Australian Stock Market Today: ASX Futures Dip On US Tech Selloff And RBA Decision

The Morning Bull – Australian Market Morning Update Sunday, 1 Nov 2026

Australian shares are set for a softer open, with SPI futures slightly in the red as global equities sell off. The dominant force today is a sharp risk off move in US markets, reflected in weaker S&P 500 and Nasdaq futures.

E mini S&P 500 futures are lower by about 1.8%, while Nasdaq 100 contracts are down roughly 3.5%. That slide comes alongside a jump in volatility gauges, with VIX futures up more than 12%, signalling a clear swing toward capital preservation over risk taking.

When equity futures and volatility move in opposite directions like this, funding costs tend to feel heavier and investors become more cautious on future earnings assumptions. Rate sensitive parts of the Australian market often see valuations compressed first as discount rates feel higher in practice, even without an immediate policy move.

The open now hinges on whether this bout of US risk aversion stabilises or deepens into Monday. Upcoming US manufacturing data and Fed commentary could either justify the repricing of growth and risk premiums or force investors to reassess how far sentiment has swung.

Stocks to Watch Before the Opening Bell

Northern Star Resources (NST)

Mark Cutifani, former Anglo American chief executive, is joining Northern Star Resources as a non-executive director at a time when he is warning that miners which do not focus on new technology and better planning risk becoming takeover targets. His comments highlight sector-wide pressure around deeper deposits, slow permitting and how boards think about long-life asset potential.

Yancoal Australia (YAL)

Yancoal Australia has renewed key coal sale and purchase agreements with Glencore and Anotero for 2027 to 2029, locking in annual caps of up to US$750 million for sales to Glencore and US$1.2 billion for HVO-related distributions to Anotero. These frameworks keep long-running relationships in place and give investors clearer visibility on contracted volumes and counterparty risk into the next cycle.

Top Movers

• Star Entertainment Group (ASX:SGR) jumped 10.71% after accepting a A$260 million AUSTRAC penalty with no going concern impact.

• Reece (ASX:REH) gained 8.44% following AGM materials outlining 2026 results, higher dividends and solid Q1 FY27 sales.

• European Lithium (ASX:EUR) climbed 6.85% as investors responded to completion progress on its all scrip Critical Metals merger.

Top Losers

• 4DMedical (ASX:4DX) declined 25.61% after investors reacted to the AGM outcome, where an amendment to the constitution was not approved.

• IperionX (ASX:IPX) fell 12.24% as traders weighed the September quarterly report detailing titanium powder scale up and funding initiatives.

• Coles Group (ASX:COL) dropped 7.67% after first quarter sales growth trailed Woolworths and management flagged flat first half earnings.