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 Thursday, July 23, 2025. Here’s what you should know before the ASX opens today…

At 7am AEST, ASX futures were up a whisper by 0.05%, suggesting a modest rise at the open.

Here’s what went down while we were snoozing...

Google pops, Tesla flops

Over in New York, the bulls were back on Broadway.

The Dow Jones surged 1.1%, just a whisker off a fresh record. The S&P 500 rose 0.8%, and the Nasdaq inched up 0.6% as traders high-fived over a potential new US-EU trade pact.

STOCK INDICES	Value	Change
ASX 200 (previous day)	8,737	0.69%
S&P 500	6,359	0.78%
Dow Jones	45,010	1.14%
Nasdaq Comp	21,020	0.61%
Euro Stoxx 50	5,344	1.02%
UK FTSE	9,061	0.42%
German DAX	24,241	0.83%
French CAC	7,850	1.37%

Markets believe more deals could land before August 1, when Trump’s tariff hurricane is scheduled to blow through.

Economists reckon if global tariffs settle at 15%, that’s pain we can live with.

Then came earnings season fireworks.

Alphabet (Google’s parent) rose 3% after blowing past expectations with a 14% lift in revenue in the quarter, a 19% jump in net income, and a 32% pop in cloud sales.

EPS hit US$2.31 versus the US$2.16 forecast. CEO Sundar Pichai declared: “We are leading at the frontier of AI and shipping at an incredible pace.”

Meanwhile, Tesla’s quarterly results landed with a bit of a thud.

Revenue slid 9% year-on-year to US$22.5 billion, missing estimates.

EPS came in at 33 cents, short of the 39-cent target. Free cash flow collapsed 89%.

But the EV maker said its “more affordable” car is in early production, and still on track for volume next year.

As Elon might say, it’s fine. Everything’s fine. Tesla's shares rose 0.15%.

Meme stocks go absolutely bonkers

Back in the zoo, meme stocks were putting on another show.

GoPro jumped 73% at one point, Krispy Kreme popped nearly 6%, and Beyond Meat sizzled up 6.4% - all on no actual news.

Reddit’s r/wallstreetbets was buzzing with chatter about a squeeze. “Wendy’s could be the next meme,” said one user.

Wendy’s then spiked 11% early before closing up 5%.

Option volumes exploded.

Krispy Kreme saw 100,000 contracts trade - 71x the daily average. GoPro had its busiest trading volume since 2021.

Is the rally sustainable? Most probably not. But for now, the popcorn’s hot.

Canberra blinks on beef

Now for the meaty bit. Australia has officially lifted its long-standing biosecurity ban on US beef.

The decision, which quietly landed in the dead of night, clears the way for imports of American beef to resume for the first time since 2019.

The move marks the final step in a saga that’s dragged on for years.

Why does this matter? Because Trump’s been using the beef ban as political ammo.

In April, he lashed out at Australia: “They ban American beef… yet we imported $3 billion of theirs just last year.”

The Albanese government insists the timing is scientific, not political. “We will never compromise on biosecurity,” a government source said.

Nevertheless, the move might help ease trade tensions with the US.

And finally...

Back on home soil, Thursday’s calendar is rather packed.

We’ve got earnings reports from Fortescue, Coronado, Insignia, Karoon, Lynas, Northern Star, Sandfire and Syrah.

Macquarie Group holds its AGM at its new Sydney HQ from 10.30am.

At 1.05pm, RBA Governor Michele Bullock will speak in Sydney on “The RBA’s Dual Mandate - Inflation and Employment” -  a speech that could give markets a whiff of what’s next for rates.

Meanwhile, the European Central Bank will meet and likely hold rates steady tonight.

ECB President Christine Lagarde will front the press afterward, and investors will be hanging on every word.

Commodity/forex/crypto market prices

Price (US)	Move
Gold:	$3,386.86	-1.30%
Silver:	$39.26	-0.10%
Iron ore:	$98.11	0.28%
Nickel:	$15,575	0.29%
Copper:	$11,624	1.39%
Zinc:	$2,865	0.29%
Lithium carbonate 99.5% Min China Spot:	$8,550	0.60%
Oil (WTI):	$65.43	0.19%
Oil (Brent):	$68.64	0.08%
AUD/USD:	$0.6599	0.46%
Bitcoin:	$118,030	-1.65%

What got you talking

Also in the news…

Big Tech earnings are landing just as JPMorgan warns markets are dangerously crowded with not much fuel left to push higher.

With workers trickling back to the office, should investors follow?

While ASX medicinal cannabis stocks have largely failed to bud, some are lighting the way with differentiated strategies.

Health Check: Aussie biotechs are navigating a US regulatory minefield.

Trading Halts

Albion Resources (ASX:ALB) – exploration results from Yandal West
Askari Metals (ASX:AS2) – exploration update and ASX queries
International Graphite (ASX:IG6) – new graphite facility agreement
Kingfisher Mining (ASX:KFM) – acquisition and cap raise
Larvotto Resources (ASX:LRV) – cap raise
St George Mining (ASX:SGQ) – cap raise
Torque Metals (ASX:TOR) – exploration results from Paris Gold Project
Vanadium Resources (ASX:VR8) – cap raise

At Stockhead, we tell it like it is. While Bubalus Resources is a Stockhead advertiser, it did not sponsor this article.

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