ASX 200 Preview: Futures Edge Higher After Tech-Led Rally on Wall Street

1. ASX Futures Indicate a Firmer Start

The ASX 200 closed Wednesday sharply lower, down 161.8 points (-1.82%) to 8,738.8, marking a new 20-day low. Xero (–6.2%) and Lendlease (–5.2%) were the weakest performers, leaving the index down 2.5% over the past five sessions and 3.5% below its 52-week high.

This morning, SPI futures are pointing 31 points higher to 8,756, suggesting the local market could open stronger after Wall Street’s tech-led rebound.

2. Wall Street Posts Modest Gains

US equities finished mixed overnight:

Dow Jones –0.06% to 45,271

S&P 500 +0.51% to 6,448

Nasdaq +1.02% to 21,498

Tech was the standout sector, with Communication Services (+3.8%) and Information Technology (+0.8%) leading gains. Alphabet surged after a favorable antitrust ruling, while Apple also advanced. However, not all sectors participated — Energy (–2.3%), Industrials (–0.5%), and Materials (–0.5%) dragged lower as investors remained cautious ahead of key macro data and ongoing trade policy uncertainty.

3. Commodity Watch

Commodity markets were firmer overnight. Uranium rose 1.8%, copper miners gained 1.8%, gold miners advanced 0.6%, and silver added 0.5%. Lithium & battery tech also edged up 0.2%, while oil remained under pressure on reports OPEC+ may consider fresh supply increases this weekend.

4. Corporate Earnings in Focus

No Earnings today.

5. Ex-Dividend Watch

On the corporate side, a busy ex-dividend slate could weigh on the ASX today. Major names include Coles, Eagers Automotive, Domino’s, Ramsay Health Care, Sonic Healthcare, Northern Star, Endeavour Group, TPG Telecom, and Iluka Resources, among others across retail, energy, and healthcare.

6. Macro Economic Data:

Economic data will also play a role. Locally, Australia’s July Balance of Trade will be released at 11:30 am AEST, while tonight brings the US ISM Services PMI — a key read on the world’s largest economy.

7. Kapitales Research Take

The local market looks set for a modest bounce today, supported by strong tech momentum from the US. However, with ex-dividend pressure on several heavyweights and cautious trading ahead of global data releases, upside may remain capped. Investors should watch how commodity moves — particularly in gold, silver, and uranium — filter into local resource names.

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