Rise and Shine: Everything you need to know before the ASX opens

The S&P ASX 200 futures were down 0.3% at 7am Sydney time on Tuesday, July 28, 2026, pointing to a weak start for the Australian market. The drag came from a 2% fall in the US key chips index and a 5% drop in Nvidia, driven by investor concerns about circular AI financing as Nvidia lines up more than $US750 billion of AI-linked deals. Oil prices fell sharply, with Brent down 10% to $US87.87 a barrel, after the US engaged in diplomatic talks with Iran instead of launching a massive attack.

Rise and Shine: Everything you need to know before the ASX opens 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 wave https://stockhead.com.au/resources/how-alcoas-wagerup-gallium-push-could-unleash-a-wa-critical-minerals-wave/ Kristie Batten: Odyssey Gold ASX:ODY https://stockhead.com.au/company/odyssey-gold-ody/ on . epic quest to produce gold https://stockhead.com.au/resources/kristie-batten-odyssey-on-epic-quest-to-produce-gold/ Health Check: It’s farewell, adieu as Imugene’s ASX:IMU https://stockhead.com.au/company/imugene-imu/ long-serving . CEO calls it a day https://stockhead.com.au/health/health-check-its-farewell-adieu-as-imugenes-long-serving-ceo-calls-it-a-day/ 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. Related Topics UNLOCK INSIGHTS Discover the untold stories of emerging ASX stocks. Daily news and expert analysis, it's free to subscribe. By proceeding, you confirm you understand that we handle personal information in accordance with our Privacy Policy https://stockhead.com.au/privacy-policy/ .