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

Good morning! Here’s everything you need to know before the ASX flings open its doors and begins trading today.

Everything you need to know before the ASX opens. Pic: Getty Images.

Good morning everyone and welcome to Rise and Shine on Wednesday, May 21, 2025. Here’s what you should know before the ASX opens today…

The ASX looks set for another solid session, with futures up 0.6% by 7am AEST.

Wall Street cooling off

Wall Street finally fell overnight.

After sprinting higher on hopes of softer tariffs and a friendlier Fed, US stocks sagged. The S&P 500 slipped 0.39%, the Nasdaq dropped 0.38%, and the Dow shaved off 0.27%.

STOCK INDICES	Value	Change
ASX 200 (previous day)	8,343	0.58%
S&P 500	5,940	-0.39%
Dow Jones	42,677	-0.27%
Nasdaq Comp	19,143	-0.38%
Euro Stoxx 50	5,455	0.51%
UK FTSE	8,781	0.94%
German DAX	24,036	0.42%
French CAC	7,942	0.75%

Traders are now chewing through Fed speeches and weighing the fallout from Trump’s chunky tax bill, which could pump up an already bloated deficit and put fresh pressure on bond yields.

Meanwhile, the tech giants who led the rally have hit a snag.

Alphabet dipped after its developer conference, Apple gave a sneak peek at its AI toolkit, and Musk said he’ll still be running Tesla in five years.

And Warner Bros. Discovery just got slapped with a junk rating by S&P.

Gold price

The yellow metal has pushed above US$3,280 an ounce and was up 2%.

Moody’s downgrade of US government credit has spooked enough investors into the safety of bullion.

Goldman Sachs reckons the party’s not over yet, tipping US$3,700 by year-end and US$4,000 by mid-2026.

ASX goldies could be ones to watch today.

The RBA aftermath

Back home, the RBA has done the deed yesterday, trimming the cash rate by 25bp to 3.85% as inflation slides comfortably into the 2–3% zone.

The cut wasn’t a shocker, but what happens next is where it gets interesting.

The RBA flagged lingering global uncertainties, especially around tariffs, wobbly jobs data, and an Aussie economy still waiting for clarity.

Translation: “Yes, we cut, but don’t get any funny ideas.”

The banks wasted no time passing it on. NAB, ANZ and CBA have already sliced their variable rates.

Whether it’s enough to juice consumer confidence is another story.

And finally…

Today’s local focus is on the RBA’s latest economic chart pack and the ABS monthly wage data, both likely to give more colour on where things are headed post-rate cut.

With momentum still on its side, the ASX could stay in party mode, but after Wall Street’s breather, local punters might keep one eye on the exit, just in case.

Commodity/forex/crypto market prices

Price (US)	Move
Gold:	$3,289.67	2.09%
Silver:	$33.08	2.26%
Iron ore:	$100.05	0.05%
Nickel:	$15,480.00	-0.13%
Copper:	$9,278.20	0.30%
Zinc:	$2,716.60	1.60%
Lithium carbonate 99.5% Min China Spot:	$8,500.00	-0.58%
Oil (WTI):	$62.25	0.18%
Oil (Brent):	$65.62	0.12%
AUD/USD:	$0.6425	-0.53%
Bitcoin:	$106,587.00	1.28%

What got you talking

Also in the news…

Thinking about making a foray into the crypto space? What started out as a novelty now has the potential to make some serious dough.

Former US President Joe Biden’s prostate cancer diagnosis has drawn the disease into the spotlight, along with ASX companies taking the fight to the deadly illness.

Speaking of biotechs, cell therapy treatments are emerging as a potent weapon against a variety of diseases. Tim Boreham walks us through  NeuroScientific Biopharmaceuticals’ (ASX:NSB) acquisition of the Stemsmart stem-cell portfolio.

Trading Halts

Resource Mining Corporation (ASX:RMI) – cap raise

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

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