US markets slip in cautious trading ahead of Nvidia’s earnings report, while Australian shares rise on strong BHP results, as global focus remains on AI-driven growth and economic signals.
Wall Street finished lower on Monday as investors pulled back from artificial intelligence names ahead of Nvidia’s earnings later this week, while the Australian market looked set for a firmer open after BHP Group climbed to a record high. The S&P 500 slipped 0.3% and the Nasdaq Composite fell 0.8%, with chips and memory stocks under pressure, according to overnight market reports. By contrast, the Dow Jones Industrial Average rose 0.3% as weaker oil prices helped offset the tech sell-off.
FNArena said the ASX 200 advanced 0.5% on Monday, led by miners, while consumer staples and banks lagged. BHP’s latest full-year results, released on 18 August, showed record iron ore output at Western Australia Iron Ore, about 2 million tonnes of copper production for a second straight year and underlying EBITDA of roughly US$33 billion. The miner also cut net debt to below US$9 billion and lifted its final dividend to 99 US cents a share, its largest payout in four years.
The local focus now turns to the Reserve Bank of Australia’s August minutes, due at 11.30am AEST, as investors look for more detail on the board’s discussion of rates. The market is also in the final, busy stretch of reporting season, with results due from AUB Group, Coles, Dalrymple Bay Infrastructure, Monadelphous, Scentre Group, SiteMinder and Viva Energy, among others. FNArena noted that Monadelphous reported EBITDA and net profit slightly ahead of expectations, while Vulcan Steel delivered a softer-than-expected result and declared a final dividend of 4.5 cents a share.
Across global markets, attention remains fixed on Nvidia’s report on Wednesday, which analysts expect will again highlight how much of the market’s earnings growth is being driven by artificial intelligence investment. Kiplinger said the chipmaker is forecast to post another sharp rise in both revenue and earnings, even as traders have grown more cautious about stretched valuations and the durability of the AI trade. For Australian investors, that leaves the overnight tone pointing to a modestly positive start, but with technology sentiment still fragile and resource stocks doing much of the heavy lifting.
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