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

Good morning everyone and welcome to Rise and Shine on Wednesday, August 6, 2025. Here’s what you should know before the ASX opens today…

At 7am AEST, ASX futures were up 0.25%, pointing to a mild but welcome lift on Wednesday.

Here’s what went down while we were counting sheep…

Wall Street dips

The Dow slipped 0.14%, the S&P shed 0.49%, and the Nasdaq lost 0.65% as investors chewed through weaker-than-expected economic data and a mixed bag of earnings.

The US ISM’s services index clocked in at 50.1, barely on the right side of growth. In short, the engine’s coughing, and there’s no roadside mechanic in sight.

But Palantir, the data-crunching darling of AI, posted its first-ever billion-dollar revenue quarter. Shares jumped 8% and hit an all-time high.

The company called the impact of AI “astonishing”, which investors clearly agreed with, having already pumped the stock 600% over the past year.

For ASX investors, it’s a reminder that AI is still the sugar in the market’s coffee.

What’s Trump been up to?

Donald Trump has ruled out Treasury Secretary Scott Bessent as the next Fed chair, teasing two mystery “Kevins” instead (presumably Kevin Warsh and Kevin Hassett).

Trump also threatened to slap pharmaceutical imports with a series of rising tariffs, starting small, jumping to 150%, and eventually hitting 250%.

“We want pharmaceuticals made in our country,” he told CNBC.

Trump then accused India of bankrolling Russia’s war by buying Moscow’s crude, and said tariffs on Indian goods were going up.

New Delhi fired back, calling it unjustified.

Any company exporting or importing from India, China or the US is now walking through a minefield, and the map changes daily.

ASX energy stocks on watch today

Oil’s gone on a slippery ride, down four sessions in a row now after another 1.7% drop last night.

Crude fell as rumours swirled that Russia might offer an airstrike pause in Ukraine to avoid more US sanctions.

Bloomberg reckons Moscow is trying to appease Trump, who has threatened to blacklist Russia’s shadow fleet of tankers if Putin doesn’t cut it out by Friday.

“The only thing that will impact flows… is a physical blockade,” said Rabobank’s Joe DeLaura. Until then, it’s more bark than bite.

Oil prices have been bouncing between US$65 and US$70 like a yo-yo, and Aussie energy stock investors should be watching this closely.

Novogratz calls the top on crypto

Crypto’s suit-and-tie era may be running out of steam.

Mike Novogratz reckons we’ve already seen the peak of companies stuffing their balance sheets with Bitcoin and its pals.

“We’ve probably gone through peak treasury company issuance,” the Galaxy Digital boss said.

The race now is between existing players. As for the new guys, Novogratz doesn’t see much oxygen left in the room.

For traders, it’s a nudge that the days of easy wins in crypto are probably behind us.

And finally…

Today, the spotlight swings back to local names.

Results are due from AMP, News Corp, REA Group, and Emerald Resources amongst others.

Across the pond, NZ’s Q2 jobs report drops at 8:45am AEST.

It’s another piece of the puzzle for ASX traders trying to map the RBA’s next move.

If the Kiwis cut, and our own data keeps softening, pressure will mount on the RBA to follow suit.

Commodity/forex/crypto market prices

What got you talking

Also in the news…

Critical minerals hopefuls have been buoyed by government support to help shield the Aussie sector from Chinese dominance.

Hearing minnow Audeara (ASX:AUA) has entered an alliance with Ear Science Institute Australia to develop a more affordable bone-conduction hearing device.

Gold miners are the toast of the town at Kalgoorlie’s Diggers and Dealers, but intrigue abounds on the next M&A deal.

Who made gains in July? Here are the top ASX resources winners.

July delivered a tech-fuelled surge from Wall Street to the ASX, capped off by IS3’s jaw-dropping run as investors chased AI.

Trading halts

Adslot Ltd (ASX:ADS) – cap raise
IDT Australia Ltd (ASX:IDT) – change in management
Lindian Resources Ltd (ASX:LIN) – funding & offtake agreement
Trigg Minerals Ltd (ASX:TMG) – pending acquisition & price/volume query

At Stockhead, we tell it like it is. While Prospect Resources and Audeara are Stockhead advertisers, they did not sponsor this article.

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