US stocks pulled back on Tuesday as concerns grew over whether the artificial intelligence boom could sustain its recent momentum. The S&P 500 dropped 0.55% to 6,656.92 after hitting a record intraday peak, while the Nasdaq Composite fell nearly 1% to 22,573.47, led lower by big tech names. Nvidia slid 2.8% following its US$100bn investment pledge in OpenAI, with investors wary of overreach and energy constraints. Oracle fell 4.4% after sharp recent gains, and Amazon also lost ground. All of the “magnificent seven” stocks that had fuelled Wall Street’s record run ended the session weaker.
Adding to the caution, Federal Reserve Chair Jerome Powell warned that equity prices were “fairly highly valued” and stressed there was “no risk-free path” for policy as inflation and employment risks remained in play. His remarks dimmed hopes for rapid rate cuts, even as the small-cap Russell 2000 briefly touched a record before closing lower. Market focus now shifts to Friday’s PCE inflation release and political risks surrounding a potential US government shutdown. Locally, the ASX is poised to open down 0.4%, with traders awaiting monthly CPI data due at 11:30am.
Jade Gas secures first LNG sales deal with Mongolia’s largest importer
Jade Gas (ASX:JGH) has secured its first gas sales agreement, a five-year LNG contract with UB Metan LLC, Mongolia’s largest gas importer. The deal covers a minimum of 20% of Jade’s planned output from the Tavan Tolgoi coalbed methane project, with pricing linked to Ulaanbaatar retail LNG rates and underpinned by a floor at 50% above the JKM benchmark. Supply will begin once the first LNG processing unit is installed, expected in 2026. The agreement validates Jade’s business model as an integrated LNG wholesaler and is expected to support its field development plan, financing options, and potential Hong Kong dual listing.
EMVision launches pre-hospital stroke scanner study in Melbourne
EMVision (ASX:EMV) has commenced a staged clinical study of its First Responder portable brain scanner in Melbourne’s Mobile Stroke Unit, one of only ~45 such units globally. The collaboration with the Australian Stroke Alliance, Ambulance Victoria and Royal Melbourne Hospital will initially assess usability and workflow integration, before moving to paired imaging validation against CT scans. The study aims to demonstrate that EMVision’s device can enable rapid, scalable stroke diagnosis in pre-hospital settings, addressing the limitations of CT-equipped ambulances which are costly and complex to operate. Results from the first stage are expected in Q4 2025.
Advance Metals uncovers new high-grade silver-gold zone at Yoquivo
Advance Metals (ASX:AVM) reported that reconnaissance mapping and sampling at its 100%-owned Yoquivo Project in Chihuahua, Mexico, has uncovered a new zone of high-grade silver-gold mineralisation. Rock chip assays returned standout results including 1,594 g/t silver equivalent from a vein above a historic adit. The area, southeast of the known Dolar Vein system, has never been drilled. The company is now expanding mapping and sampling to define follow-up drill targets and is also assaying more than 3,500 metres of previously unsampled drill core, with results due in late October that will inform an updated geological model and eventual JORC resource estimate.
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Source: Finance News Network
