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Highlights
- ASX expected to rise following Wall Street’s recovery.
- Gold prices breach the US$3,000 per ounce milestone.
- Energy and healthcare stocks drive European market gains.
The Australian share market is positioned for a higher opening, taking cues from Wall Street’s notable rebound after enduring a series of losses. The US market witnessed a turnaround, with major indices recovering as investors reacted to economic data releases and shifting sentiment around global market conditions.
Wall Street Recovery and Key Stock Movements
On Monday, the US share market saw gains across all major indices, putting an end to weeks of decline. The Dow Jones surged by 353 points (0.9%), while the S&P 500 climbed 0.6%, and the Nasdaq added 55 points (0.3%). This rebound came as investors reassessed economic data and shifted their focus toward key market sectors.
Several stocks saw notable movements, including Intel (NASDAQ:INTC), which gained 6.8% amid reports of strategic changes under the incoming CEO. The surge in quantum computing stocks was another highlight, with D-Wave Quantum (NYSE:QBTS) and Quantum Corp (NASDAQ:QMCO) posting gains of 10.2% and 40.1%, respectively, ahead of Nvidia’s (NASDAQ:NVDA) highly anticipated AI-focused conference.
Meanwhile, Tesla (NASDAQ:TSLA) continued its downward trend, sliding another 4.8% following an adjustment in its stock valuation. Robinhood (NASDAQ:HOOD) saw a 7.1% rise after unveiling a new prediction markets hub.
Gold Surpasses US$3,000 Per Ounce Amid Market Shifts
A major development in the commodities sector was gold crossing the US$3,000 per ounce threshold. Futures contracts for the precious metal rose by 0.2%, settling at US$3,006.10 per ounce. Spot gold hovered near US$3,001 at the US close, as investors closely monitored trade developments and Federal Reserve policy signals.
Oil prices also edged higher as geopolitical tensions and economic indicators pointed to potential shifts in demand. Brent crude climbed by 0.7% to US$71.07 per barrel, while US Nymex crude increased by 0.6% to US$67.58 per barrel.
European Markets Gain on Energy and Healthcare Strength
European markets extended their upward momentum for a second consecutive session, driven by advances in energy and healthcare stocks. The FTSEurofirst 300 index rose by 0.8%, while London’s FTSE 100 gained 0.6%. The oil and gas sector saw a 1.5% boost, fueled by rising crude prices, while healthcare stocks recorded their fourth consecutive day of gains.
Looking Ahead: Key Economic Indicators and ASX Market Outlook
The Australian market will closely watch the upcoming speech from Reserve Bank of Australia (RBA) Assistant Governor Sarah Hunter, which could provide insights into monetary policy direction. Several ASX-listed companies, including Credit Corp (ASX:CCP), Reece (ASX:REH), and SEEK (ASX:SEK), are set to trade ex-dividend. Meanwhile, New Hope (ASX:NHC) is scheduled to release its earnings report.
In the US, investors are preparing for key economic data releases, including industrial production figures, housing starts, building permits, and import/export price data. Nvidia’s (NASDAQ:NVDA) CEO, Jensen Huang, is also set to deliver a widely anticipated keynote address at the GPU Technology Conference (GTC), where AI-related announcements are expected to capture market attention.
With multiple economic events unfolding and global markets showing signs of resilience, investors will be keeping a close eye on the ASX’s reaction to these developments in the trading session ahead.
