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, May 22, 2025. Here’s what you should know before the ASX opens today…

The ASX looks set for a rougher start this morning, with ASX200 futures down 0.75% at 7am AEST.

After riding high on the RBA’s rate cut sugar hit, the market now finds itself glancing nervously at the US, where bonds are throwing a bit of a tantrum and Wall Street’s gone wobbly.

What happened on Wall Street?

Overnight, Wall Street got whacked hard.

The S&P 500 dropped 1.6%, the Dow fell nearly 2%, the Nasdaq dropped 1.44%, and it all started with a weak auction of US 20-year bonds.

STOCK INDICES	Value	Change
ASX 200 (previous day)	8,387	0.52%
S&P 500	5,845	-1.61%
Dow Jones	41,860	-1.91%
Nasdaq Comp	18,873	-1.41%
Euro Stoxx 50	5,454	0.00%
UK FTSE	8,786	0.06%
German DAX	24,122	0.36%
French CAC	7,910	-0.40%

Investors demanded over 5% to lend to Uncle Sam, a level not seen since 2020.

Target’s earnings didn’t help, either. The retail giant missed forecasts, blamed boycotts, and cut its full-year profit outlook. A rough day in the aisles.

Adding fuel, former Treasury Secretary Steven Mnuchin warned the real worry isn’t trade, it’s America’s gaping budget deficit.

And judging by the bond market’s response, plenty agree.

In other stock news, Disney said it was letting go of Florida staff who’ve lost temporary US residency.

Alphabet climbed after announcing “AI mode” is coming to all US search users.

Nvidia boss Jensen Huang took a swing at Washington, saying US chip bans aimed at slowing China are backfiring, and warned American firms could end up handing the market to rivals like Huawei.

Meanwhile, OpenAI is splashing US$6.5 billion worth of stock to buy a startup co-founded by ex-Apple design guru Jony Ive.

How US Treasuries could impact stocks

The 10-year US yield jumped to 4.6%. The 30-year was past 5.1%.

Traders are now bracing for sticky yields, and strategists at Goldman and JPMorgan are hiking forecasts.

But what does it mean for stock investors?

Simple: the higher the cost of capital, the shakier those sky-high tech and growth valuations start to look.

As one analyst put it, stocks are finally waking up to the bond market’s alarm clock.

Bitcoin's new record high

Bitcoin soared to a fresh all-time high of US$109,500 overnight before easing back to around US$108k where it sits at the time of writing.

It’s up about 15% in May, powered by softer inflation, a calmer US-China trade vibe, and Moody’s downgrade of US debt putting the spotlight on “hard” alternatives.

Traders have been piling into crypto ETFs, with US$40 billion now parked in them.

Liquidity’s flowing, selling pressure’s light, and the market’s watching for any more macro twists.

And finally...

Back home, not that much going on.

Karoon Energy (ASX:KAR) is hosting its AGM, worth watching if you’re into oil, gas, or capex updates.

Companies to report their earnings today include: Australian Agricultural Company (ASX:AAC)  and Oceania Healthcare (ASX:OCA).

Elsewhere, RBA Deputy Governor Andrew Hauser is speaking, and will give some colour behind Tuesday’s rate cut.

And across the ditch, New Zealand’s new Finance Minister will deliver her first budget.

Commodity/forex/crypto market prices

(prices as of 7:15AM, AEST)

Price (US)	Move
Gold:	$3,314.40	0.72%
Silver:	$33.38	0.88%
Iron ore:	$100.05	0.00%
Nickel:	$15,620.00	0.58%
Copper:	$9,240.40	-0.56%
Zinc:	$2,690.50	-0.96%
Lithium carbonate 99.5% Min China Spot:	$8,500.00	-0.58%
Oil (WTI):	$61.32	-1.15%
Oil (Brent):	$64.61	-1.18%
AUD/USD:	$0.6425	-0.53%
Bitcoin:	$106,587.00	1.28%

What got you talking

Also in the news…

It was a strong day of gains for resources stocks yesterday. Check out which ASX-listed companies are making moves in our Resources Top 5.

Accusations from the FDA that takeover target Mayne Pharma (ASX:MYX) misrepresented risks surrounding its contraceptive pill isn’t the only controversy surrounding the company. Tap into Health Check to get an inside look at why MYX stock was down 40% yesterday.

With semiconductors and advanced chips dominating the tech conversation in recent months, ASX microcap Adisyn (ASX:AI1) reckons it’s got the answer to transistor limitations.

Trading Halts

Auric Mining (ASX:AWJ) - cap raise
EBR Systems (ASX:EBR) - cap raise
New World Resources (ASX:NWC) - potential change of control transaction
Catalyst Metals (ASX:CYL) - cap raise
Orbminco (ASX:OB1) - cap raise
Streamplay Studio (ASX:SP8) - agreement with a gaming platform

At Stockhead, we tell it like it is. While White Cliff Minerals and Adisyn 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.

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