---
title: "Morning Wrap: ASX 200 to fall, S&P 500 and Nasdaq edge out another record high"
description: "ASX 200 futures are down 60pts (-0.69%) as of 8:30 am AEST. The S&P 500 and Nasdaq reached record highs, despite negative market breadth. Major US indices showed mixed results, with the S&P 500 gainin"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/250479718.md"
published_at: "2025-07-28T22:41:58.000Z"
---

# Morning Wrap: ASX 200 to fall, S&P 500 and Nasdaq edge out another record high

> ASX 200 futures are down 60pts (-0.69%) as of 8:30 am AEST. The S&P 500 and Nasdaq reached record highs, despite negative market breadth. Major US indices showed mixed results, with the S&P 500 gaining slightly. Oppenheimer raised the S&P 500 year-end target to 7,100, anticipating strong earnings. Tesla signed a $16.5bn chip deal with Samsung, while the Fed is expected to hold rates steady amid pressure for cuts. The US and EU struck a trade deal, averting a larger trade war, while China introduced childcare subsidies to combat falling birthrates.

ASX 200 futures are down 60pts (-0.69%) as of 8:30 am AEST.

In a nutshell:

-   S&P 500 and Nasdaq eked out another record high
-   Market breadth was broadly negative, with megacap strength buoying indices to record levels
-   EU trade deal fails to spark a rally, though AI/semiconductor stocks continued to trend higher

Let's dive in.

Overnight Summary

Tue 29 Jul 25, 8:21am (AEST)

Name

Value

% Chg

Major Indices

S&P 500

6,390

+0.02%

Dow Jones

44,838

\-0.14%

NASDAQ Comp

21,179

+0.33%

Russell 2000

2,257

\-0.19%

Country Indices

Canada

27,405

\-0.32%

China

3,598

+0.12%

Germany

23,970

\-1.02%

Hong Kong

25,562

+0.68%

India

80,891

\-0.70%

Japan

40,998

\-1.10%

United Kingdom

9,081

\-0.43%

Name

Value

% Chg

Commodities (USD)

Gold

3,312.15

\-0.76%

Copper

5.6024

\-3.14%

WTI Oil

66.98

+2.80%

Currency

AUD/USD

0.6524

+0.02%

Cryptocurrency

Bitcoin (USD)

118,174

\-1.14%

Ethereum (AUD)

5,816

\-1.27%

Miscellaneous

US 10 Yr T-bond

4.42

+0.78%

VIX

15.03

+0.67%

US Sectors

Tue 29 Jul 25, 8:21am (AEST)

SECTOR

% CHG

Energy

+1.15%

Information Technology

+0.77%

Consumer Discretionary

+0.69%

Communication Services

\-0.18%

Industrials

\-0.29%

Financials

\-0.67%

SECTOR

% CHG

Health Care

\-0.83%

Consumer Staples

\-0.89%

Utilities

\-1.05%

Materials

\-1.44%

Real Estate

\-1.75%

S&P 500 SESSION CHART

S&P 500 ekes out a tiny gain (Source: TradingView)

OVERNIGHT MARKETS

-   Major US benchmarks mostly higher, though the S&P 500 and Nasdaq edged out sixth-straight gains and both closed at record highs
-   Breadth was negative, with the Equal-weight S&P 500 (-0.59%) underperforming the official benchmark by 61 bps
-   Lots of headline volatility from US-EU trade deal, US-China tariff truce extension, weak 5-year Treasury auction and earnings jitters (four Mag-7 stocks report this week)
-   Oppenheimer raises S&P 500 year-end target to consensus-high of 7,100 betting on strong earnings and easing trade tensions (RT)
-   Wall Street faces "moment of truth" ahead of Fed meeting and Big Tech earnings (BBG)
-   Hedge funds dump tech stocks as S&P 500 hits record highs and valuations surge to record levels (YF)
-   Goldman Sachs says Chinese stocks like to rise as US-China soon to land a trade deal (BBG)

STOCKS

-   Tesla signs $16.5bn chip deal with Samsung, AI chip production in Texas planned, Musk says the value of the deal as "just the bare minimum" (BBG)
-   Figma boosts IPO price range, targeting $18.8bn valuation amid investor enthusiasm for tech stocks (RT)
-   Audi cuts forecast, citing US tariffs and restructuring costs impact on revenue and margin (RT)
-   Heineken welcomes EU-US trade deal, weighs tariff mitigation amid consumer worries (RT)

