ASX Tuesday morning: Nasdaq snaps 13-session streak, VIX jumps to 18.87
Sentiment: neutral ASX 200 Tuesday pre-open: +0.07% above Monday's 8,946.9 close
Overnight Wall Street
The Nasdaq Composite snapped a 13-session winning streak — its longest since 1992 — closing at 24,404.39 (-0.26%) on 20 April 2026. The VIX jumped 7.95% to 18.87 as US-Iran negotiations hit a weekend setback. The S&P 500 ended at 7,109.14 (-0.24%); the Dow was flat at 49,442.56 (-0.01%).
- S&P 500: 7,109.14 (-0.24%)
- Nasdaq: 24,404.39 (-0.26%)
- Dow: 49,442.56 (-0.01%)
- VIX: 18.87 (+7.95%)
Cleveland-Cliffs closed -2% after its CEO told the Q1 earnings call the company is "no longer in a hurry" to close its long-planned deal with POSCO Holdings — shares had been off more than 10% intraday before paring. Selling concentrated in megacap semis and rate-sensitive growth, while industrials and defensives held up. The Nasdaq's intraday low of 24,221.53 and close at 24,404.39 marks roughly 180 points of buy-back in the final 90 minutes — positioning ahead of Tuesday's pre-market earnings slate (RTX, GE Aerospace, 3M, Halliburton, United Airlines).
Commodities & FX (AU-relevant)
- Gold Jun 26 futures: US$4,841/oz (-0.79%)
- Brent crude: US$94.28 (-1.26%)
- WTI crude: US$85.89 (-1.75%)
- Copper May 26: US$6.05/lb (-1.13%)
- AUD/USD: 0.7178 (+0.14%)
Brent traded a US$92.77-97.81 range before settling US$94.28 — the near-US$5 swing reflects how quickly the weekend US-Iran move was reversed through the US cash session. WTI printed a US$85.45-89.60 range. Copper stepped down US$0.07 to US$6.05/lb. Gold's intraday range of US$4,752-4,847.90 leaves domestic gold miners with an inconsistent overnight signal — a lower close but a wide rebuild from the low.
Key themes for ASX open
- Resources (-): WTI -1.75%, Brent -1.26%, copper -1.13%, gold -0.79% overnight. Direct read-through on the open for BHP.AU, RIO.AU, FMG.AU, WDS.AU, STO.AU, NEM.AU, NST.AU, EVN.AU.
- Tech / long-duration (-): VIX +7.95% with the Nasdaq streak ending flips positioning for XRO.AU, WTC.AU, TNE.AU and NXT.AU after April's run. The 13-session streak that ended was the longest since 1992 — unwinding the trend alone shifts short-term flows into ASX-listed tech.
- Banks (neutral): AUD/USD 0.7178 (+0.14%). CBA.AU, WBC.AU, ANZ.AU, NAB.AU remain sensitive to the US 10y trajectory; the AUD move itself is a net wash for domestic earners.
- Defensives (+): Elevated VIX (18.87) sessions historically see lower relative beta in CSL.AU, RMD.AU, WOW.AU, COL.AU — a function of lower sector beta and, for CSL.AU and RMD.AU, partial USD revenue mix.
Economic calendar today (AEST)
- No scheduled ABS data release Tuesday
- US earnings pre-open Tuesday: RTX (consensus EPS US$1.51, revenue US$21.4b), GE Aerospace, 3M, Halliburton, United Airlines
- Wednesday (US after-market): Tesla Q1
- Thursday (US after-market): Intel Q1
What to watch
- Whether AUD/USD holds 0.7178 through the Asia session. A move through 0.72 tightens USD-earner translation for CSL.AU, CPU.AU, BXB.AU; a reversal to 0.715 does the opposite.
- Nasdaq E-mini futures direction through the AU session — the streak break removes the positioning momentum that had been supporting ASX tech through April. If futures hold the overnight low, the flip is likely to carry into 10am AEST.
- BHP.AU and RIO.AU into 10:00 AEST — the first 15 minutes will show whether overnight commodity softness is faded by domestic flows. Both names have been in consistent uptrends through 2026.
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