US markets closed mixed on Wednesday as early optimism faded following remarks from Federal Reserve Chair Jerome Powell, who dampened hopes for near-term rate cuts. The S&P 500 slipped 0.12%, the Dow fell 171 points, while the Nasdaq edged up 0.15%. Stocks had initially rallied on a strong GDP print, but reversed course as Powell warned of inflation risks from rising tariffs and confirmed no decision had been made on future rate moves. Two Fed governors dissented, favouring a cut, while Treasury yields rose as traders adjusted expectations.
After the close, tech earnings reignited bullish sentiment. Meta surged over 10% after posting a 22% revenue jump and unveiling a US$14.3bn AI investment in Scale AI. Microsoft soared 8% in extended trading, pushing its valuation past US$4.1tn, after strong Azure growth drove its fastest revenue expansion in three years. Microsoft now joins Nvidia in the US$4tn club, with Apple trailing at US$3.2tn.
What’s ahead in Australia
The ASX is set to open lower, with futures down 21 points, reflecting global caution following Powell’s comments. Key earnings are due from Beach Energy, Liontown Resources, and Origin Energy. At 11:30am AEST, investors will be watching for a suite of local data, including June retail sales, building approvals, and trade price indices. Globally, Japan, China, and the US are all set to release important economic figures, likely to influence inflation outlooks and monetary policy expectations.
Wildcat’s Leia assays exceed expectations with thick high-grade lithium zones
Wildcat Resources (ASX: WC8) has reported strong final metallurgical assay results from its Leia pegmatite at the Tabba Tabba Lithium-Tantalum Project in WA. Highlights include 110.1m at 1.2% Li2O and up to 2.6% Li2O over shorter intercepts. These results exceed earlier block model expectations, potentially enhancing the project’s DFS outcomes. The Leia pegmatite, which accounts for 63% of the project’s 74.1Mt @ 1.0% Li2O JORC resource, continues to deliver exceptionally thick and high-grade lithium intervals. The company holds $55.1m in cash and is progressing DFS testwork and regional exploration.
Island fast-tracks Galidesivir program after early deal completion
Island Pharmaceuticals (ASX: ILA) has completed its acquisition of the Galidesivir antiviral program from BioCryst Pharmaceuticals ahead of schedule. Galidesivir is a clinical-stage, broad-spectrum antiviral with activity against more than 20 RNA viruses, including Marburg, Ebola, and Zika. It has received over US$70 million in prior US government funding. Island now intends to fast-track development using the FDA’s Animal Rule, potentially qualifying for a Priority Review Voucher. A formal submission to the FDA is expected this quarter, with a Marburg animal study anticipated before year-end.
Metal Hawk confirms high-grade gold at Thylacine in maiden drill program
Metal Hawk (ASX: MHK) has released initial assay results from its first-ever RC drilling at the Thylacine gold prospect, part of its Leinster South Project in WA. The results confirm high-grade, bedrock-hosted gold mineralisation in multiple stacked quartz veins, with grades up to 5.28 g/t Au. The drilling supports continuity from surface mapping and validates the system’s fertility. The drill rig has returned to Thylacine for follow-up targeting thicker, higher-grade zones, while assays from 17 additional holes at the nearby Siberian Tiger prospect are pending. The company had $4.9m in cash at 30 June.
Copyright 2025 – Finance News Network
Source: Finance News Network