Australian stocks will rise on Friday, following a positive session on Wall Street driven by technology stocks.
Key points:
- The ASX is expected to win on Friday after closing on the green
- Iron ore rises $ 6.80 or 5.1% to $ 142.20 per tonne
- On Wall Street, the Nasdaq added more than 2 percent
ASX futures rose 1.1% to 7,246 at 7:00 AM EST.
The Australian dollar rose 1.2% to 72.65 US cents.
The Dow Jones Industrial Average rose 1.3% to close at 33,248. The S&P 500 gained 1.8% to 4,176. The high-tech Nasdaq Composite rose 2.7% to 12,316.
Tesla, Nvidia and Meta platforms each rose more than 4%, fueling gains on the S&P 500 and the Nasdaq. Amazon rose 3.1% and Apple added 1.7%.
Of the 11 indices in the S&P 500 sector, 10 increased, led by discretionary consumption, by 3% more, followed by a 2.7% increase in materials.
U.S. equities rebounded from a drop earlier in the day after Federal Reserve Vice President Lael Brainard said she supported at least a couple more half-percentage-point interest rate hikes. He said he saw little reason to stop rate hikes in September if price pressures did not cool.
The US stock market has seen a modest recovery in recent sessions, with investors debating whether the worst of a sale that has dominated Wall Street in 2022 could have happened.
“Volatility has become the norm, not the exception. Stocks are being held hostage by inflation, and as long as inflation is under control, volatility is likely to remain high,” said Terry Sandven. chief strategist of US Bank Wealth Management.
The S&P 500 is now down 13% from its record high in early January.
The Philadelphia Semiconductor SOX Index rose 3.6 percent to its highest level in nearly a month.
U.S. private payrolls rose much less than expected in May, suggesting labor demand began to decline amid higher interest rates and tougher financial conditions. showed the ADP national employment report.
Oil in the OPEC call
OPEC and its oil-producing allies agreed on Thursday to increase supply in July and August.
In the oil markets, Brent crude rose 1.6 percent to $ 118.20 a barrel, while West Texas crude rose 1.9 percent to $ 117.50 a barrel .
In European markets, the STOXX 600 index rose by half per cent, Germany’s DAX rose 1.1 per cent, while the UK FTSE gained 1 per cent.
Cash gold rose 1.2 percent to $ 1,871.80 an ounce.
ABC News / Reuters