ASX Today 200 Outlook: Nasdaq Surges to New Heights as Nvidia Drives Tech Optimism

3 min read | July 16, 2025 09:30 PM PDT | By Team Kalkine Media

ASX Today 200 Outlook: Nasdaq Surges to New Heights as Nvidia Drives Tech Optimism — Image source: Shutterstock

Global Market Overview

In the US, the S&P 500 initially broke above the 6,300 milestone but lost momentum toward the close, weighed down by concerns around sticky core goods inflation and tariff-related cost pressures. Despite the broader downturn, the Nasdaq managed to post gains, thanks largely to a strong performance by Nvidia (NASDAQ:NVDA), which announced it could resume sales of its H20 AI chips in China.

While US inflation data came in marginally cooler than anticipated, concerns remained about its implications on rate cut timing. Market expectations for a potential Federal Reserve rate cut in September have slightly diminished, adding a layer of caution across equity markets.

Major indices outside of the US followed mixed paths. Gains in Japan and India contrasted with declines in Europe and Canada, while Hong Kong’s markets were buoyed by broad-based buying activity.

Sector Pulse: Tech Gains vs. Commodity Weakness

Information Technology stood out as the only sector to finish in positive territory on Wall Street, powered by Nvidia’s momentum. However, more than 90% of S&P 500 stocks closed lower, reflecting widespread caution among investors.

The Materials and Energy sectors bore the brunt of the losses. A dip in commodity prices, particularly gold and crude oil, further weighed on these segments. Copper prices remained relatively steady, offering little support to miners.

This backdrop places today's earnings announcements from key Australian resource players under the spotlight. Investors are eyeing quarterly reports from Rio Tinto (ASX:RIO) and Evolution Mining (ASX:EVN) for insights into operational resilience and production outlooks. Both companies are part of the ASX 200, making them significant drivers for the index’s performance in the session ahead.

Notable Corporate Developments

The broader tech theme also saw headlines from companies like Oracle (NYSE:ORCL), which announced multi-billion dollar plans to expand its AI and cloud infrastructure in Europe. Apple (NASDAQ:AAPL) unveiled a substantial commitment toward rare earth sourcing through MP Materials, reinforcing strategic investment in critical minerals.

Elsewhere, Citigroup (NYSE:C) surged to a multi-year high on the back of upbeat financial results, while Alphabet’s (NASDAQ:GOOGL) Google is investing heavily in data centers aligned with AI growth projections.

Market Themes Ahead

Looking forward, markets remain sensitive to macroeconomic triggers. Key themes include:

Inflation dynamics and monetary policy outlook
Corporate earnings, particularly from resource and tech sectors
Currency shifts and global trade implications

Given the overnight movement and sector-specific trends, local equities—particularly miners and tech-adjacent players—could experience notable shifts. The evolving narrative around inflation and rates continues to serve as a core driver for investor sentiment globally.

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