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 Tuesday, July 29, 2025. Here’s what you should know before the ASX opens today…

At 7am AEST, ASX futures were down 0.7%, pointing to a weak start on Tuesday

Here’s what went down while we were sleeping, and why local markets might wake up cranky....

Wall Street still flirting with records

The US market started its week wandering near all-time highs.

But by close, the Dow had slipped 0.14%, the S&P 500 eked out a tiny 0.02% gain, and the Nasdaq managed to rise by 0.33%.

At one point the S&P tickled a new record at 6401.07, but couldn’t hang on.

STOCK INDICES	Value	Change
ASX 200 (previous day)	8,698	0.36%
S&P 500	6,390	0.02%
Dow Jones	44,838	-0.14%
Nasdaq Comp	21,179	0.33%
Euro Stoxx 50	5,338	-0.27%
UK FTSE	9,081	-0.43%
German DAX	23,970	-1.02%
French CAC	7,801	-0.43%

Still, the bulls are circling...

“The broader market batted five for five last week,” said Adam Turnquist from LPL, “notching a new closing high every trading day.”

But he reckons we might be due for a breather.

Historically, when markets get this hot, they often take a quick dip before clawing higher, just like a sprinter catching their breath before the next burst.

US chip stocks had a field day after Samsung inked a US$16.5 billion deal with Tesla for AI semiconductors.

Meanwhile, Morgan Stanley is still pounding the table for a 7200 S&P, saying this is no ordinary cycle.

But even they admit the ride won’t be without potholes.

Trump’s new threats

Over in Scotland, Trump took a break from golf to throw fresh shade on global trade.

In a press conference, Trump announced a new baseline tariff of 15–20% for countries that haven’t done a deal with him.

And yep, Australia’s still in the no-deal zone.

“We are going to be setting a tariff, for essentially the rest of the world," he said.

The problem is Australia exports $24 billion a year to the US, mostly under existing low rates.

But Trump’s new playbook could whack our meat, gold and pharmaceutical exporters right in the margins.

Oil stocks on watch

Oil prices jumped after Trump tossed another geopolitical grenade, threatening Russia with a 10–12 day deadline to end the war in Ukraine, or face 100% secondary tariffs.

Brent shot above US$70, and WTI popped 2.8% to its highest level in a week.

Watch for oil stocks on the ASX today.

And finally.,..

Locally, Sandfire Resources drops quarterly numbers today, and investors will be watching closely to see how the copper miner is holding up.

And in the US tonight, JOLTS job openings data kicks off a blockbuster week of labour market reads, ending with Friday’s big non-farm payrolls number.

JOLT will be of the final jigsaw pieces before the Fed Reserve meets Wednesday, where no rate change is expected.

Commodity/forex/crypto market prices

Price (US)	Move
Gold:	$3,314.37	-0.70%
Silver:	$38.16	-0.05%
Iron ore:	$98.55	-0.03%
Nickel:	$15,230	-0.23%
Copper:	$11,200	-3.18%
Zinc:	$2,816	-0.57%
Lithium carbonate 99.5% Min China Spot:	$8,550	0.60%
Oil (WTI):	$66.98	2.79%
Oil (Brent):	$70.31	2.73%
AUD/USD:	$0.6520	0.45%
Bitcoin:	$118,028	-1.21%

What got you talking

Also in the news…

Melbourne-based Cygnet Capital is backing opportunities in the critical minerals space, including the potential it sees in Heavy Rare Earths.

Shares in nuclear medicine play Clarity Pharmaceuticals (ASX:CU6) have surged up to 12% after the company's swift $203 million raising.

Barry FitzGerald: This explorer is chasing Fosterville 2.0, and he has runs on the board.

Trading Halts

Axel REE (ASX:AXL) – initial metallurgical results at Caladão Project
Codeifai (ASX:CDE) – cap raise
Pinnacle Minerals (ASX:PIM) – cap raise
Resource Development Group (ASX:RDG) – financial position update following creditor correspondence
Saturn Metals (ASX:STN) – response to media article
SportsHero (ASX:SHO) – cap raise
Viridis Mining & Minerals (ASX:VMM) – cap raise

At Stockhead, we tell it like it is. While Octava Minerals 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.