Hot Stocks: Olympio Metals, Meridian Energy, S2 Resources

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US stocks tumbled on Friday as disappointing economic data and fresh tariff measures from President Donald Trump rattled markets. The Dow fell 542 points, or 1.23%, while the S&P 500 lost 1.6% and the Nasdaq dropped 2.24%, each logging their worst single-day performance in at least two months. A soft July jobs report added to investor unease, with just 73,000 jobs created and prior months revised sharply lower. The data pushed the three-month hiring average to its weakest level since 2010 outside pandemic distortions, sparking fears the US economy is slowing more rapidly than expected. Bank and industrial stocks led declines, and traders quickly raised bets on a September rate cut, with CME futures now showing an 86% chance of easing.

The Australian sharemarket is set to open lower, with futures pointing to a 0.4% fall on Monday. The Australian dollar strengthened to US64.62¢, lifted by expectations of US rate cuts and a weaker greenback. Attention locally turns to earnings season, with a full slate of results due from REA Group, AMP, News Corp, Nick Scali, QBE Insurance and Block.

Olympio Metals uncovers new high-grade gold zone
Olympio Metals (ASX:OLY) has reported a standout intercept of 1.5m at 54.2g/t gold from its Paquin Prospect in Quebec, part of the Bousquet Project. This adds to earlier hits such as 5.4m at 7.6g/t and defines a contiguous, high-grade zone now extending over 300 metres. The mineralisation remains open, and further drilling is planned. The project lies near major operations including Agnico Eagle’s LaRonde and Iamgold’s Westwood.

Meridian signs strategic reserve deal at Huntly
Meridian Energy (ASX:MEZ) has joined Genesis, Mercury and Contact in a new agreement to establish a strategic energy reserve at Huntly Power Station. The deal aims to address dry-year risk and gas shortages, and is subject to Commerce Commission approval. CEO Mike Roan said the initiative strengthens supply security and complements ongoing investment in renewables.

S2 Resources to drill Yalgamine anomaly
S2 Resources (ASX:S2R) has confirmed a 500m-long copper-palladium-gold soil anomaly at its West Murchison project in WA. Located on the edge of a magnetic feature interpreted as an intrusion, the anomaly is considered a strong magmatic sulphide target. Drilling approvals are in place, and the company is preparing its first-ever drill test at the site.