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

1. ASX Outlook

• SPI 200 at 8,769 (-41, -0.47%), pointing to a weaker open. Futures suggest local equities may struggle to hold ground after global markets turned lower overnight.
• Yesterday’s ASX 200 Closed down 81.40 pts (-0.92%) at 8,764.50, the pullback was led by heavy selling in healthcare and infrastructure names, with Telix Pharmaceuticals and ALX underperforming. The index is down 0.61% in five days and sits 3.20% below its 52-week high, showing momentum has softened recently.

2. Overnight US Markets:

S&P 500 6,638 (-0.28%), Dow Jones 46,121 (-0.37%), Nasdaq 22,498 (-0.33%), Russell 2000 2,435 (-0.92%).

All major US indices slipped as tech and small caps weakened, while investors digested earnings and positioning ahead of key economic data.

3. US Sector Performance

Gainers: Energy (+1.23%), Utilities (+0.73%), Consumer Discretionary (+0.70%).

Losers: Materials (-1.59%), Real Estate (-1.01%), IT (-0.52%).

Defensives and energy stocks held up, but weakness in real estate and materials reflected higher-rate sensitivity and pressure on growth sectors.

4. Commodities

Gold $3,741 (-0.60%), Copper $4.7606 (+3.93%), WTI Oil $64.81 (+2.04%).

Gold eased after recent record runs, while copper spiked on supply concerns and oil rallied on geopolitical risks, signaling mixed dynamics across commodities.

• Lithium: ETF gains highlight US policy tailwinds, but it’s unclear how much local lithium names will benefit.
• Copper: Prices surged after Freeport-McMoRan declared force majeure at a major mine, spotlighting supply risks that could support local producers.

5. Stocks Trading Ex-Dividend

Today, stocks trading ex-dividend include:

Ambertech (AMO) $0.006, PRL Global (PRG) $0.02, Salter Brothers Emerging Cos (SB2) $0.02, Teaminvest Private (TIP) $0.015, Verbrec (VBC) $0.001, Wiseway (WWG) $0.006.

Several small-cap names go ex-dividend today, which may see mild selling pressure in those stocks.

6. Broker Moves

REITs and retail-linked names like Charter Hall Retail (CQR), Scentre Group (SCG), and Vicinity Centres (VCX) were upgraded, reflecting improved outlooks in property.

Pilbara Minerals also saw an upgrade, hinting at renewed confidence in lithium despite recent volatility.

7. Macro-Economic Calendar -few key announcements

10:30 pm – US Durable Goods Orders (Aug)

10:30 pm – US Q2 GDP Growth

Both releases are key reads on US growth momentum and could influence Fed policy expectations.

Our take at Kapitales Research:

Copper’s rally on supply disruption and lithium’s sharp move on US involvement underline how sensitive resources remain to geopolitics and policy. With energy, utilities, and defensives showing relative strength while growth sectors falter, markets are signaling a cautious rotation. For the ASX, miners tied to copper and lithium could see strong flows, but broader weakness in global equities may limit gains.

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