ASX opens lower as tech stocks and miners slump; gold producers rally
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More news: Australian shares opened lower this morning as technology stocks led losses in early trade. The benchmark S&P/ASX 200 index was down 16.3 points, or 0.18%, to 8,956.8 at 10:30am AEST. Six of the 11 sectoral indices were in positive territory.
The tech sector tumbled 1.7% as software giant WiseTech dropped 2.6%. Miners were also among the worst performers, with IGO (-4.9%), Fortescue (-4.7%) and Mineral Resources (-3.4%) retreating.
White goods retailer Harvey Norman was the best performing company on the ASX 200, rising 7.4% following its full-year results on Friday, leading Citi to hike its target price on the stock by 33%.
Gold miners made up most of the top 10 performers, with Capricorn Metals (+4.5%) and Emerald Resources (+4.2%) leading the way. Genesis Minerals (+3.7%) was also higher after doubling its annual exploration budget for FY26.
Australian shares to open lower as tech selloffs weigh on Wall Street
The news: Australian shares are poised to fall at the open, after declines in tech giants Dell and Nvidia dragged US stocks lower on Friday.
The numbers: Updated at 7:30am AEST:
- ASX futures: down 25 points to 8,912
- Wall Street: Dow Jones down 0.20%, S&P 500 down 0.64% and Nasdaq down 1.15%
- Europe: CAC 40 down 0.76%, DAX down 0.57% and FTSE 100 down 0.32%
- Spot gold: up 0.90% to USD3,448 per ounce
- Oil prices: Brent down 0.03% to USD67.46/bbl and US WTI down 0.91% to USD64.01/bbl
- AUD: up 0.25% to 65.44 US cents
- Bitcoin: up 0.21% to USD109,048.
The context: Wall Street's three main indices all fell on Friday, with Dell slumping nearly 9% following a softer-than-expected quarterly forecast. Chipmaker Nvidia dropped 3.4%, sliding for a third straight day, after the AI giant's second-quarter report last week fell short of estimates.
Meanwhile, new data showed US consumer spending increased by the most in four months in July, as services inflation picked up. The report from the Commerce Department on Friday also showed mild price pressure from tariffs on imports.
The source: Reuters