CENTRAL BANKS

-   White House urges Fed for lower rates as Powell meeting looms, widening Trump rift (FT)
-   Fed anticipated to hold rates steady as pressure for cuts builds (BBG)
-   ECB's Kazimir says no September rate cut unless economy seriously worsens, wait-and-see approach favored (BBG)

TARIFFS

-   US and EU strike trade deal, averting bigger trade war with 15% tariff (BBG)
-   French government criticises US-EU trade deal, urges EU tariff retaliation to avoid political weakness (NYT)
-   PM Carney says Canada-US trade at 'intense phase' despite Trump's comments suggesting deal not a priority (BBG)
-   Trump suggests potential 15-20% baseline tariff rate for the global economy (CNBC)
-   EU admits it can't guarantee $600bn US investment pledge, relies on private sector (POL)
-   Trump says US close to securing trade deal with China (RT)
-   US eases tech export restrictions to China amid trade talks (FT)
-   US executives visit China, coinciding with high-level US-China trade talks in Sweden (RT)

ECONOMY

-   China introduces nationwide childcare subsidies to combat falling birthrates, offering 3,600 yuan a year per child under the age of three, expected to benefit more than 20m families (BBG)
-   UK goods exports hit record low, reflecting Brexit impact and shift to services (FT)

Industry ETFs

Tue 29 Jul 25, 8:21am (AEST)

Name

Value

% Chg

Commodities

Silver

34.64

\-0.06%

Copper Miners

44.66

\-1.24%

Steel

71.09

\-1.85%

Uranium

40.99

\-2.01%

Gold Miners

52.59

\-2.54%

Strategic Metals

53.38

\-2.80%

Lithium & Battery Tech

43.26

\-3.07%

Industrials

Agriculture

26.23

+0.58%

Global Jets

24.68

+0.41%

Aerospace & Defense

198.05

\-0.11%

Construction

86.58

\-0.54%

Healthcare

Biotechnology

134.11

\-1.03%

Name

Value

% Chg

Cryptocurrency

Bitcoin

22.67

+0.98%

Renewables

Hydrogen

25.78

\-0.69%

Solar

38.68

\-1.10%

CleanTech

8.43

\-1.63%

Technology

Semiconductor

245.75

+1.74%

Cloud Computing

23.65

+0.21%

E-commerce

32.175

+0.08%

Robotics & AI

34.26

\-0.20%

Cybersecurity

35.6

\-0.25%

Electric Vehicles

25.01

\-0.60%

Video Games/eSports

106.7777

\-0.67%

FinTech

35.04

\-0.69%

Sports Betting/Gaming

23.99

\-1.11%

ASX TODAY

Check out our Live Blog for the latest coverage and analysis for company announcements, market movements and economic updates.

-   Regis Healthcare co-founder Bryan Dorman behind $133m block trade, Dorman Family trust to sell down stake to 10.8% from 16.4%, block priced at $7.84 a piece (AFR)
-   MinRes to recognise FY25 non-cash impairment expense related to Resource Development Group’s voluntary administration (MIN)
-   Monadelphous Group awarded new construction and maintenance contracts with Rio Tinto, Gladstone Pipeline and more, valued at over $110m (MND)
-   Sandfire Resources reports Q4 copper production of 29.2kt vs. 29.0kt consensus, preliminary FY25 EBITDA of $528m (SFR)

WHAT TO WATCH TODAY

-   More pullback, weak breadth: US stocks finished mostly lower overnight, minus some strength from Energy (+1.1%) and Tech (+0.7%). The weak five-year bond auction weighted on rate-sensitive real estate stocks, while the Materials sector continued its sharp pullback after the recent rally. Overall, a few announcements here and there, but companies are largely preparing for their FY25 results. Let's see what the day brings us.

BROKER MOVES

-   Endeavour Group initiated Sector Perform with $4.40 target (RBC)
-   Perseus Mining downgraded to Neutral from Overweight; target cut to $3.70 from $3.90 (JPM)

Key Events

Stocks trading ex-dividend:

-   Tue 29 Jul: None
-   Wed 30 Jul: KKR Credit Income Fund (KKC) – $0.017, Mirrabooka Investments (MIR) – $0.065
-   Thu 31 Jul: Metrics Master Income Trust (MXT) – $0.013, Metrics Income Opportunities Trust (MOT) – $0.012, Metrics Real Estate (MRE) – $0.009

Other ASX corporate actions today:

-   Dividends paid: Turners Automotive (TRA)
-   Earnings: None
-   IPOs: None
-   AGMs: BWP Trust (BWP)

Economic calendar (AEST):

No major economic announcements.

### Related Stocks

- [OPY.US - Oppenheimer](https://longbridge.com/en/quote/OPY.US.md)

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.