Markets Today (7 November 2025) at Open: Key Trends from Wall Street to ASX

1. ASX Outlook-

The S&P/ASX 200 Index (XJO) is trading around 8,821.9 points, slightly down by 6.4 points or 0.07%, showing a fairly muted start. The market is open, but early signs suggest traders are cautious — a lot of that comes from overnight weakness in the US markets.

2. Overnight US Markets:

All major US indices ended in the red:

1. S&P 500 fell 1.12%
2. Dow Jones dropped 0.84%
3. NASDAQ Composite slid 1.90%
4. Russell 2000 was down 1.63%

This broad sell-off in the US was mainly driven by weakness in the technology sector, which lost 2%, and consumer discretionary, which was down 2.5%.
In contrast, energy and healthcare sectors managed small gains, up 0.87% and 0.19%, respectively.

These declines in the US set a cautious tone for today’s ASX session — investors are waiting to see if the local market can hold up despite global softness

3. US Sector Performance

Winners:

Energy (+0.87%), Health Care (+0.19%)

Losers:

Information Technology (-2.00%), Consumer Discretionary (-2.50%)

This tells us investors are rotating away from high-growth, rate-sensitive sectors like tech and discretionary spending, and into more defensive or value-based areas like energy and healthcare.

For the ASX, this could mean resource and energy stocks may hold up better today, while tech and financials could feel pressure.

4. Commodities:

Commodities were fairly stable overnight:

1. Gold rose slightly by 0.02% to $3,980.97 USD
2. Copper fell 0.30% to $4.95 USD
3. WTI Oil dipped 0.13% to $59.52 USD

The slight uptick in gold reflects investor caution — it’s often seen as a safe-haven asset when markets get shaky.
Oil and copper falling a bit might point to concerns about slower global growth.

5. What to Watch Today (ASX Focus)

Here are two main things on the radar:

Market breadth is isn’t good at the moment — meaning fewer stocks are driving performance.
Several headwinds are starting to weigh on sentiment

1. AI investment bubble concerns
2. Lack of upside despite decent earnings
3. Prolonged government shutdown risk in the US
4. Hawkish tone from the Federal Reserve
5. Rising job cut numbers

A few ETFs were hit hard overnight — for example:

• Uranium ETFs dropped 5.8% to a six-week low
• FinTech stocks slid 4.4% to a five-month low

Few global analysts say there might be a buying opportunity in these pullbacks, but we still need to see how things unfold.

Macquarie Group (MQG) Results

Macquarie just reported its first half FY25 results:

• NPAT (Net Profit After Tax): $1.66 billion
• Market estimate: $1.84 billion

That’s a miss, meaning earnings were weaker than expected. We’ll likely see how the stock reacts today — investors often punish earnings misses in uncertain markets.

6. Broker Move:

A few key broker changes this morning:

Goodman Group (GMG):

• ASX Ltd (ASX) – Upgraded to Outperform from Neutral, price target raised to $64 (from $63)
• Bannerman Energy (BMN) – Initiated with Outperform, target $5.50
• Credit Corp (CCP) – Upgraded to Outperform, but target cut to $16.70 (from $18.23)
• National Australia Bank (NAB) – Downgraded to Equal Weight from Overweight, target reduced to $40 (from $42.50).

These moves show that brokers are cautiously optimistic about select energy and financial names but are trimming expectations for big banks.

7. Stocks Trading Ex-Dividend:

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Our take at Kapitales Research:

• The ASX 200 is likely to trade cautiously today after weak leads from Wall Street.
• Tech and consumer sectors may see selling pressure, while energy and gold stocks could provide some support.
• Keep an eye on Macquarie Group’s earnings reaction and broader investor sentiment as traders weigh global headwinds.

The mood is cautious, volatility is rising, and sector rotation is underway.
It’s a time to watch defensives, track earnings results, and stay disciplined with portfolio exposure.

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