Good morning everyone and welcome to Rise and Shine on Tuesday, July 28, 2026. Here’s what you should know before the ASX opens today…
At 7am Sydney time on Tuesday, the S&P ASX 200 futures were down by 0.3%, pointing to a rather weak start to the day.
Here’s what went down overnight…
A mixed night on Wall Street #
The Dow added 0.5%, the S&P 500 basically went nowhere with a 0.02% gain, and the Nasdaq slipped 0.2%.
STOCK INDICES | Value | Change | | ASX 200 | 8,894 | 1.39% | | S&P 500 | 7,413 | 0.02% | | Dow Jones | 52,210 | 0.51% | | Nasdaq Comp | 24,932 | -0.18% | | Russell 2000 | 2,948 | 0.62% | | Euro Stoxx 50 | 6,282 | 0.02% | | UK FTSE | 10,782 | 0.42% | | German DAX | 25,361 | 1.04% | | French CAC | 8,406 | 0.40% |
The big drag was semiconductors.
The US key chips index fell 2%, Nvidia dropped about 5%, and the fresh worry was circular AI funding.
That’s the concern around Nvidia lining up more than $US750 billion of AI-linked deal – including SK Group business, possible OpenAI data centre support, chip purchase financing, and a “substantial” investment in Safe Superintelligence.
In simple terms, investors are asking whether this is real end demand, or Nvidia helping fund the customers and projects that then buy its own chips.
“While Nvidia’s investments and partnerships reinforce confidence in long-term AI buildouts, investors remain concerned about circular financing,” said Gary Tan at Allspring.
Elsewhere in chip land, SK Hynix’s US-listed shares fell below their IPO price after its massive $US26.5 billion debut earlier this month.
ASML also got whacked after reports that a Chinese state-backed company has started mass producing certain chipmaking machines.
China’s Moonshot AI has released its Kimi K3 model weights for public download, meaning developers can download, tweak and host it freely.
And just to keep the China tape spicy, memory chips maker CXMT Corp surged 466% on its Shanghai debut, becoming China’s largest onshore listed company.
Oil loses the war premium #
At this time of writing, Brent is down 10% at $US87.87 a barrel, while WTI is down 9% to $US81.98.
Oil does not usually fall like that because everyone suddenly discovered public transport.
The key reason was that the US did not follow through on President Donald Trump’s earlier threat of a “massive” attack on Iran for the third day.
Instead, Trump said the US and Iran were engaged in diplomatic talks to end the Middle East conflict.
He told reporters aboard Air Force One: “The only reason they want to meet is because we’ve been hitting them very hard.”
Then came the classic market moving Trump follow up.
“There’s a good chance that something could happen, and if it does good. If it doesn’t, we go back to doing what we were doing.”
What’s on today? #
For the local market, Whitehaven Coal and Iluka Resources report today, so resources will be worth watching closely. RBA governor Michele Bullock speaks at the Anika Foundation Fundraising Lunch in Sydney at 1.05pm AEST.
Investors will listen for anything on inflation, wages, household demand and whether the RBA is comfortable staying patient.
In the US, the Federal Reserve meets this week and is expected to leave rates unchanged.
But Trump has already decided the Fed should cut.
He told reporters: “Rates should be lowered… We have other countries that are paying less interest rates.”
“We should have the lowest interest rate in the world.”
And on the Fed chair, he said: “Kevin is fantastic, but he’s got a board, and the board members are very political.”
Commodity/forex/crypto market prices #
| Price (US) | Move | | | Gold / ounce | $4,076.57 | 0.61% | | Silver / ounce | $58.43 | 0.78% | | Iron ore / tonne | $98.35 | -0.07% | | Nickel / tonne | $17,270 | -0.23% | | Copper / tonne | $12,710 | 0.85% | | Zinc / tonne | $3,618 | 0.80% | | Lithium carbonate 99.5% Min China Spot / tonne | $21,583 | 0.69% | | Uranium / pound | $86.05 | 0.23% |
| Oil (WTI) / barrel | $81.98 | -9.38% |
| Oil (Brent) / barrel | $87.87 | -10.68% |
| AUD/USD | $0.6989 | 0.16% | | Bitcoin | $64,857 | -0.72% |
What got you talking #
Also in the news…
Guy on Rocks: **Kalamazoo Resources (ASX:KZR)**** scaling up Mt Olympus**.
How [ Alcoa Corporation’s (ASX:AAI)](https://stockhead.com.au/company/alcoa-corporation-aai/) WA gallium push could
.
unleash a critical minerals waveKristie Batten: Odyssey Gold (ASX:ODY) on
.
epic quest to produce goldHealth Check: It’s farewell, adieu as Imugene’s (ASX:IMU) long-serving
.
Trading Halts #
** Dateline Resources (ASX:DTR) –** injunction hearing outcome
– cap raise
[G50 Corp (ASX:G50)](https://stockhead.com.au/company/g50-corp-g50/)**– Zydeco exploration update**
[Galilee Energy (ASX:GLL)](https://stockhead.com.au/company/galilee-energy-gll/)**– cornerstone investment**
[Golden Dragon Mining (ASX:GDR)](https://stockhead.com.au/company/golden-dragon-mining-gdr/)**– cap raise**
[Lakes Blue Energy (ASX:LKO)](https://stockhead.com.au/company/lakes-blue-energy-lko/)**– cap raise**
[Orpheus Uranium (ASX:ORP)](https://stockhead.com.au/company/orpheus-uranium-orp/)**– cap raise**
[Pioneer Minerals (ASX:PMM)](https://stockhead.com.au/company/pioneer-minerals-pmm/)**– acquisition and cap raise**
[RooLife Group (ASX:RLG)](https://stockhead.com.au/company/roolife-group-rlg/)**– cap raise, lead manager is Petra Capital**
[Saturn Metals (ASX:STN)](https://stockhead.com.au/company/saturn-metals-stn/)**– acquisition and cap raise**
[Vysarn (ASX:VYS)](https://stockhead.com.au/company/vysarn-vys/)**– cap raise**
[WAM Income Maximiser (ASX:WMX)](https://stockhead.com.au/company/wam-income-maximiser-wmx/)**– cap raise**
[Western Mines Group (ASX:WMG)](https://stockhead.com.au/company/western-mines-group-wmg/)
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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