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 31, 2025. Here’s what you should know before the ASX opens today…

At 7am AEST, ASX futures were pointing down by 0.1%, enough to suggest Aussie investors might tread lightly this Thursday.

Here’s what happened while you were sleeping...

Wall Street fidgets as rate hopes fade

Overnight, Wall Street turned a touch twitchy.

The Dow slipped 0.38%, the S&P 500 edged down 0.12%, and the Nasdaq kept its chin up, rising 0.15% thanks to a tech-fuelled after-hours sugar hit.

STOCK INDICES	Value	Change
ASX 200 (previous day)	8,756	0.59%
S&P 500	6,363	-0.12%
Dow Jones	44,461	-0.38%
Nasdaq Comp	21,130	0.15%
Euro Stoxx 50	5,393	0.26%
UK FTSE	9,137	0.01%
German DAX	24,262	0.19%
French CAC	7,862	0.06%

Microsoft surged 7.5% post-market after clocking a meaty $US76.4 billion in quarterly revenue, beating forecasts.

Meta also beat the street and trimmed its capital spending forecast, which investors took as a double win. The stock leapt 9% after-hours.

Even trading platform Robinhood surprised, posting $989 million in revenue thanks to a spike in trading activity and new products like tokenised stocks. HOOD gained 2%.

But the tech fireworks couldn’t fully distract from the elephant in the room: Jerome Powell.

Powell dodges the September question

As expected, the US Fed Reserve held interest rates steady at 4.25%–4.5% last night.

But it was Jerome Powell’s post-meeting tone that set the mood. “We have made no decisions about September,” he said, flatly.

That was enough to cool the market’s hopes for a cut. The chance of a September move fell from 65% to 45% in a matter of hours.

Powell described policy as “modestly restrictive”, meaning the Fed doesn’t think high rates are choking growth.

Interestingly, two Fed board members - Christopher Waller and Michelle Bowman - broke ranks and voted for a cut.

It’s the first time in decades that two Fed governors have dissented at the same meeting. But the majority held their ground.

Gold cracks as US data firms

Gold prices dropped 1.5% overnight, a solid hit for the yellow metal.

This came after stronger-than-expected US GDP and jobs data, which gave the Fed more reason to stay put.

Economists were looking for signs of a slowdown. Instead, they got a 3% GDP print and a rebound in private payrolls.

That puts a rate cut further out on the horizon, and that’s bad news for gold, which thrives in low-rate environments.

ASX gold stocks could feel the heat today.

Trump’s copper tariff

Trump fired another trade shot overnight, hitting semi-finished copper products with a 50% tariff starting August 1.

That includes things like rods and wires, but crucially, not refined copper, which is what many had feared.

Copper prices fell hard on the initial announcement, but bounced after traders realised the new tariffs were narrower than expected.

Back home...

Locally, all eyes are on today’s economic data drop at 11:30am AEST. June retail sales, building approvals, and import/export prices all land this morning.

Earlier, at 9:20am, RBA deputy governor Andrew Hauser speaks at the Barrenjoey Economic Forum in Sydney.

On the company front, Beach Energy, Liontown Resources, and Origin Energy are all set to report.

Energy stocks will be on the radar, especially with oil prices firming by 1.5% overnight.

Commodity/forex/crypto market prices

Price (US)	Move
Gold:	$3,275.50	-1.53%
Silver:	$37.12	-2.86%
Iron ore:	$98.98	0.31%
Nickel:	$15,085	-1.57%
Copper:	$9,196	-18.41%
Zinc:	$2,796	-0.75%
Lithium carbonate 99.5% Min China Spot:	$8,550	0.60%
Oil (WTI):	$70.30	1.57%
Oil (Brent):	$73.49	1.35%
AUD/USD:	$0.6435	0.78%
Bitcoin:	$117,083	-0.71%

What got you talking

Also in the news…

ASX Health Quarterly Wrap: Dimerix (ASX:DXB) inks fourth licensing deal, Audeara (ASX:AUA) nails record revenue year.

Biocurious: It’s a case of animal magnetism as Island (ASX:ILA) eyes the FDA’s new rule on non-human testing.

Health Check: Opthea (ASX:OPT) investors have $80m less to fight for after cash-burning quarter.

Trading Halts

Energy Transition Minerals (ASX:ETM) – strategic acquisition in Spain
Locksley Resources (ASX:LKY) – cap raise
Nagambie Resources (ASX:NAG) – cap raise
Syrah Resources (ASX:SYR) – cap raise

At Stockhead, we tell it like it is. While Dimerix, Audeara, Island Pharmaceuticals and Singular Health Group 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