Wall Street ended mixed on Tuesday as investors weighed earnings reports and trade developments while looking ahead to major tech results. The S&P 500 edged up 0.06% to notch its 11th record close of the year, while the Dow rose 0.4%. The Nasdaq, however, fell 0.39%, marking its first loss in seven sessions as weakness in chip stocks dragged the index lower. Sentiment in the AI space was dented by reports that SoftBank and OpenAI had scaled back a US$500bn infrastructure project, sending Broadcom, Nvidia and TSMC shares sharply lower. Disappointing earnings from Lockheed Martin and Philip Morris added further pressure.
Healthcare and small caps helped offset losses, with IQVIA jumping 18% on strong results and the Russell 2000 gaining 0.8%. Nearly 90 S&P 500 companies have now reported, with 85% beating estimates. Attention now turns to Alphabet and Tesla, due to report after Wednesday’s US close. On the policy front, Treasury Secretary Scott Bessent signalled a likely extension to the China tariff deadline, while Donald Trump claimed a 19% tariff deal with the Philippines, yet to be confirmed by Manila.
What’s ahead in Australia
Australian shares are poised to open higher, with SPI 200 futures up 40 points or 0.4% to 8681. Investors will be watching earnings results from Iluka Resources, Woodside Energy, and Paladin Energy.
Vulcan Energy secures €104m in German grants to build Europe’s domestic lithium supply chain
Vulcan Energy (ASX: VUL) has been awarded up to €104 million (~A$186 million) in grant funding from the German Federal Government and the states of Rhineland-Palatinate and Hesse to support its Clean Lithium for Battery Cell Production (Li4BAT) project. The funding will be used for lithium raw material production in Landau and lithium hydroxide processing in Frankfurt, forming part of the company’s Phase One Lionheart Project. The grants are conditional on Vulcan completing the project financing package by 1 September 2025, commencing construction by January 2026, and finalising a €150 million equity investment from Germany’s Raw Materials Fund by 31 March 2026. The company has also secured a €100 million grant for renewable heating and up to €500 million in financing from the European Investment Bank.
Nyrada advances Xolatryp to Phase IIa for heart attack protection, targeting unmet need in STEMI
Nyrada (ASX:NYR) has announced plans to advance its drug candidate Xolatryp into a Phase IIa clinical trial for patients with ST-Elevation Myocardial Infarction (STEMI). The study is scheduled to begin in early 2026, pending completion of the current Phase I trial and ethics approval. The trial will enrol up to 150 patients undergoing percutaneous coronary intervention (PCI), with the aim of assessing safety and signs of efficacy in reducing reperfusion injury. The company has completed dosing across all six cohorts in its Phase I trial, with no adverse safety signals reported. Xolatryp has also shown preclinical efficacy in models of stroke and traumatic brain injury, but development will focus on cardioprotection due to funding and strategic considerations.
Kingston Resources intersects high-grade copper-gold at Mineral Hill, accelerating mine development
Kingston Resources (ASX:KSN) has reported further high-grade drill results from its underground drilling campaign at the Southern Ore Zone (SOZ) within the Mineral Hill project in New South Wales. Recent intercepts include 14 metres at 19.35 grams per tonne (g/t) gold and 0.79% copper from hole KSNDDH041, and 4 metres at 12.89g/t gold and 0.73% copper from hole KSNDDH034. The drilling is designed to infill areas targeted for early-stage underground production. The company states the results support its mine plan and may indicate extension potential in the G and H Lodes. Drilling is ongoing, with eight assays still pending, and dewatering of historical workings continues to allow deeper drilling access.
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