US markets fell sharply on Tuesday, led by declines in major artificial intelligence stocks as investors reassessed whether soaring valuations can be justified by future earnings growth. The S&P 500 lost 1.17%, the Nasdaq dropped 2.04%, and the Dow slipped 0.53%. Palantir tumbled 8% despite strong quarterly results and guidance, while Oracle and AMD each fell about 4%, and other big technology names such as Nvidia and Amazon also retreated. The S&P 500’s forward price-to-earnings ratio has now climbed above 23, its highest level in more than 20 years, prompting warnings that valuations in the tech sector have become stretched after months of uninterrupted gains.
In Australia, the ASX 200 is expected to open slightly higher, with futures up 18 points, or 0.2%, to 8830. CSL and Woodside Energy are both holding investor days, Challenger Financial will provide a market update, and Goodman Group is due to release its quarterly report. Investors will also watch key overseas data including New Zealand’s employment figures, minutes from the Bank of Japan’s latest meeting, China’s October services data, and Sweden’s policy announcement.
In company news,
WIN Metals hits 33.95g/t gold in first Radio drill campaign
WIN Metals’ (ASX:WIN) maiden drilling at the Radio Gold Project north of Southern Cross has returned multiple high-grade intercepts, including 1m at 33.95g/t and 1m at 30.65g/t from the Repeater prospect. Mineralisation remains open northwards and at depth, confirming continuity from the historic Radio mine. Portal prospect drilling also produced near-surface hits up to 5.85g/t. The results highlight the project’s open-pit and underground potential, with additional assays pending for the Radio South zone.
Lefroy Exploration cleared for gold mining at Lucky Strike
Lefroy Exploration (ASX:LEX) has secured final government approvals for its Lucky Strike Gold Project near Kalgoorlie, allowing mining operations to commence. Partner BML Ventures will begin site clearing in November, with first ore processing planned at FMR’s Greenfields Mill in February 2026. The deposit hosts 79,600oz of gold at 1.95g/t. Under a profit-sharing agreement, BML funds and manages all mine development, enabling Lefroy to remain cash-positive until first profit distributions in the first half of 2026.
Auravelle uncovers new gold target at Sheoak East
Auravelle Metals (ASX:AUV) has identified a new high-priority gold target at Sheoak East within its Nuckulla Hill Project in South Australia. Drilling intersected 4m at 1.2g/t gold from 40m and 2m at 0.5g/t from 92m, confirming shallow mineralisation across a 400m strike that remains open. The Sheoak East and Sheoak prospects lie within the Yarlbrinda Shear Zone, also home to Barton Gold’s 1.6Moz Tunkillia deposit. Upcoming RC drilling will test both prospects further this month as part of Auravelle’s ongoing regional exploration program.
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Source: Finance News Network
