Wall Street closed lower on Friday after a weaker-than-expected US jobs report raised fresh concerns about the health of the economy. The S&P 500 slipped 0.32% to 6,481.50, the Nasdaq edged down 0.03% to 21,700.39, and the Dow Jones lost 220 points, or 0.48%, to 45,400.86. All three indices had earlier touched record intraday highs before retreating. For the week, the S&P 500 and Nasdaq still managed gains of 0.33% and 1.14% respectively, while the Dow ended down 0.32%. The August payrolls report showed just 22,000 new jobs against forecasts of 75,000, with unemployment rising to 4.3%. The weak data reinforced expectations for a quarter-point rate cut at the Federal Reserve’s September meeting, with traders even assigning some chance to a larger half-point move.
Financials and industrials weighed on the market, while tech stocks were mixed. Broadcom jumped nearly 9.5% on strong earnings, but Nvidia dropped 2.7% amid concerns over intensifying competition. Palantir also slipped about 2%. Gold extended its rally, up to US$3,586 an ounce, near record highs, having gained 37% this year on safe-haven demand.
In Australia, SPI futures point to a modest 0.2% dip at Monday’s open, though analysts say the ASX remains poised to test record highs on the back of easier US monetary policy. Locally, attention this week will be on consumer confidence data and the NAB Business Survey, alongside $723 million in dividend payouts. In the US, inflation releases, the Producer Price Index on Wednesday and Consumer Price Index on Thursday, will help set expectations for the Fed’s next move.
In company news,
Proteomics International’s PromarkerEso test detects early esophageal cancer with high accuracy
Proteomics International (ASX:PIQ) reported that its PromarkerEso blood test can diagnose early-stage esophageal adenocarcinoma (EAC) with high accuracy. In a 350-participant study, the test achieved outstanding diagnostic performance, with sensitivity of 81–100% across stages I–IV and 93% for Barrett’s esophagus with high-grade dysplasia. EAC is typically caused by chronic acid reflux and has a poor prognosis if detected late, but this test could allow earlier treatment and reduce reliance on costly endoscopies. Results will be presented at the ISDE World Congress for Esophageal Diseases in Brisbane this month
Olympio Metals’ Bousquet project shaping as a large-scale gold system in Quebec
Olympio Metals (ASX:OLY) announced its Bousquet project in Quebec is emerging as a potentially large-scale system, with mineralised structures mapped over 3km east–west and 1.5km north–south. Drilling at Paquin, Amadee and Decoeur prospects has consistently intersected high-grade gold, including visible gold, while VLF survey re-processing has revealed multiple untested structures tied to the Cadillac Break. The project sits near Agnico Eagle’s La Ronde and Iamgold’s Westwood mines, reinforcing production potential. Olympio has engaged respected geologist Martin Demers to help drive exploration.
Critical Resources completes due diligence to begin drilling at Cap Burn in New Zealand
Critical Resources (ASX:CRR) has finalised technical, commercial and legal due diligence at the Cap Burn gold–antimony project in Otago, New Zealand, clearing the way for acquisition and drilling to start in October/November. The project lies 11km from OceanaGold’s 10Moz Macraes mine and shows geological similarities to Santana Minerals’ Rise and Shine discovery. Previous work confirmed orogenic gold mineralisation beneath a strong arsenic anomaly, with down-plunge targets untested. CRR is positioning its New Zealand portfolio as a low-cost, high-impact growth lever supported by the government’s pro-investment reforms.
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Source: Finance News Network
