The Dow Jones Industrial Average has closed at a record high, rising 559 points or 1.18% to 47,928, as investors rotated out of expensive technology stocks into more attractively valued sectors such as health care and industrials. The S&P 500 added 0.21% while the Nasdaq slipped 0.25%, with gains in Merck, Amgen and Johnson & Johnson lifting the blue-chip index. Analysts said the shift reflects caution around high valuations in major tech names after a long stretch of strong performance.
Analysts noted that the S&P 500’s overall valuation, trading above 20 times earnings, is being driven higher by a small group of mega-cap tech firms. Some warn that if capital expenditure expectations soften, it could indicate markets have moved too far ahead of fundamentals. Economic data showed signs of cooling in the US labour market, while political developments offered some relief as the Senate passed a bill to end the record government shutdown. SPI futures are pointing to a 0.17% gain, indicating a stronger open for the ASX, with results due from Aristocrat Leisure and Mainfreight and remarks expected from RBA Assistant Governor Brad Jones.
In company news,
MinRes strikes US$765m lithium deal with POSCO
Mineral Resources (ASX:MIN) has entered a binding agreement with POSCO Holdings to sell a 30% stake in its operational lithium business for US$765m (around $1.2bn). The deal establishes a new incorporated joint venture holding MinRes’ existing 50% interests in the Wodgina and Mt Marion mines, valuing MinRes’ stake at approximately $3.9bn. POSCO will gain an indirect 15% interest in each mine and receive spodumene concentrate proportional to its holding. MinRes retains a 70% interest and remains operator under existing agreements with Albemarle (Wodgina) and Ganfeng (Mt Marion). The transaction, expected to complete in the first half of 2026, will strengthen MinRes’ balance sheet and fund future growth. The partnership deepens Australia–Korea lithium cooperation and follows the companies’ successful Onslow Iron joint venture.
WIN Metals confirms viability of new Kimberley gold mine
WIN Metals (ASX:WIN) has completed a scoping study confirming the technical and financial viability of developing its Butchers Creek Gold Project in Western Australia. The proposed standalone operation would include a 600,000tpa CIL plant and nine-year mine life, processing 3.3Mt at 2g/t Au for 200,000oz recovered. Pre-production capex is estimated at $142m, with a pre-tax NPV of $143m, IRR of 25%, and payback in 3.5 years based on a gold price of $5,385/oz. Average annual production is expected to reach 33,000oz between years five and eight. The project shows potential for further resource growth via the nearby Golden Crown deposit.
Brightstar extends high-grade gold zones at Second Fortune and Fish
Brightstar Resources (ASX:BTR) has reported strong drilling results from its Laverton Hub, targeting extensions at the Second Fortune and Fish underground mines. Key intercepts include 10m at 9.83g/t Au from 57m (Linden Giant) and 1m at 53.8g/t Au from 83m (Alawa). At Fish, underground drilling returned 7m at 3.31g/t Au and 9.9m at 2.9g/t Au, confirming mineralisation continuity at depth. Downhole electromagnetic surveys identified multiple new conductors, supporting potential mine-life extensions. With five rigs active across its portfolio, Brightstar aims to define additional high-grade feed for its planned Laverton processing mill.
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Source: Finance News Network
