Nvidia boosts big tech with strong sales forecast. Picture via Getty Images
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The ASX is poised for a positive start today, even with some disappointment lingering over China’s latest moves to kickstart its economy.
At 8am AEST, the SPI ASX200 futures contract was pointing up by 0.2%.
Earlier, markets were buzzing with hopes for a big stimulus package from China, but those hopes were crushed after the National Development and Reform Commission didn’t announce any new measures, disappointing many investors.
Overnight, US investors seemed to have brushed aside that disappointment. The S&P500 rose by 0.97% to near all-time highs, the blue chips Dow Jones was up by 0.3%, and the tech heavy Nasdaq surged by 1.45%.
Big Tech stocks lifted with Nvidia taking charge, up 4% and notching its fifth day of gains after analysts from KeyBanc, Citi, Bernstein, and a few other firms re-iterated their Buy ratings.
KeyBanc bumped up its sales forecast for Nvidia in 2025 from US$128.5 billion to US$130.6 billion, and expects the company’s new Blackwell AI chips to bring in an extra US$7 billion in Q4.
Analysts from Wedbush are also excited about Nvidia after a fresh wave of funding for AI startups. They cite OpenAI’s recent US$6.6 billion funding round, which could spark more investments in the AI space and drive up demand for Nvidia’s AI chips.
Trump Media & Technology (NASDAQ:DJT) jumped another 18% on Tuesday (that’s an almost 30% pop in the last two days), after a surprise appearance by Elon Musk at Donald Trump’s rally in Butler, Pennsylvania, on the weekend. Trump maintains a roughly 60% stake in DJT.
PepsiCo rose by 2% despite lowering its revenue guidance, citing slower growth and ongoing global unrest. It also announced new cost-cutting measures.
Meanwhile, oil stocks on the ASX could be under pressure today after crude prices fell almost 5% last night. But experts say if tensions between Iran and Israel escalate, oil could surge again.
And closer to home, the Reserve Bank of New Zealand is expected to cut interest rates by 50 basis points today, as analysts anticipate a shift towards a more neutral policy.
The union for power industry workers has launched an ad campaign to challenge the Coalition’s plan for nuclear reactors in Australia, expressing concerns that it could disrupt the energy transition and threaten jobs.
The ads highlight the $600 billion cost to meet just 4% of the country’s energy needs and the long timeline for nuclear power, while showcasing the rapid advancements in battery technology and renewable energy.
Targeting key regions in Queensland, the campaign will air on platforms like 7plus, 9Now, and YouTube, reaching voters in electorates such as Capricornia and Flynn.
Michael Wright, National Secretary of the Electrical Trades Union (ETU), said that a sudden shift to high-cost nuclear could derail job growth in renewables.
“Renewables and batteries in Australia are producing so much low-cost energy; we are on track to hit climate targets.”
Wright said that the public deserves to question the nuclear plan.
“We think most people would prefer to see renewables and batteries bring down power bills and hit climate targets much sooner than that.”
Gold price fell by 0.8% to US$2,621.82 an ounce.
Oil prices sank by 4%, with Brent crude now trading at US$77.47 a barrel.
The benchmark 10-year US Treasury yield slipped by 2 basis points (bond prices higher) to 4.01%.
The Aussie dollar was down 0.2% to US67.51 cents.
Bitcoin was down by 1.5% in the last 24 hours to US$62,295, while Ethereum also slipped by 0.3% to US$2,448.
Meanwhile, iron ore fell by 5% to US105.15 a tonne following disappointing news out of China yesterday.
Bathurst Resources (ASX:BRL)
Bathurst Resources, along with its joint venture BT Mining, announced that its Buller Plateaux Continuation Project and Rotowaro Mine Continuation Project have been accepted for fast-track approvals under new legislation. The government has approved both projects, allowing them to be listed for quicker processing by the Environmental Protection Authority. This fast-track status means that applications can be assessed more rapidly and multiple approvals can be sought at once. Bathurst says it looks forward to the smooth passage of the Bill through Parliament by the end of the year.
Dreadnought Resources (ASX:DRE)
Dreadnought reported impressive results from its recent drilling program at the Gifford Creek Carbonatite in the Mangaroon project, located in WA. The program included nine holes, all of which intersected niobium mineralisation. Notable results include CBRC195, which found 130m at 0.7% Nb2O5, and CBRC200, which revealed 95m at 0.9% Nb2O5. These findings confirm significant niobium mineralisation over approximately 1.2km, with potential for further discoveries.
Elevate Uranium (ASX:EL8)
Elevate has announced an upgrade for its Koppies Uranium Project, increasing the mineral resource base to 66.1 million pounds of U3O8. EL8 says 78% of this resource is now classified as Indicated. Additionally, a new Inferred Mineral Resource of 10.2 million pounds has been identified at the Hirabeb Deposit, which has potential for further discovery as the mineralisation is open in multiple directions. This upgrade boosts the total mineral resource in Namibia to 112.1 million pounds and the global resource to 160.5 million pounds.
Equinox Resources (ASX:EQN)
Equinox announced promising results from its first Reverse Circulation (RC) drilling campaign at the Mata da Corda Rare Earths Project in Brazil. The initial drilling of seven holes, averaging 22 metres deep, revealed high-grade rare earth and titanium dioxide concentrations. Notable findings include several significant intercepts, such as 4m at 4323ppm Total Rare Earth Oxide (TREO) and multiple titanium dioxide hits above 15%. Diamond drilling has now begun, and further assay results are expected from high-grade surface samples.
Marmota (ASX:MEU)
Marmota announced exciting results from its recent drilling at the Aurora Tank project, revealing new high-grade gold extensions to the south. The assay results show several impressive intercepts, including 8m at 20.6 g/t gold, with other notable hits of 4m at 36.9 g/t and 8m at 8.9 g/t, all found close to the surface. The company says these findings mark the highest-grade intersections yet and highlight the potential for further exploration in this area.
At Stockhead we tell it like it is. While Elevate Uranium and Equinox Resources are Stockhead advertisers, they did not sponsor this article.
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