Markets Today (29 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 9,008, down 4 points or -0.05%. So, it’s basically flat — showing a bit of hesitation after a mixed lead from the U.S.

2. Overnight US Markets:

1. S&P 500 rose 0.23%
2. Dow Jones gained 0.34%
3. NASDAQ led with a solid +0.80%, thanks to strong tech stocks.
4. The smaller-cap Russell 2000 lagged, falling 0.55%.

So, overall, Wall Street was mostly positive, led by tech strength.

3. US Sector Performance

Winners:

Tech stocks surged — Information Technology +1.64% was the top performer.

Losers:

On the downside, Real Estate (-2.22%), Utilities (-1.66%), and Energy (-1.05%) lagged.

We’re seeing a tech-led rally overseas but weakness in defensives and energy, which often mirrors local trading patterns

4. Commodities

1. Gold fell 0.74% to $3,952 USD, likely due to easing risk concerns.
2. Copper edged slightly higher by 0.07%, showing continued industrial demand.
3. WTI Oil dropped sharply by 1.82% to $60.18, indicating some weakness in the energy sector.

This means we might see pressure on local energy and mining names today.

5. What to Watch Today (ASX Focus)

  Uranium stocks could be strong after the U.S. announced an $80 billion nuclear expansion deal with Brookfield and Cameco, aimed at powering AI data centers.

  Aussie inflation data will be closely watched.

• RBA Governor Bullock gave hawkish comments overnight, saying the labour market remains “a little tight.”
• Inflation at 0.9% quarter-on-quarter would be a “material miss” if confirmed.
• Markets have scaled back November rate cut expectations from 70% to 37%.

  IPO activity – two explorers are debuting today, both around 30 cents per share, and traders are watching CSL and Wisetech, which fell ~15% yesterday

6. Broker Move:

A couple of notable upgrades from JPMorgan:

• Bluescope Steel (BSL) upgraded to Overweight (from Neutral), price target lifted to $24.50 from $24.00.
• Sims (SGM) upgraded to Neutral (from Underweight), target raised to $15.70 from $14.40.

These may give some upside momentum in the materials space.

7. Stocks Trading Ex-Dividend

Only two companies trading ex-dividend today:

• Bank of Queensland (BOQ) – $0.20 per share.
• Waterco (WAT) – $0.08 per share.

Expect some mild price adjustments as these stocks lose their dividend value.

Our take at Kapitales Research:

• The ASX 200 is slightly softer, following mixed global leads.
• Tech optimism continues globally, but energy and defensives are under pressure.
• Key watchpoints for today: Aussie inflation numbers, Uranium momentum, and IPO debuts.
• Locally, Arafura’s big raise and Medibank’s long-term targets are key corporate stories.

A balanced start with lots of moving pieces, but overall sentiment remains cautious ahead of inflation data.

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