US markets ended higher on Wednesday as hopes rose that some of Donald Trump’s tariffs could be rolled back after tough questioning by the Supreme Court. The Dow climbed 0.48%, the S&P 500 rose 0.37%, and the Nasdaq advanced 0.65%, lifted by a rebound in chipmakers and artificial intelligence stocks. Advanced Micro Devices gained more than 2% after strong quarterly earnings, while Broadcom and Micron Technology rose 2% and 9%, respectively. However, some AI names, including Palantir, Super Micro Devices, and Arista Networks, continued to fall as concerns lingered over stretched valuations.
Economic data also reinforced optimism about the US economy, with solid ADP payrolls and ISM services readings pointing to a resilient labour market. The 10-year Treasury yield rose to 4.16%, reflecting confidence in growth but tempering expectations for further Federal Reserve rate cuts. In Australia, the ASX 200 was poised to open 66 points, or 0.75%, higher at 8871, tracking Wall Street’s gains. Amcor and Light & Wonder will publish quarterly results, while Breville Group, NIB Holdings, Seven West Media, Vicinity Centres, and Zip Co are holding annual meetings. Investors will also watch for September trade data due later in the day.
In company news,
Condor signs MOU with Promigas Perú to advance Peruvian gas development
Condor Energy (ASX:CND) has signed a non-binding memorandum of understanding with Promigas Perú, one of Peru’s leading gas distributors, to evaluate natural gas supply from Condor’s Piedra Redonda gas field, estimated to contain 1 Tcf of contingent resources. The collaboration will assess upstream gas potential alongside downstream infrastructure opportunities such as pipelines, CNG, LNG, and power generation in northern Peru. The deal marks a key step toward commercialising Piedra Redonda and aligns with Peru’s gas massification and energy transition goals
Tivan uncovers ultra high-grade fluorite at Molyhil Project
Tivan (ASX:TVN) has identified fluorite grades of up to 85.9% CaF2 at its Molyhil Project in the Northern Territory. Thirteen rock chip samples from three fluorite reefs spanning 2.5 km returned exceptional results, with four samples above 50% CaF2. The find extends the company’s critical-minerals exploration footprint near its Sandover Fluorite Project, where drilling is set to begin imminently. Further fieldwork at Molyhil is planned for Q1 2026 to define the extent of the mineralisation.
Magnetic Resources hits fourth high-grade gold zone at Lady Julie North 4
Magnetic Resources (ASX:MAU) has identified a fourth high-grade core zone at its Lady Julie North 4 (LJN4) deposit near Laverton, Western Australia, extending the strike length and resource potential. Recent drilling returned strong intercepts including 17 m @ 3.01 g/t and 22 m @ 1.96 g/t gold. Follow-up diamond drilling has already begun, aimed at growing the existing LJN4 resource of 31.2 Mt @ 1.93 g/t for 1.94 Moz. The company recently raised $35 million to fund expansion drilling and feasibility optimisation work as gold prices remain at record levels.
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