Wall Street pulled back on Wednesday as renewed weakness in artificial intelligence leaders weighed on sentiment. The S&P 500 fell 0.28% to 6,637.97, the Nasdaq slipped 0.34% to 22,497.86, and the Dow Jones shed 171 points, or 0.37%, to close at 46,121.28. Nvidia and Oracle extended their declines amid concerns over lofty valuations and the durability of the AI boom, while Micron dropped on disappointing earnings. Intel bucked the trend, jumping more than 6% after reports that Apple may invest in the company, following Nvidia’s recent US$5bn commitment.
The pullback came after the S&P 500 snapped a three-day winning streak and Federal Reserve Chair Jerome Powell flagged stretched valuations. Despite the losses, the index remains nearly 3% higher this month, defying September’s typical seasonal weakness. Investors are now focused on upcoming US economic data, including jobless claims and PCE inflation, while political tensions over a possible government shutdown continue to loom.
In Australia, futures point to a weaker open, with the ASX 200 expected to fall 41 points, or 0.5%, to 8,769. Locally, job vacancies and wealth data are due, alongside results from Premier Investments and Suncorp’s annual general meeting. Globally, markets await the Swiss National Bank’s policy decision, as well as US GDP, durable goods orders, and earnings from Costco and Accenture.
In company news,
Lefroy’s Lucky Strike delivers high-grade gold hits
Lefroy Exploration (ASX:LEX) reported outstanding assay results at its Lucky Strike Gold Project near Kalgoorlie, supporting the case for an expanded Stage 2 pit design. Significant intersections include 24m at 5.24 g/t gold and 9m at 8.59 g/t gold. These results validate the company’s resource model and highlight upside beyond the current mineral resource estimate of 79,600oz. Stage 2 drilling was fully funded by BML Ventures, with Stage 1 earthworks on track to begin in the December 2025 quarter. Lefroy is positioning itself as Kalgoorlie’s newest gold producer with a self-funded growth strategy.
Kula Gold defines high-grade niobium anomaly in Malawi
Kula Gold (ASX:KGD) has identified a high-grade niobium soil anomaly at its Wozi Project in Malawi. Soil sampling returned values exceeding 1% Nb2O5, with the anomaly extending 1.5km in strike and 400m in width at grades above 0.4%. The results provide clear targets for a maiden drilling program scheduled for November 2025. Management emphasised Wozi as a quick, high-impact addition alongside its Mt Palmer gold project, with potential to engage a rare earths partner. The anomaly’s low tantalum and uranium ratios point to strong potential for direct ferro-niobium production.
Bubalus Resources begins drilling near world-class Fosterville
Bubalus Resources (ASX:BUS) has commenced a maiden drilling program at its Crosbie North gold–antimony prospect in Victoria, just 15km from the world-class Fosterville mine. The 1,000m diamond drilling campaign is designed to test high-priority geophysical and geochemical targets. An induced polarisation survey revealed strong chargeability anomalies in folded and faulted rocks, closely resembling Fosterville’s high-grade zones. Rock chip sampling has returned grades up to 12.1 g/t gold and 2.02% antimony. First assays are expected in November 2025. Bubalus holds a diverse project portfolio across gold, lithium, manganese, and rare earths.
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