infrastructure, aligning with its broader goal to scale up digital capabilities and regional reach. The share price surge caught the ASX's attention, prompting a speeding ticket. IS3 responded by confirming it had been in early talks, which had now been formalised in the MoU, but stressed the discussions were 'substantially incomplete' and didn't justify the share price spike. Still, the market clearly saw something it liked in IS3's AI ambitions, and ran with it. NoviqTech (ASX:NVQ) NoviqTech fired the starter's pistol on its quantum push in July. The company launched a new subsidiary called Quantum Intelligence to bring quantum computing, AI and blockchain to mainstream enterprise. It's kicking off with a September beta of two subscription-based tools: QI Provenance for tamper-proof digital trust and QI AI for blockchain-backed decision-making. Later this year, NVQ rolls out the full Quantum Intelligence Platform, powered by NVIDIA CUDA-Q, promising up to 10x performance for heavy workloads like logistics, finance and cryptography. To back it, NVQ has locked in a $1.25m placement at 3.6c a share and secured long-term global rights to the QI software from Singapore-based Morphotech. The licence is non-exclusive and royalty-free until NVQ hits profitability. Nanoveu (ASX:NVU) In July, Nanoveu took a major leap from simulation to silicon, kicking off synthesis of its ultra-efficient 16nm ECS-DoT chip in partnership with Cairo's Centre of Nanoelectronics. The chip is designed for smart edge devices, from wearables to autonomous systems. Alongside it, Nanoveu launched a modular AIoT kit to fast-track prototyping across sectors like healthcare and logistics, and opened early access for developers. To fuel the rollout, the company raised $2 million from high-net-worth backers at 5.5c a share, giving it the runway to finish chip production and scale commercial testing. With phase 2 drone trials now underway, Nanoveu is putting ECS-DoT through its paces in real-world environments. The aim is to validate its energy efficiency after earlier simulations showed a 33% boost in drone flight endurance. DroneShield (ASX:DRO) DroneShield had a bumper July, with major announcements sending its share price flying. First up, it secured a $5 million slice of a $16.9m Australian Defence Force contract under LAND156, supplying handheld gear to knock out rogue drones. Then came the big swing. DroneShield committed $13m to triple its Sydney production space and expand R&D, as it ramps up to meet booming global demand. The upgrade pushes total annual manufacturing capacity to $2.4 billion by end-2026. This was backed by fresh wins including a $61.6m European deal and an $11.7m R&D contract with a Five Eyes defence department, its fourth with the same customer. DroneShield is scaling fast and gearing up for serious global defence action. Adisyn (ASX:AI1) Adisyn has installed and commissioned its new Atomic Layer Deposition (ALD) system at its Israeli research site, marking a big step forward in its graphene R&D push. The upgraded Beneq TFS 200 machine gives Adisyn the firepower to deposit ultra-thin graphene layers with greater speed, precision and control. This is crucial for developing low-temperature graphene solutions aimed at next-gen semiconductor interconnects. The system will run in tandem with a second unit already operating at Tel Aviv University, allowing Adisyn to accelerate validation across different substrates and conditions. The dual ALD setup sets the stage for Adisyn to fast-track its graphene roadmap and move closer to real-world chip integration. ASX tech losers in July Code Name Price Month % Change Market Cap 1TT Thrive Tribe Tech 0.010 -50% 1,015,864 VIG Victor Group Hldgs 0.049 -36% 31,959,107 AR9 Archtis Limited 0.155 -33% 52,584,833 XPN Xpon Technologies 0.007 -22% 2,899,773 OPL Opyl Limited 0.023 -21% 5,652,671 AD8 Audinate Group Ltd 6.150 -18% 518,027,839 GTK Gentrack Group Ltd 9.750 -15% 1,050,288,486 DXN DXN Limited 0.061 -15% 18,220,922 AVA AVA Risk Group Ltd 0.085 -15% 24,690,122 AJX Alexium Int Group 0.006 -14% 9,518,572 VNL Vinyl Group Ltd 0.099 -14% 133,309,975 COS Cosol Limited 0.583 -13% 106,008,474 FND Findi Limited 3.710 -13% 229,282,530 EOL Energy One Limited 13.200 -12% 413,561,056 TZL TZ Limited 0.048 -11% 13,469,477 SKO Serko 2.620 -11% 326,452,393 SPZ Smart Parking Ltd 0.800 -10% 328,122,329 ESK Etherstack PLC 0.450 -8% 59,675,401 3DP Pointerra Limited 0.046 -8% 37,033,533 PRO Prophecy Internation 0.400 -7% 29,499,574 SPA Spacetalk Ltd 0.150 -6% 10,966,902 PFM Platformo Ltd 0.076 -5% 7,213,031 YOJ Yojee Limited 0.380 -4% 132,577,872 5GN 5G Networks Limited 0.135 -4% 40,208,638 DWG Dataworks Group 0.084 -3% 8,586,820 EML EML Payments Ltd 1.125 -3% 430,449,460 BVS Bravura Solution Ltd 2.150 -3% 963,961,104 SOR Strategic Elements 0.031 -3% 14,690,871 ASV Assetvisonco 0.037 -3% 27,541,378 SMP Smartpay Holdings 1.015 -2% 245,572,616 ACE Acusensus Limited 0.930 -2% 130,400,752 DUG DUG Tech 1.340 -1% 180,441,185 ELS Elsight Ltd 1.750 -1% 379,811,826 RDY Readytech Holdings 2.270 -1% 280,490,523 DTL Data#3 Limited 7.540 -1% 1,168,008,831 IRE IRESS Limited 7.940 -1% 1,483,108,424 VGL Vista Group Int Ltd 3.230 -1% 771,435,051 OCL Objective Corp 19.050 -1% 1,821,184,686
The Age
32 minutes ago
- The Age
Markets today: Wall Street rallies, Trump backs Sydney Sweeney American Eagle ad; ASX set to jump
Trump reacted to Friday's disappointing jobs numbers by firing the person in charge of compiling them. He also continued his criticism of the Federal Reserve, which could lower interest rates in order to pump adrenaline into the economy. The Fed has instead been keeping rates steady this year, in part because lower rates can send inflation higher, and Trump's tariffs may be set to increase prices for US households. Friday's stunningly weak jobs report did raise expectations on Wall Street that the Fed will cut interest rates at its next meeting in September. That caused Treasury yields to slump in the bond market, and they eased a bit more on Monday. The yield on the 10-year Treasury slipped to 4.19 per cent from 4.23 per cent late Friday. 'In our view, if the Fed starts to cut rates at its September meeting, we believe this would be supportive for markets,' according to David Lefkowitz, head of US equities at UBS Global Wealth Management. Such hopes, combined with profit reports from big US companies that have largely come in better than expected, could help steady a US stock market that may have been due for some turbulence. Before Friday, the S&P 500 had gone more than a month without a daily swing of 1 per cent, either up or down. This upcoming week may feature fewer fireworks following last week's jobs report and profit updates from some of Wall Street's most influential companies. This week's highlights will likely include earnings reports from Disney, McDonald's and Caterpillar, along with updates on US business activity. On Wall Street, American Eagle Outfitters jumped 23.6 per cent after Trump weighed in on the debate surrounding the retailer's advertisements, which highlight actor Sydney Sweeney's great jeans. Some critics thought the reference to the blonde-haired and blue-eyed actor's 'great genes' may be extolling a narrow set of beauty standards. 'Go get 'em Sydney!' Trump said on his social media network. Wayfair climbed 12.7 per cent after the retailer of furniture and home decor said accelerating growth helped it make more in profit and revenue during the spring than analysts expected. Tesla rose 2.2 per cent after awarding CEO Elon Musk 96 million shares of restricted stock valued at approximately $US30 billion ($46 billion). The move could remove potential worries that Musk may leave the company. Loading CommScope soared 86.3 per cent after reaching a deal to sell its connectivity and cable business to Amphenol for $US10.5 billion in cash, while Amphenol rose 4.1 per cent. They helped offset a 15.6 per cent loss for On Semiconductor, which only matched analysts' expectations for profit in the latest quarter. The company, which sells to the auto and industrial industries, said it's beginning to see 'signs of stabilisation' across its customers. All told, the S&P 500 rose 91.93 points to 6,329.94. The Dow Jones Industrial Average climbed 585.06 to 44,173.64, and the Nasdaq composite leaped 403.45 to 21,053.58. In stock markets abroad, indexes rose across much of Europe and Asia. South Korea's Kospi rose 0.9 per cent, and France's CAC 40 climbed 1.1 per cent, while Japan's Nikkei 225 was an outlier with a drop of 1.2 per cent. AP The Market Recap newsletter is a wrap of the day's trading. Get it each weekday afternoon.
