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Wall Street records and firmer gold, but SPI futures point to a softer ASX open: 1 June 2026

The S&P 500, Dow and Nasdaq closed Friday at records, with gold up 1.34% to US$4,593 and oil down 1.7%, but SPI futures point the ASX about 13 points lower after its own 1.62% Friday.

Mixed3 min readBy Swingfolio Research

At a glance

S&P 5007,580+0.22%
NASDAQ26,973+0.20%
Dow51,032+0.72%
Gold4,593+1.34%
AUD/USD0.7179+0.22%

Wall Street records and firmer gold, but SPI futures point to a softer ASX open: 1 June 2026

Sentiment: mixed SPI 200 futures: about 13 points lower (-0.15%), a subdued open after Friday's +1.62% Wall Street (Fri 29 May close): record highs. S&P 500 +0.22%, Dow +0.72%, Nasdaq +0.20%

Wall Street closed Friday 29 May at record highs, with the S&P 500 up 0.22% to 7,580.06 and the Dow up 0.72% to 51,032.46 in its first close above 51,000, as renewed US-Iran ceasefire hopes drained the war premium from oil. Gold ran the other way, up 1.34% to US$4,593, while WTI fell 1.73% to US$87.36, a split offshore lead for ASX gold names against a weaker energy complex. Even so, SPI 200 futures point about 13 points lower (-0.15%) into the open, a subdued local handover after the ASX itself ran 1.62% on Friday.

What drove the overnight session

  • US-Iran ceasefire hopes: Reports the two sides may extend their ceasefire pulled WTI down 1.73% to US$87.36 and Brent 1.70% to US$91.12, easing the Strait of Hormuz premium that has gripped energy since the 28 February conflict. That relieves fuel-cost names such as QAN.AU while pressuring WDS.AU and STO.AU.
  • Record Wall Street and the AI trade: The Dow closed above 51,000 for the first time and the Nasdaq booked an 8% gain across May on AI demand and a run of earnings beats. S&P 500 futures held +0.18% and Nasdaq 100 futures +0.32% early Monday AEST, a supportive read for ASX growth names XRO.AU, WTC.AU and NXT.AU.
  • Gold's structural bid: Gold added 1.34% to US$4,593 on central-bank buying and rate-cut expectations rather than fear, while AUD/USD rose 0.22% to 0.7179 on a weaker US dollar. That gives NEM.AU, NST.AU, EVN.AU and GMD.AU an offshore lead into the open.

Overnight Wall Street

  • S&P 500: 7,580.06 (+0.22%)
  • Nasdaq Composite: 26,972.62 (+0.20%)
  • Dow Jones: 51,032.46 (+0.72%)
  • VIX: 15.32 (-2.67%)

The S&P 500 logged its ninth straight weekly advance on Friday, its longest winning run since 2023, and the Nasdaq capped an 8% May. The Dow's 0.72% gain outpaced the S&P and Nasdaq as cyclicals led. The VIX eased to 15.32, a calm reading consistent with the ceasefire bid. US equity futures stayed green into the AU morning, pointing to a steady handover rather than a fresh leg higher.

Commodities and FX (AU-relevant)

  • Gold: US$4,593/oz (+1.34%)
  • WTI crude: US$87.36 (-1.73%)
  • Brent crude: US$91.12 (-1.70%)
  • Iron ore 62% Fe: US$108.82/t (-0.20%)
  • Copper: US$6.389/lb (-0.58%)
  • AUD/USD: 0.7179 (+0.22%)

Gold's US$4,593 print gives ASX gold producers a firm lead into the open, while the 1.7% slide across crude weighs on the energy majors. Near-flat iron ore at US$108.82/t and a 0.58% copper dip leave diversified miners BHP.AU, RIO.AU and FMG.AU with a flat offshore read. AUD/USD at 0.7179 trims the translation benefit for offshore earners CSL.AU, COH.AU and RMD.AU, each of which books most of its revenue in US dollars.

Key themes for the ASX open

  • Gold producers: gold +1.34% to US$4,593 leads the sector read for NEM.AU, NST.AU and EVN.AU.
  • Energy: WTI -1.73% and Brent -1.70% put pressure on WDS.AU and STO.AU from the open.
  • Tech and risk: the Nasdaq's record Friday and 8% May support ASX growth names XRO.AU, WTC.AU and NXT.AU.
  • Financials: softer local inflation has eased RBA pressure, leaving rate-sensitive banks CBA.AU and NAB.AU trading into Wednesday's Q1 GDP.
  • Offshore earners: AUD/USD at 0.7179 (+0.22%) trims US-dollar revenue translation for CSL.AU, COH.AU and RMD.AU.

This week's data calendar (AEST)

  • Mon 1 Jun: S&P Global and Judo Bank Manufacturing PMI (May, final).
  • Tue 2 Jun, 11:30: building approvals and company operating profits, both partial inputs to the GDP print.
  • Wed 3 Jun, 11:30: Q1 GDP, consensus +0.5% quarter-on-quarter and 2.6% year-on-year, the first national accounts to capture the February rate hike and the oil shock together.
  • 15 to 16 Jun: RBA cash-rate decision, with market pricing implying the tightening cycle is complete.

What to watch

  • Whether the ASX holds Friday's 1.62% gain with SPI 200 futures pointing about 13 points lower at the open.
  • How breadth splits early: firmer gold producers against weaker energy after the overnight commodity moves.
  • Wednesday's Q1 GDP as the week's pivot for rate expectations and the rate-sensitive banks CBA.AU and NAB.AU.

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Disclaimer

This briefing provides market observations and general information only. It is not personal financial advice and does not take into account your objectives, situation or needs. Past performance is not a reliable indicator of future performance. Consider seeking independent advice before acting on any information presented here.

Prices and market data sourced from EODHD and Yahoo Finance and may be delayed. Swingfolio does not hold an AFS licence and does not provide personal advice. Editorial standards and methodology →