Markets Today (24 September 2025) at Open: Key Trends from Wall Street to ASX

Overnight Summary

Major US benchmarks ended broadly lower, with the S&P 500 down 0.55% and the NASDAQ falling 0.95%. However, the Equal-weight S&P 500 managed to close up 0.12%, supported by stronger breadth. The Dow Jones eased 0.19% while the Russell 2000 slipped 0.24%. European markets were mixed, with Germany up 0.36% and the UK slightly down. Japan outperformed with a near 1% gain.

Sector Performance

Defensive sectors led gains: Real Estate (+0.81%), Utilities (+0.54%) and Consumer Staples (+0.36%). Health Care was modestly higher (+0.24%). Energy was the standout, up 1.71% on firmer oil prices. On the downside, Consumer Discretionary (-1.44%) and Technology (-1.14%) were the main laggards.

Commodities

Gold continued its rally, adding 0.46% to US$3,764.5 after briefly touching a record US$3,791, as investors sought safety amid growth concerns. Oil prices snapped a four-day losing streak, with WTI rising 2.32% to US$63.65, driven by geopolitical risks including a potential Russian diesel export ban and Ukrainian strikes on refineries. Copper edged slightly lower (-0.11%) as traders weighed slower industrial demand against supply concerns.

Key Global & Corporate Stories

- OpenAI and Nvidia unveiled a partnership to deploy 10GW of Nvidia systems, boosting AI infrastructure.
- Lithium Americas surged 75% after hours, as reports suggest the Trump administration may take an equity stake in its Thacker Pass project, despite DoE loan review concerns.
- US IPO market set for its busiest month since November 2021.
- OECD raised its global growth forecast to 3.2% for 2025, supported by emerging markets despite tariff risks.
- Fed officials remain cautious on rate cuts, while OECD believes up to three cuts are still possible this year.
- Sweden’s Riksbank cut rates to 1.75% but signaled no further reductions until 2028.

ASX Today

Locally, the ASX is set for a weaker open given soft offshore leads and futures down 31 points. A key data point today will be the August CPI release, expected to show inflation at 2.9% versus 2.8% previously. AMP economists see scope for three RBA cuts over the next six months, though the gap with US rates could weigh on the AUD. Corporate updates include Audinate reaffirming guidance, KMD Brands posting weaker earnings, and Lynas raising $182m through a share purchase plan.

What to Watch Today

- August CPI print and its potential impact on RBA outlook.
- Everlast Minerals’ strong debut highlights upcoming IPO pipeline.
- Stocks trading ex-dividend: Genesis Energy, IMDEX today.
- Dividends paid by major names including Aurizon, Contact Energy, Ebos, Suncorp and Woodside.

ASX 200 Performance Expectation

Given weaker US and Asian leads, alongside softness in Technology and Consumer sectors, the ASX 200 is expected to open lower today. However, strength in defensives and firming energy prices could provide support later in the session. Inflation data will be the swing factor.

Summary

In short, global markets remain defensive with gold and treasuries outperforming, oil rebounding on geopolitical risks, and equities struggling under pressure from Technology and Consumer names. For the ASX, a soft open is expected with attention firmly on today’s CPI print for direction on interest rates.

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