Markets Today (9 September 2025) at Open: Key Trends from Wall Street to ASX

Overview

Overnight, major US stock indices traded in a narrow range and closed slightly higher. The Nasdaq hit a new record high, led by Broadcom's 3.2% gain after strong earnings. Other Big Tech stocks, however, showed mixed performance. Investors are awaiting August’s inflation data, with expectations that core inflation will remain steady at 3.1% year-on-year. The market faces mixed forces: bullish narratives from Fed easing, favourable earnings, and buybacks, while inflation concerns, tariff disputes, and stretched positioning create volatility.

Market Trends

September is historically one of the weakest months for US stocks, though expected Fed rate cuts may offer support. Goldman Sachs forecasts that the rally will extend, particularly among small-cap stocks and sectors that have lagged. Meanwhile, China’s rally may delay further stimulus as authorities remain cautious after the 2015 crash.
Gold prices surged above $3,600 per ounce, driven by expectations of rate cuts and fiscal concerns.

Key Stock Updates

OpenAI raised its cash burn projections to $115 billion through 2029. Databricks confirmed a $100 billion valuation, backed by $4 billion in recurring revenue. Google faces an antitrust lawsuit from PubMatic. Tesla’s market share dropped to an eight-year low amid competition. Klarna’s IPO is expected to be priced at or above the top range, while StubHub targets a $9.2 billion valuation after tariff-related delays. BYD is expanding in Europe while competing in China’s price wars.

Trade, Central Banks & Geopolitics

The US has softened its stance toward India amid trade tensions, while a US-EU trade truce is at risk due to expanding tariffs. Export rules for Samsung and SK Hynix are being revised. Fed chair candidate Kevin Hassett warned about risks to the central bank’s independence. Geopolitical concerns include Japan’s PM resignation, Trump’s potential new sanctions on Russia, and a looming US government shutdown. France’s minority government faces uncertainty over budget cuts.

Economic Data

China’s export growth slowed to its weakest pace this year, while Japan’s GDP grew for the fifth straight quarter. Investor sentiment in the Eurozone dropped to its lowest level since April due to economic and fiscal concerns.

Industry ETFs

Commodities like uranium and lithium gained, while steel declined. Renewables such as hydrogen and solar also saw losses. Technology ETFs, including video games, cybersecurity, and robotics, posted solid gains, reflecting ongoing demand and innovation.

ASX Highlights

ANZ announced a business simplification plan that will see around 3,500 employees leave by September, with restructuring costs of approximately $560 million. Genesis Minerals received approval for its Tower Hill mining proposal and closure plan.

What to Watch

Gold continued its upward trend, climbing to $3,635 per ounce. While miners have seen gains, fatigue is setting in, although cash flow remains strong. The ASX 200 remains between key moving averages, suggesting further volatility. Broker updates include downgrades and upgrades in A2 Milk, Boss Energy, and Monadelphous.

Dividends & Corporate Actions

Several key stocks are going ex-dividend this week, including Bluescope Steel, CSL, and Spark New Zealand. Dividend payments from Bell Financial and Magellan Financial are also scheduled. No major earnings reports are expected today.

Summary

Markets remain uncertain as inflation data, geopolitics, and mixed economic signals fuel volatility. Gold’s rally signals growing concerns, while supportive earnings and Fed policy discussions provide balance. The ASX market shows choppy trading, with corporate restructures and approvals influencing investor sentiment.

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