24-07-2025
- Business
- AU Financial Review
ASX 200 LIVE: Australian shares are poised to open lower
Australian shares are poised to open lower. US equities were mostly higher, with one megacap exception: Tesla tumbled more than 11 per cent before paring its loss somewhat after Elon Musk forecast a tough outlook.
'The slow-motion melt-up continues,' said Wall Street veteran Ed Yardeni as both the S&P 500 and Nasdaq Composite reset their respective intraday highs yet again.
Yardeni said momentum, or growth, stocks have lead the US benchmark index higher since 2023 and there's little sign that's near an end.
Alphabet paced the other six 'magnificent seven' stocks higher after reporting results that showed massive investments in artificial technology are starting to pay off.
Wedbush Securities' Dan Ives said he is maintaining his outperform rating on Alphabet. 'We continue see a favourable risk/reward for Alphabet and think there is a case for multiple expansion in the coming quarters as investors gain more comfort around the current macro environment, regulatory risk, and the impact of generative AI on the business.'
The Dow was being held back on Thursday (Friday AEST) by a 7 per cent slump in IBM and more than 4 per cent losses for both Honeywell and UnitedHealth. Market highlights
ASX futures are pointing down 29 points or 0.3 per cent to 8647.
All US prices as of 2.30pm New York time. AUD -0.05% to US65.99¢
-0.05% to US65.99¢ Bitcoin +0.9% to $US119,288
+0.9% to $US119,288 On Wall St: Dow -0.4% S&P +0.3% Nasdaq +0.4%
-0.4% +0.3% +0.4% VIX -0.3 to 15.07
-0.3 to 15.07 Gold -0.6% to $US3368.56 an ounce
-0.6% to $US3368.56 an ounce Brent oil +0.4% to $US68.75 a barrel
+0.4% to $US68.75 a barrel Iron ore +0.8% to $US105.35 a tonne
+0.8% to $US105.35 a tonne 10-year yield: US 4.40% Australia 4.35% Today's agenda
Quarterly results are expected on Friday from Newmont and Whitehaven Coal. Top stories
BP ditches $54b Pilbara hydrogen project | The decision makes the British energy major the latest company to walk away from plans for green hydrogen production in Australia.
Productivity boost would make workers $14,000 richer | Productivity Commission chairwoman Danielle Wood has handed down a raft of recommendations to the Albanese government to lift the economy out of stagnation.
Macquarie investors deliver wake-up call with strike on executive pay | Investors deliver an embarrassing rebuke to the Millionaires Factory over bonuses amid regulatory woes and the surprise exit of its CFO.
Canberra Observed: Memo to Nats: You can't abolish net zero if you can't form government | Sussan Ley had a process to manage the Coalition's climate policy. The mad rush by Barnaby Joyce and Michael McCormack to abandon it undoes all that, writes Phillip Coorey.
RBA tempers the doves as it sells its slow and steady strategy | The Reserve Bank's deliberate plan to hold back on big cash rate increases worked as intended. Now its message is that the approach applies on the way down.
