US sharemarkets finished Monday modestly lower as ongoing pressure on artificial intelligence and large-cap technology stocks outweighed early gains. The S&P 500 slipped 0.16%, the Dow Jones Industrial Average fell 41 points, and the Nasdaq Composite dropped 0.6%, with losses concentrated in former AI leaders. Broadcom fell more than 5%, Oracle declined over 2%, and Microsoft also moved lower, extending last week’s pullback that saw the S&P 500 technology sector fall 2.3%. Investors rotated into more economically sensitive areas, including consumer discretionary, industrials and healthcare, as markets continued to consolidate following strong gains earlier in the year. Despite the weakness in tech, broader conditions remained orderly, with the pullback widely viewed as a normal adjustment rather than a shift in the overall trend.
In Australia, shares are set for a softer open, with ASX 200 futures down one point at 8,637. Locally, Westpac will release its monthly consumer confidence report at 10.30am, Reserve Bank assistant governor Brad Jones will speak at the AusPayNet Summit in Sydney, and Orica will hold its annual meeting. Offshore, a series of manufacturing and services PMI readings across major economies, along with US payrolls and unemployment data due early Wednesday AEDT, will remain in focus.
In company news,
Immutep reports steady progress in pivotal lung cancer Phase III trial
Immutep (ASX:IMM; NASDAQ:IMMP) reported continued operational progress in its global TACTI-004 Phase III trial evaluating eftilagimod alfa in combination with pembrolizumab and chemotherapy as a first-line treatment for advanced non-small cell lung cancer. The registrational study has enrolled 289 patients, representing more than 38% of its 756-patient target, with more than 120 active clinical sites across 27 countries now fully approved, including the United States. The company expects a futility analysis in the March quarter of 2026 and completion of enrolment in the September quarter of 2026.
DroneShield secures $49.6m European military contract
DroneShield (ASX:DRO) has secured a $49.6m contract from a European reseller for handheld counter-drone systems, accessories and software updates destined for a European military end-customer, with deliveries and cash receipts expected to be completed in the March quarter of 2026. A significant portion of the hardware is already held as on-the-shelf inventory, and no additional material conditions need to be met. The company said it has received 15 contracts from the same reseller over the past three years totalling more than $86.5m, though there are no obligations for further orders.
Venari drills highest-grade lithium intercept to date at Red Mountain
Venari Minerals (ASX:VMS) reported its highest-grade lithium intercept to date from the Red Mountain Project in Nevada, with drill hole RMRC013 intersecting a combined 109.7m of lithium mineralisation, including 77.7m at 2,440ppm lithium and multiple high-grade intervals exceeding 4,000ppm. The result extends mineralisation to around 150m below surface and strengthens a high-grade core in the northern part of the deposit. Assays remain outstanding for three additional holes, with a maiden mineral resource estimate now targeted for the March quarter of 2026.
