Markets Today (26 September 2025) at Open: Key Trends from Wall Street to ASX

Overnight Market Summary

• US equities ended lower for the third straight session. The S&P 500 fell 0.5%, marking its longest losing streak in a month. The Dow was down 0.38% and the Nasdaq also fell 0.5%.
• Smaller companies underperformed, with the Russell 2000 down nearly 1%.
• In Europe and Asia, most indices also slipped, except Japan which gained 0.27%.
• Treasuries weakened with yields higher by about 5-6 basis points at the short end, and the curve flattened.
• Volatility picked up, with the VIX rising more than 3%.

Commodities Update

• Gold rose 0.34% to around US$3,749, supported by safe-haven demand during the equity sell-off. Gold miners and related ETFs in the US and Canada were up about 1%.
• Oil prices edged higher, with WTI up 0.5% to US$65.22, helped by supply concerns and short-term positioning.
• Copper fell 0.7% to US$4.72 as industrial demand indicators remain soft.
• Silver gained strongly (+3%) while strategic metals and lithium also advanced, suggesting investor interest in alternative commodities.

US Sectors and Stock Moves

• Sector performance was mixed: Energy gained 0.87% while defensive areas like Healthcare, Consumer Discretionary, and Materials lagged, each down over 1%.
• Tesla was a notable underperformer among big tech, while Apple provided some resilience.
• Key headlines: Oracle, Silver Lake, and MGX are set to gain control of about 45% of TikTok. Amazon reached a $2.5B FTC settlement, and CoreWeave struck a $6.5B deal with OpenAI.

Policy and Economic Updates

• The US dropped tariffs on EU cars to 15%. Meanwhile, Trump opened investigations into medical devices, robotics, and industrial machinery under Section 232.
• China launched a trade barrier probe into Mexico after fresh tariffs.
• US housing sales remain sluggish despite lower mortgage rates. Cox Automotive raised its 2025 vehicle sales forecast on stronger demand.

ASX 200 Outlook

• ASX 200 futures point slightly higher, up 7 points (0.08%) to 8,810.
• With Wall Street down but gold stocks firmer, today could see selective buying, especially in miners and gold producers. Bargain hunters may also step in given the recent weakness.
• Emeco Holdings (EHL) could be in focus after reports of a takeover interest from American Equipment Holdings. Mining services could see a sentiment shift if this progresses.

Broker Moves & Corporate Updates

• Kingsgate Consolidated was initiated with a Buy at Moelis Australia; price target raised to $4.80.
• A number of companies are trading ex-dividend today, including SRG Global and Veris.
• Dividends are being paid by major names such as Fortescue, Woolworths, GQG Partners, and Steadfast Group.
• Earnings out today include Black Cat Syndicate, Deep Yellow, and Meeka Metals.

Summary

Global equities remain under pressure, with the US posting its third straight day of losses. Gold and silver gained as investors moved into safe-haven assets, while copper weakened. Oil is holding steady with a slight upward bias. The ASX 200 is expected to open modestly higher, with gold producers and mining services likely in focus. Emeco Holdings could draw special attention after takeover speculation. Overall, expect a cautious but slightly positive start for the ASX today.

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