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ASX 200 morning brief, 23 September 2026: memory chips set another Nasdaq record, crude under US$90

SPI futures point to a 0.2% open, six days before the RBA board meets.

Mixed3 min readBy Swingfolio Research

At a glance

ASX 2008,758+0.30%
S&P 5007,765-0.00%
NASDAQ27,244+0.45%
Dow51,864-0.36%
VIX14.21-4.44%
Gold4,401+0.55%
Brent98.44-0.82%
AUD/USD0.7117-0.09%

ASX 200 morning brief, 23 September 2026: memory chips set another Nasdaq record, crude under US$90

Sentiment: mixed ASX 200 futures: +0.2%

The NASDAQ Composite closed at a record 27,244.28 on 22 September 2026, up 0.45%, on a second session of buying in memory and chip names, while the Dow Jones Industrial Average fell 0.36% to 51,863.69 as UNH.US, CAT.US and GS.US each dropped about 1%. VKTX.US rose 35.67% to US$40.85 after its obesity candidate returned 22% placebo-adjusted weight loss at 33 weeks on the 17.5 mg dose. Front-month WTI trades at US$89.64 and SPI futures point to an 18 point ASX 200 open, up 0.2%, six days before the RBA board meets.

Overnight drivers

  • Memory and chip buying: MU.US rose 5.00% to US$1,096.16 before its 30 September fourth-quarter result, with INTC.US up 1.71%, AMD.US up 1.34% and NVDA.US up 0.66%. The NASDAQ 100 closed at a record 30,732.40, up 0.82%. Australian technology rose 2.67% on Tuesday: WTC.AU $32.68, XRO.AU $61.05, NXT.AU $11.40, TNE.AU $29.64.
  • Crude below US$90: WTI November trades at US$89.64, down 0.97%, and Brent at US$98.44, down 0.82%, US$1.42 under Monday's US$99.86 settle. Australian energy fell 1.16% on Tuesday, when WDS.AU dropped 2.37% to $31.67 and STO.AU 1.39% to $8.53.
  • Gold, silver and copper all higher: gold December US$4,400.50 (+0.55%), silver US$67.755 (+1.84%), copper US$6.9005 (+0.94%). NEM.US gained 3.42% and FCX.US 3.03% in New York. NST.AU, EVN.AU, WGX.AU, BHP.AU, RIO.AU and S32.AU open against those prints.
  • Yields and the US dollar firm: the US 10-year Treasury yield sits at 4.968%, up 0.5 basis points, the dollar index at 100.541, up 0.11%, and AUD/USD at 0.7117, down 0.09%. Richmond Fed President Tom Barkin said supply shocks are not proving short-lived, leaving room for a further US increase.

Overnight Wall Street

  • S&P 500: 7,764.64 (-0.00%)
  • Nasdaq Composite: 27,244.28 (+0.45%)
  • Dow Jones: 51,863.69 (-0.36%)
  • Russell 2000: 2,889.92 (+0.51%)
  • VIX: 14.21 (-4.44%)

The S&P 500 finished 0.06 points lower. MU.US rose 5.00%, GME.US 5.58% and AZO.US 3.26%, while the Dow's largest decliners were UNH.US -1.22%, CAT.US -1.04%, GS.US -1.03% and CVX.US -0.62%. META.US fell 0.63% to US$736.60 after gaining 11.43% on Monday on its Muse AI app. The Russell 2000 added 0.51%, so small caps beat the Dow by 87 basis points.

Commodities and FX (AU-relevant)

  • Gold: US$4,400.50/oz (+0.55%)
  • Silver: US$67.755/oz (+1.84%)
  • Brent: US$98.44 (-0.82%)
  • WTI November: US$89.64 (-0.97%)
  • Copper: US$6.9005/lb (+0.94%)
  • AUD/USD: 0.7117 (-0.09%)

Gold December added 0.55% after settling 0.93% lower on Monday, recovering about three fifths of that fall. Copper at US$6.9005 and silver at US$67.755 both closed higher, and BHP.AU ended Tuesday at $61.22, RIO.AU at $166.30 and S32.AU at $4.88. AUD/USD at 0.7117 leaves the US dollar value of Australian commodity earnings close to where it sat a week ago.

Key themes for ASX open

  • Technology: the Nasdaq lead into Tuesday's session was 2.26% and Australian technology returned 2.67%. Last night's lead is 0.45%, about a fifth of that.
  • Gold miners: NST.AU closed 0.18% lower at $21.93 and EVN.AU 0.74% higher at $13.65, with gold up 0.55% overnight and NEM.US up 3.42%.
  • Energy: WDS.AU has fallen 2.37% in one session and Brent has fallen in two, from US$99.86 on Monday to US$98.44.
  • Banks: CBA.AU fell 0.43% to $152.33 and NAB.AU 0.28% to $38.61 on Tuesday. The 29 September RBA decision carries about 95% priced odds of a 25 basis point rise to 4.60%, and all four majors forecast that outcome.
  • Ex-dividend today: SBM.AU, GNE.AU and ALX.AU trade without their dividends, ALX.AU on an unfranked 20 cents per share.

Economic calendar today

  • 11:30 AEST: the ABS publishes its Life Course Dataset, a statistical release with no rate implication.
  • 00:05 AEST Thursday: Federal Reserve Governor Michael Barr speaks on the economic outlook and housing at the Chicago Fed.
  • 09:00 AEST Thursday: S&P Global flash Australian PMIs for September, the last activity read before the 29 September RBA meeting.

What to watch

  • The AU VIX closed at 11.40, down 1.22%, against a US VIX of 14.21, down 4.44%.
  • AUD/USD at 0.7117 held a 0.71 handle while the dollar index gained 0.11% to 100.541.
  • WTI November at US$89.64 sits US$8.80 under Brent at US$98.44.

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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 →