ASX Morning Preview: Global Tech Rally Sets the Tone for Market Open - 01 Jul 2026

Highlights

• Australian shares are expected to open with cautious optimism following a broad overnight rally on Wall Street.
• Technology stocks led gains in the United States as artificial intelligence enthusiasm returned to global markets.
• Commodity prices delivered a mixed picture ahead of today's Australian trading session.

Australian shares are expected to begin the new trading session on a positive footing after stronger overnight performances across major global equity markets. Technology companies once again led gains in the United States, helping improve broader market sentiment as investors responded positively to resilient economic data and renewed enthusiasm surrounding artificial intelligence. As trading resumes across the ASX 200 , market participants will also monitor movements in commodities, currencies and global economic developments. The latest overnight activity has also placed ASX Technology Stocks in focus as artificial intelligence continues driving international market leadership.

Wall Street extends its recovery

United States equity markets finished the latest trading session higher, with technology companies once again leading broader gains.

The Nasdaq delivered the strongest performance as artificial intelligence-related companies attracted renewed buying interest, while the broader S&P benchmark also advanced.

The Dow Jones Industrial Average continued its positive momentum, supported by improving sentiment across several sectors.

The stronger finish reflected growing confidence that economic activity remains resilient despite ongoing discussions surrounding inflation and monetary policy.

Technology continues driving global markets

Technology remained the standout sector overnight.

Artificial intelligence continues supporting demand for large technology businesses involved in:

• Semiconductor development
• Cloud computing
• Digital infrastructure
• Enterprise software
• Data processing

The renewed strength across global technology companies continues influencing market sentiment well beyond the United States, with Australian technology shares expected to remain closely watched throughout today's session.

Commodity markets deliver mixed signals

Commodity markets presented a mixed picture ahead of the Australian market open.

Copper and zinc strengthened overnight, reflecting ongoing interest in industrial metals supported by infrastructure spending and electrification trends.

Iron ore remained relatively steady, while precious metals experienced more subdued trading.

Oil prices eased modestly, highlighting continued uncertainty surrounding global energy markets and supply expectations.

These mixed commodity movements may influence trading across Australia's diversified mining and energy sectors.

Currency markets remain stable

The Australian dollar strengthened slightly against the United States dollar during overnight trading.

Currency movements continue influencing companies with significant international operations and overseas earnings.

Export-focused businesses, resource companies and globally diversified corporations often remain sensitive to changing foreign exchange conditions.

Today's currency movements will therefore remain an important consideration throughout the local trading session.

Artificial intelligence remains the dominant theme

Artificial intelligence continues shaping market leadership across global equity markets.

Companies linked to AI infrastructure, software development and digital transformation remain among the strongest performers internationally.

Australia's technology sector continues benefiting from this broader global trend as market participants assess businesses exposed to cloud computing, cybersecurity and enterprise software.

The AI theme remains one of the strongest structural drivers supporting technology valuations.

Resource stocks remain closely watched

Australia's resource sector is expected to remain active following overnight commodity movements.

Several important themes continue influencing mining companies:

Industrial metals

Copper and zinc continue benefiting from long-term infrastructure demand.

Iron ore

Steel production and construction activity remain important drivers.

Energy markets

Oil price movements continue influencing broader resource sentiment.

Critical minerals

Electrification continues supporting interest in strategic resource development.

Diversified miners will likely respond to changing commodity prices throughout today's session.

Economic data remains influential

Recent economic updates continue suggesting resilience across major global economies.

Market participants remain focused on:

• Inflation trends
• Employment conditions
• Central bank policy
• Consumer demand
• Business activity

These macroeconomic developments continue shaping expectations for financial markets worldwide.

Australian shares will likely continue responding to evolving international economic conditions.

Local market focus

Attention during today's Australian session is expected to centre on:

• Technology sector performance
• Resource company movements
• Commodity price reactions
• Corporate announcements
• Global market sentiment

These factors will collectively influence trading activity throughout the day.

Australian shares are expected to begin the session with support from stronger overnight global markets, particularly across the technology sector. While commodities delivered a mixed performance, improving international sentiment and renewed artificial intelligence enthusiasm may help underpin early trading activity. As global economic conditions continue evolving, today's session is likely to remain closely linked to international market developments.