Australian stocks are poised for a positive start following a significant rebound in technology shares on Wall Street. Key players in the tech sector, notably Nvidia and Palantir, have spearheaded a surge in artificial intelligence (AI) stocks, contributing to a broader market rally in the United States.
Market Performance Overview
The rally on Wall Street has set an optimistic tone for the Australian market. On the previous trading day, the Dow Jones Industrial Average increased by 0.9 percent, while the S&P 500 rose by 1.6 percent. The Nasdaq Composite outperformed with a gain of 2.3 percent, reflecting strong investor sentiment towards tech stocks.
As a result of this positive momentum, ASX futures indicated an increase of 47 points, or 0.5 percent, reaching 8,894 at 7:00 AM AEDT. Concurrently, the Australian dollar strengthened by 0.7 percent, trading at 65.38 US cents.
Commodity Markets and Key Indicators
In the commodities market, Brent crude oil saw a modest rise of 0.8 percent, trading at US$64.05 per barrel. Meanwhile, spot gold experienced a notable increase of 2.7 percent, reaching US$4,107.47 per ounce. Iron ore also rose by 0.9 percent, priced at US$102.15 per tonne.
As the trading day progresses, market participants will closely monitor these developments and their potential impact on the ASX. Investors are advised to stay informed through reliable sources, keeping in mind that this report does not constitute investment advice.
