AU Morning Wrap: ASX 200 to Cross 8,000 for the First Time; Miners BHP, Fortescue Rally

Stocks closed higher, with new economic data strengthening expectations for a Federal Reserve rate cut in September. The Dow touched a new record above 40,000 since late May. The $Dow Jones Industrial Average(.DJI.US)$ added 247 points, rising 0.62% to top above 40,000 since late May. The $S&P 500 Index(.SPX.US)$ rose 0.55% to close at 5615.35, and the $Nasdaq Composite Index(.IXIC.US)$ gained 0.63%.

The Australian sharemarket surged above 8000 at the opening bell, driven by speculation that the U.S. Federal Reserve might begin its rate-cutting cycle with a significant half-percentage point reduction. The $S&P/ASX 200(.XJO.AU)$ increased by 0.7%, or 53 points, to 8012.3 by 10:11 am AEST, following strong performance from Wall Street, where the S&P 500 reached a new record high and the Dow Jones climbed back to 40,000. All 11 sectors were positive, with healthcare stocks leading the gains — $CSL Ltd(CSL.AU)$ rose 1.3% and $Cochlear Ltd(COH.AU)$ increased by 1.8%. The materials sector also saw gains, with $BHP Group Ltd(BHP.AU)$ rising 0.9%, Fortescue Metals up 0.9%, and $Rio Tinto Ltd(RIO.AU)$ edging higher by 0.4%.

The $AUD/USD(AUDUSD.FX)$ is trading at US67.67¢, an decrease of 0.25%.

As of latest data, $BTC Health Ltd(BTC.AU)$ is priced at $60,932, up by 2.48% in the past 24 hours, while $Ethereum(ETH.CC)$ is priced at $3,257, up by 2.49% in the past 24 hours.

$BHP Group Ltd(BHP.AU)$ has reached an agreement with Vale S.A. regarding group action proceedings in the UK related to the 2015 Fundão Dam disaster in Brazil, which was operated by Samarco, a joint venture between BHP Brazil and Vale. The disaster resulted in at least 19 deaths, and over 600,000 claimants are seeking damages in the English High Court.

$APM Human Services International Pty(APM.AU)$ saw a slight increase of 0.4% in its share price after securing financing through 2030 with a committed letter from Goldman Sachs for up to $950 million, aimed at retiring its existing corporate facility.

$Aussie Broadband Ltd(ABB.AU)$ shares plummeted by 18.8% following a reduction in its earnings guidance for the financial year 2025. The company announced plans to aggressively target customers of larger rivals like Telstra and Optus with a new, budget-friendly brand called Buddy Telco.