Morning Wrap: ASX 200 futures flat, Nasdaq hits record high as Apple shares surge + JB Hi-Fi, Car Group earnings
ASX 200 futures are up 5pts (+0.05%) as of 8:30 am AEST.
In this article
ASX 200 futures are up 5pts (+0.05%) as of 8:30 am AEST.
In a nutshell:
S&P 500 just missed a fresh record close, Nasdaq at all-time highs as Apple extends its parabolic run
Despite another record setting session on Wall Street, a relatively quiet session as far as trade/tariffs, macro and corporate updates are concerned
ASX reporting season is heating up!!
Let's dive in.
Overnight Summary
Name | Value | % Chg |
|---|---|---|
Major Indices | ||
 S&P 500 | 6,389 | +0.78% |
Dow Jones | 44,176 | +0.47% |
NASDAQ Comp | 21,450 | +0.98% |
Russell 2000 | 2,218 | +0.17% |
Country Indices | ||
 Canada | 27,759 | -0.01% |
 China | 3,635 | -0.12% |
 Germany | 24,163 | -0.12% |
 Hong Kong | 24,859 | -0.89% |
 India | 79,858 | -0.95% |
 Japan | 41,820 | +1.85% |
 United Kingdom | 9,096 | -0.06% |
Name | Value | % Chg |
|---|---|---|
Commodities (USD) | ||
 Gold | 3,397.28 | -0.08% |
 Copper | 4.4569 | -0.14% |
 WTI Oil | 63.35 | +0.49% |
Currency | ||
 AUD/USD | 0.6522 | -0.00% |
Cryptocurrency | ||
 Bitcoin (USD) | 118,705 | +1.82% |
 Ethereum (AUD) | 6,471 | -1.68% |
Miscellaneous | ||
US 10 Yr T-bond | 4.285 | +0.97% |
VIX | 15.15 | -8.57% |
US Sectors
Sector | % Chg |
|---|---|
| Information Technology | +1.22% |
| Communication Services | +1.21% |
| Financials | +0.91% |
| Health Care | +0.90% |
| Energy | +0.65% |
| Materials | +0.54% |
Sector | % Chg |
|---|---|
| Consumer Staples | +0.36% |
| Consumer Discretionary | +0.19% |
| Industrials | -0.01% |
| Utilities | -0.45% |
| Real Estate | -0.82% |
S&P 500 SESSION CHART
S&P 500 gapped up, trended higher to close at best levels (Source: TradingView)
OVERNIGHT MARKETS
Major US benchmarks higher in a relatively rangebound session, finished near best levels
Nasdaq hit a fresh all-time high as Apple (+4.2%) continued its parabolic run, now up 13.0% in the last three sessions
S&P 500 marked a near record close, though 0.59% away from the brief intraday high on 31-Jul
A quiet Friday session, with no major drivers from a trade/tariff, macro or corporate POV
US weekly recap: Nasdaq (+3.87%), S&P 500 (+2.43%), Russell 2000 (+2.38%), Dow (+1.35%)
Trump opens 401(k)s to crypto and alternative assets, sparking risk concerns (GD)
STOCKS
Intel CEO pushes back against 'misinformation', engaging with White House to address concerns (FT)
Intel CEO Lip Bu-Tan has been clashing with the board over strategy (WSJ)
Meta's new superintelligence team spearheading work on newest version of Llama (WSJ)
Meta selects Pimco, Blue Owl for $29bn data center financing in Louisiana (BBG)
Gilead lifts 2025 forecast as HIV drug demand drives strong quarter (IVN)
TSMC posts 26% sales growth in July driven by AI chip demand (BBG)
MP Materials boosts rare earth output, stock briefly jumps 8% on Apple deal (RT)
Flutter's FanDuel platform drives strong Q2, raises full-year guidance(CNBC)
Blackstone and Thoma Bravo in early talks about possible takeover of Iress (BBG)
BHP and Vale make $1.4bn offer to settle class lawsuit in UK brought on by victims of Brazil dam disaster (FT)
TARIFFS & GEOPOLITICS
US tariffs on gold bars threaten global bullion market chaos (BBG)
Trump's 50% tariffs on Indian imports may slow GDP growth, Moody's warns (RT)
CENTRAL BANKS
JPMorgan predicts earlier Fed rate cut as Trump's nominee stirs debate (RT)
RBA expected to cut rates 25 bps this week with one further cut before year-end (RT)
ECONOMY
No major economic news.
