Rise and Shine: Everything you need to know before the ASX opens

Good morning everyone and welcome to Rise and Shine on Friday, May 23, 2025. Here’s what you should know before the ASX opens today…

The ASX looks set to drop this morning, with futures pointing down 0.4% at 7.30AM AEST, taking its cue from a Wall Street session that looked promising… until it didn’t.

Wall Street wobbles as debt drama drags on

The S&P 500 tried to claw back ground but lost steam in the final minutes, closing lower for a third straight day, down 0.04%.

The Dow closed flat, while the tech-heavy Nasdaq was up by 0.28%.

Big tech held up okay, but not enough to save the broader market.

Bond yields are still stealing the spotlight, as Trump’s tax-heavy budget inches closer to becoming reality and Moody’s downgrade of US debt lingers.

The 10-year yield eased a bit, but it’s still high enough to make equities feel a bit queasy.

In stock news, Bill Ackman’s Pershing Square has swooped in on Amazon, snapping up a fresh stake after the stock got smacked more than 30% earlier this year.

Ackman called it a “fantastic franchise” and reckons he picked it up at a steal.

Apple said it will release its smart glasses for next year, but has canned a plan for a camera-loaded smartwatch.

And.. Man United’s week went from bad to worse. Lost the Europa League final to Spurs and the stock price plunged 9% on NYSE last night.

Bitcoin roars

While stocks tiptoed, Bitcoin barged through US$111,000, setting another all-time high. At the time of writing BTC is cruising at an altitude of US$110,204.

Bitcoin has been grinding higher in the last couple of days off the back of ETF inflows and retail traders coming back.

Some analysts reckon this time it’s not just hot air.

The money’s real, the flows are sticky, and traders are already eyeing targets north of US$300,000.

Looks like altcoins might be tagging along, too.

Gold pulls back as greenback flexes

Gold eased off the boil overnight, slipping back under US$3,300 after having a run at a two-week high.

A stronger US dollar and solid econ data took the shine off, cooling its safe-haven glow, for now, at least.

But the bigger story still favours the yellow metal.

Geopolitical tension is bubbling again, and the world’s debt pile isn’t exactly shrinking.

And, Rio Tinto boss steps down

Not much on the Aussie calendar today, so the ASX will mostly ride global sentiment.

Big here’s one big news coming out of Rio Tinto (ASX:RIO) last evening after market close.

Jakob Stausholm, who’s been CEO since 2021, will leave the top job later this year once Rio picks his successor. He’ll stay on until the handover’s sorted, with a full-blown search already underway.

Stausholm came in during a rocky patch, helped steady the ship, and pushed Rio’s strategy towards clean energy metals and long-term growth.

Chair Dominic Barton says it’s the right time for a leadership change as Rio moves into its next phase.

Rio says its strategy will stay the course, this is more about fresh hands at the wheel than a change in direction.

Commodity/forex/crypto market prices

(prices at 7am AEST)

What got you talking

Also in the news…

Analysts from Canaccord Genuity believe billions of dollars of capital is waiting to be deployed into gold developers and explorers.

The Materials sector was the only one to make any gains on the ASX yesterday, check out which stocks stood out in our Resources Top 5.

Australia may lack the size and funding of larger global biotech hubs, but it consistently punches above its weight in paediatric drug discovery. Dive into which companies are leading paediatric drug breakthroughs with Stockhead’s own Nadine McGrath.

Trading Halts

OncoSil Medical (ASX:OSL) – cap raise
Nordic Resources (ASX:NNL) – cap raise
Patriot Lithium (ASX:PAT) – cap raise
Horizon Minerals (ASX:HRZ) – cap raise
New Age Exploration (ASX:NAE) – exploration results from the Wagyu Gold project, WA
Jameson Resources (ASX:JAL) – cap raise
Ma Financial (ASX:MAF) – a potential significant transaction

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial