Wall Street swung on Wednesday as the Dow briefly hit a record high before sliding into negative territory after Federal Reserve Chair Jerome Powell warned that another rate cut in 2025 is not guaranteed. The Fed lowered its benchmark rate by a quarter percentage point, the second cut this year, but Powell dampened expectations for further easing in December, citing differing views within the committee. His remarks pushed the 10-year Treasury yield back above 4% and weighed on rate-sensitive stocks such as Costco, McDonald’s, Visa and Mastercard. The Dow closed down 74 points, or 0.2%, while the S&P 500 was flat and the Nasdaq gained 0.55% to a record close.
Technology stocks bucked the weakness, with Nvidia rising 3.1% and becoming the first U.S. company to surpass a $5 trillion market value. The chipmaker extended its rally on news of new partnerships, including a $1bn investment in Nokia. Attention now turns to upcoming earnings from other megacap names including Microsoft, Alphabet, Meta, Apple and Amazon. Locally, SPI futures are pointing to a 32-point, or 0.4%, drop at Thursday’s open, with investors awaiting results from Coles, IGO, Lynas Rare Earths and Mineral Resources, as well as annual meetings at companies including JB Hi-Fi and James Hardie.
In company news,
Jumbo Interactive breaks into US prize draw market with $57.8m acquisition
Jumbo Interactive (ASX:JIN) has entered the US prize draw market through the $57.8m acquisition of Dream Giveaway USA, a profitable B2C operator specialising in automotive-themed giveaways. The deal, funded by cash and debt under an expanded $120m facility with ANZ, provides Jumbo with immediate scale in the large U.S. market. Dream Giveaway generated $21.6m in revenue and $7.1m EBITDA in the year to July 2025, and its management will remain in place. Jumbo expects the acquisition to be earnings-accretive in FY26 and sees opportunities to accelerate growth using its digital lottery platform and marketing expertise
Activeport expands Global Edge with new inter-capital elastic network
Activeport (ASX:ATV) has launched an elastic inter-capital network service, integrated into its Global Edge network-as-a-service platform, in partnership with Titan Telecoms. The service links Brisbane, Sunshine Coast, Sydney and Melbourne via Titan’s fibre network, offering enterprises, ISPs and managed operators scalable, pay-as-you-use connectivity. The platform enables self-service provisioning with bandwidth on demand, adding a high-margin revenue layer to Global Edge. The company has already secured its first orders for 100GB primary links between capitals, used as backup with instant scalability. Activeport says this strengthens its positioning in the growing market for automated, on-demand inter-city networking driven by cloud, AI and digital transformation
Galileo strikes high-grade gold and palladium at Norseman project
Galileo Mining (ASX:GAL) has reported high-grade gold and palladium assays from aircore drilling at its 100%-owned Norseman project in WA. Results include standout intercepts such as 1m at 13.7 g/t gold and 3.2 g/t palladium, confirming strong anomalism along a 10km strike at the Mission Sill prospect. The company has signed an RC drill contract, with drilling scheduled to begin in late November, targeting high-grade gold-PGE seams and ultramafic contacts similar to those hosting the nearby Callisto deposit. Managing Director Brad Underwood said the results highlight the project’s potential to deliver new resources in a previously underexplored PGE province.
Copyright 2025 – Finance News Network
Source: Finance News Network