Industry ETFs
Name | Value | % Chg |
|---|---|---|
Commodities | ||
| Strategic Metals | 54.79 | +4.16% |
| Lithium & Battery Tech | 43.93 | +2.42% |
| Copper Miners | 46.24 | +2.41% |
| Steel | 68.22 | +0.90% |
| Silver | 34.88 | +0.35% |
| Gold Miners | 58.06 | +0.21% |
| Uranium | 39.95 | -1.58% |
Industrials | ||
| Construction | 89.16 | +0.55% |
| Global Jets | 23.68 | +0.38% |
| Agriculture | 26.21 | -0.15% |
| Aerospace & Defense | 196.45 | -0.26% |
Healthcare | ||
| Biotechnology | 132.04 | +0.62% |
Name | Value | % Chg |
|---|---|---|
Cryptocurrency | ||
| Bitcoin | 21.09 | -1.08% |
Renewables | ||
| Hydrogen | 23.9298 | +0.97% |
| CleanTech | 8.2298 | +0.86% |
| Solar | 36.75 | +0.74% |
Technology | ||
| Electric Vehicles | 24.87 | +2.18% |
| Semiconductor | 242.87 | +0.84% |
| Video Games/eSports | 112.88 | +0.59% |
| Robotics & AI | 33.6 | +0.51% |
| E-commerce | 32.41 | +0.19% |
| Cybersecurity | 32.26 | -1.59% |
| Sports Betting/Gaming | 23.78 | -1.59% |
| FinTech | 32.74 | -1.62% |
| Cloud Computing | 21.79 | -2.81% |
ASX TODAY
This Morning Wrap was written over the weekend as Kerry is currently travelling (for work). The Live Blog will also be delayed to around 9:30 am AEST. Apologies for the inconvenience.
WHAT TO WATCH TODAY
Car Group FY25 earnings: There should be no surprises here given the company pre-released its FY25 numbers on 17 July. Consensus is looking for FY25 revenue of $1.15bn and underlying NPAT of $377.9m.
JB Hi-Fi FY25 earnings: I’m a little worried about this one, as JB Hi-Fi is currently trading at a PE of 28x (the highest since the GFC). The stock could be in for a wild session, regardless if it beats or misses estimates. Consensus is looking for revenue of $10.5bn, NPAT of $473.2m and gross margins of 22.2%.
Block and BNPL: ASX-listed Block shares rallied 9.1% last Friday after the company reported better-than-expected Q2 earnings and upgraded its full-year guidance. However, NYSE-listed shares faded a 6.8% gain to close 4.5% lower overnight (suggesting Block shares will tumble on Monday). The bullish guidance may have been tempered by a sharp selloff from Sezzle (-34%) due to a weak full-year guidance.
BROKER MOVES
ARB Corp upgraded to Neutral from Sell; target up to $35 from $31 (UBS)
Key Events
Stocks trading ex-dividend:
Mon 11 Aug: Alcoa (AAI) – $0.108, Domain Holdings (DHG) – $0.088
Tue 12 Aug: Dominion Income Trust (DN1) – $0.595
Wed 13 Aug: ResMed (RMD) – $0.065
Other ASX corporate actions today:
Dividends paid: Gtn Ltd (GTN)
Earnings: Car Group (CAR), Charter Hall Social Infrastructure REIT (CQE), Iress (IRE), JB Hi-Fi (JBH), Stanmore Resources (SMR)
IPOs: None
AGMs: None
Economic calendar (AEST):
No major economic announcements.
