Top 10 at 11: ASX opens higher as Nasdaq jumps 1.5pc overnight

Morning, and welcome to Stockhead’s Top 10 (at 11… ish), highlighting the movers and shakers on the ASX in early-doors trading.

With the market opening at 10am sharp eastern time, the data is taken at 10:15, once trading kicks off in earnest.

In brief, this is what the markets have been up to this morning.

US markets benefited from strong earnings reports out of Microsoft (+7.6%) and Meta (+4.2%) overnight, giving wind to broader tech stock sails with assurances the artificial intelligence investment boom isn’t over just yet.

The Nasdaq responded with a 1.5% jump, handily outperforming less energetic performances on the S&P500, which gained 0.6%, and the Dow Jones, which lifted 0.2%.

Magnificent Seven darling Amazon released its own earning report alongside Apple after US markets had closed. Despite a 9% increase in revenue, Amazon’s shares have fallen 2.2% and Apple’s 3.9%.

That may indicate some headwinds for Aussie tech stocks, which ripped higher yesterday after Microsoft and Meta’s reports yesterday, but strength in the overall Nasdaq may be enough of a foundation for more growth.

The ASX is up 0.57% in the first hour of trading, teasing another day of potential gains – the index is now essentially even for the year to date, having recovered the ground lost in the first quarter.

The Info Tech sector is also riding higher, up 0.35%, but overshadowed by gained in Healthcare (+1.22%), Financials (+0.92%), Utilities (+0.84%) and Energy (+0.71%).

Most markets in Europe were closed for the Labour Day holiday, but a subdued FTSE300 slid by 0.1% and the FTSE100 managed to just edge into the green with a 0.02% uplift.

Commodity indicators of market sentiment have moved in optimistic directions overnight – gold, a safe haven commodity, slid 2.9% to US$3,222.20 an ounce, while an unexpected fall in US Crude inventories and pressure on buyers of Iranian oil from the Trump Admin pushed oil prices higher.

Brent crude lifted by 1.8%, breaking a three-day streak in the red, to settle at US$62.13 a barrel.

Base metals also lifted marginally – copper futures ticked up 0.5% – but iron ore slipped 0.5% to US$99.25 a tonne ahead of China’s own Labour Day holiday.

Eight of eleven ASX sectors are in the green today, with the ASX200 Banks index (+1.1%) lending its support as well.

WINNERS

Making news this morning…

Dateline Resources (ASX:DTR) is benefiting from a presidential shout-out this morning. The company’s Colosseum rare earth project just got the Trump seal of approval via a Truth Social post after the Department of Interior approved the project for mining and extraction.

DTR is also seeking a listing to the OTCQB to gain greater exposure to US investors. It’s already listed on the OTC under ticker DTREF.

A drilling permit for the Bull Run gold project has come at an opportune time for Codrus Minerals (ASX:CDR), with gold prices still hovering near all-time highs. The company has had some very promising rock chip samples out of the project, grading up to 1,040 g/t gold alongside gold-in-soil results of up to 27 g/t.

AdAlta (ASX:1AD) has recovered from yesterday’s share dip caused by the launch of a renounceable rights issue to raise $1.3m. 1AD’s shares are on offer at a 51% discount to their 15-day VWAP, about $0.03 each.

LAGGARDS

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