Markets Overview

  • ASX SPI 200 futures down 0.9% to 8,578.00
  • S&P 500 down 1.2% to 6,652.29
  • Dow Average down 1.3% to 46,525.60
  • Aussie down 0.8% to 0.6485 per US$
  • US 10-year yield fell 1.9bps to 4.1289%
  • Australia 3-year bond yield rose 1 bp to 3.77%
  • Australia 10-year bond yield rose 3.7 bps to 4.48%
  • Gold spot down 1.7% to $4,012.71
  • Brent futures down 0.5% to $64.04/bbl

Economic Events

  • 11:00: (AU) Australia to Sell A$300 Million 4.75% 2054 Bonds
  • 11:30: (AU) RBA Minutes of Nov. Policy Meeting

Reserve Bank of Australia releases minutes of its November interest rate meeting. Rio Tinto is imposing surcharges on aluminum shipments to the US, citing low inventories, as demand starts to outstrip available supply.

Wall Street traders gearing up for Nvidia Corp.’s earnings and the jobs report shunned riskier assets as both events will be key in shaping the global financial outlook throughout the rest of 2025.

Just ahead of tests of the two main pillars of the stock bull market — prospects for artificial intelligence and Federal Reserve rate cuts — equities fell alongside crypto. The S&P 500 slid almost 1% — breaching a technical mark seen by many as a gateway to more losses. The gauge snapped 138 sessions during which it held above the 50-day moving average, its second-longest stretch this century.

Nvidia’s report Wednesday will come out amid investor uneasiness about stratospheric AI valuations even though the chipmaker is expected to deliver another earnings beat. Then there’s the September jobs report, which will be released Thursday after a delay due to the US shutdown.

Fed Vice Chair Philip Jefferson said he sees risks to the labor market as skewed to the downside, but warned that policymakers need to proceed slowly. Fed Governor Christopher Waller is backing a December rate cut amid weak jobs.

“The monthly jobs report would normally dominate this week’s economic calendar, but with the AI trade struggling the past couple of weeks, Nvidia’s earnings are once again looking like a key piece of the market’s momentum puzzle,” said Chris Larkin at E*Trade from Morgan Stanley.

More than 400 shares in the S&P 500 fell, with the gauge closing around 6,672. Nvidia slipped as Peter Thiel’s hedge fund Thiel Macro LLC sold off its entire stake in the chipmaker last quarter. Alphabet Inc. climbed as Warren Buffett’s Berkshire Hathaway Inc. built a $4.9 billion stake in the third quarter.

The yield on 10-year Treasuries slid two basis points to 4.13%. Amazon.com Inc. is set to raise $15 billion from its first US dollar bond offering in three years. The dollar rose. Bitcoin sank below $92,000.