Markets Today (28 October 2025) at Open: Key Trends from Wall Street to ASX

1. ASX Outlook

The ASX 200 index, which tracks the top 200 companies on the Australian Securities Exchange, is trading around 9,040, down 16 points or -0.17%. This reflecting some local pressure — particularly in materials and mining-related stocks.

2. Overnight US Markets:

• S&P 500 rose +1.23%,
• NASDAQ jumped +1.86%,
• Dow Jones added +0.71%, and
• Russell 2000 gained +0.28%.

These gains were mainly led by the technology and communication sectors, both up over 2%, as investors showed optimism toward large tech names.

3. US Sector Performance

Winners:

• Communication Services (+2.3%),
• Information Technology (+2.0%),

Losers:

• Materials (-0.25%) and
• Consumer Staples (-0.27%).

This suggests Australian tech and communications stocks could get some support, but miners and gold-related stocks might drag the index lower.

4. Commodities

• Gold fell sharply by -3.18%, continuing its recent slide.
• Copper rose +0.86%, showing strength in industrial metals.
• WTI Oil was nearly flat, up +0.08%.

This drop in gold is significant — it’s now down about 8.5% since last Monday, and about 4% below its 50-day moving average. That weakness in gold has weighed on local gold miners like Newmont (-5.6%), Barrick (-1.9%), and Harmony Gold (-5.8%).

5. What to Watch Today (ASX Focus)

Two main points stand out:

🔹 Lithium & Gold

• U.S. lithium and gold ETFs fell 5.2% and 3.9%, respectively.
• Weakness in Lithium Americas (-10.5%) and MP Materials (-7.4%) reflects caution in critical metals.
• This could translate into pressure for ASX-listed lithium and gold producers today.
• Watch for whether this weakness continues — gold, in particular, remains under its key technical level.

6. Broker Move:

Here are some notable analyst rating changes to keep an eye on:

• A2 Milk → Upgraded to Overweight (target: $10, from $8.10).
• Domino’s Pizza → Downgraded to Underweight (target: $14.60, from $15.55).
• Guzman Y Gomez (GYG) → Initiated with an Outperform rating and a $31.10 target.
• Perseus Mining → Upgraded to Outperform (target: $5.50).

These shifts indicate confidence in consumer recovery (A2 Milk, GYG) but some caution in food delivery and gold stocks.

7. Stocks Trading Ex-Dividend

Only one company trading ex-dividend today:

Na

Ex-dividend” means if you buy these shares today, you won’t receive the upcoming dividend.

Our take at Kapitales Research:

• ASX 200 is slightly down today despite strong U.S. markets — mostly due to gold and materials weakness.
• U.S. markets are leading on tech strength, so local tech stocks might hold up better.
• Gold and lithium are under pressure, so miners may face selling.
• Broker upgrades suggest selective opportunities, especially in consumer names like A2 Milk and Guzman Y Gomez.

1. Global markets strong, but ASX cautious.
2. Gold tumbles, hurting local miners.
3. Tech and communication stocks show resilience.
4. Watch takeover buzz (AUB, Brazilian Rare Earths).
5. Stay tuned for resource sector moves — gold weakness vs. copper strength

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