Markets Today (25 November 2025) at Open: Key Trends from Wall Street to ASX

1. ASX Outlook-

The ASX 200 (XJO) is trading at at 8,532.5, up +7.4 points (+0.09%), this is a soft but positive start, supported mainly by strong U.S. tech performance overnight.

2. Overnight US Markets: 

The major U.S. indices had a very strong session:

• S&P 500: +1.55%
• Dow Jones Industrial Average: +0.44%
• NASDAQ Composite: +2.69%
• Russell 2000: +1.85% 

What drove this rally?

Google surged more than 6%, thanks to a wave of renewed excitement around Artificial Intelligence (AI). This lifted the entire tech sector, pulling the NASDAQ up nearly +2.7%, its best day since May.

Even though the NASDAQ surged:

The equal-weight S&P 500 rose only +0.42%, meaning gains were concentrated in a few big tech stocks. This suggests the rally was not broad-based, but rather driven heavily by tech.

3. US Sector Performance:

Winners: 

• Communication Services: +3.94%
• Technology: +2.49%
• Consumer Discretionary: +1.86%

4. Commodities: A major driver for the ASX

• Gold $4,138.93 +1.90% ASX gold miners may rally today.
• Sliver $51.34 +2.71%
• Copper $4.9979 +0.12% supports major miners like BHP and Rio.
• WTI Oil  $58.93   +1.50% helps energy producers.

Gold ETFs in Canada jumped over 6%, which could mean ASX gold stocks see strong buying today.

5. What to Watch Today (ASX Focus)

Tomorrow: Monthly CPI Report

• This is Australia’s official inflation reading, now released monthly.
• Markets watch CPI closely because it influences interest rate decisions.

Australian Job Market Weakening

According to ABC News:

• SEEK job ads fell 0.4% in October, showing the job market is cooling.

What is the significance:
A slowing labour market suggests the economy is losing momentum → could influence the RBA’s decisions.

6. Broker Move:

Only one major broker call today:

Qube Holdings (QUB)

• Downgraded: Buy → Hold by Ord Minnett

• But target price raised: $4.52 → $5.20

7. Stocks Trading Ex-Dividend:

• Aristocrat Leisure (ALL) – $0.49

• Elders (ELD) – $0.18

• Embark Early Education (EVO) – $0.015

• Newmont Corporation (NEM) – $0.27

Our take at Kapitales Research: 

• The ASX opened slightly higher, riding strong global tech momentum.
• U.S. tech stocks rallied heavily overnight, especially Google, reviving interest in AI.
• This should give the ASX tech sector a meaningful lift today.
• Gold rose sharply, so ASX gold miners could see strong gains.
• Tomorrow’s CPI inflation report is the key market event to watch.
• The Australian job market is softening, which may impact economic outlook.
• Several stocks trade ex-dividend today, which may cause small dips.

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