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Highlights
US job openings defy expectations, lifting major indices
Nvidia edges closer to the top spot in global market value
Australian GDP data release expected to influence local sentiment
The US markets delivered a buoyant performance overnight, with major indices including the Dow Jones, Nasdaq Composite, and S&P 500 rising. This uplift helped set a positive tone for the local session, with the ASX 200 futures pointing to a firm open. Indexes in Europe also closed higher, including the UK FTSE, Euro Stoxx 50, German DAX, and French CAC.
The gains were fuelled by fresh labour data out of the US, with job openings defying forecasts by increasing. This eased fears around economic slowdown related to recent trade policy developments. The sustained resilience in job figures has moderated concerns that elevated tariffs could suppress growth.
Nvidia’s market surge continues
Chipmaker Nvidia (NASDAQ:NVDA) continued its rally, increasing its valuation significantly in recent weeks. Despite facing export restrictions to China, the company remains on an upward trajectory and now stands just behind Microsoft in terms of global market value.
Recent product announcements, including high-performance networking chips, have played a role in propelling the company forward. Broadcom (NASDAQ:AVGO) also reached new highs as it benefits from the same AI-driven demand upswing.
Tech sector underpins gains
The technology sector once again led Wall Street's charge. Alongside Nvidia and Broadcom, trading platform Robinhood (NASDAQ:HOOD) surged to a record high. The renewed investor confidence in tech stocks reflects a broader preference for growth names amid stable monetary policy expectations.
The job market data allowed room for optimism regarding future interest rates, with hopes that the Federal Reserve will remain cautious on hikes. These developments continue to favour sectors with higher sensitivity to rate settings.
Tariff changes add trade uncertainty
New developments on the trade front saw former US President Donald Trump formalise an increase in tariffs on steel and aluminium imports. The changes double existing duties and come as part of broader trade discussions ahead of key international deadlines.
The impact of these shifts remains a point of concern across markets, particularly for global manufacturers and commodity-linked sectors. At the same time, commentary around national fiscal issues added a layer of caution, with warnings issued over budget deficits.
Focus turns to Australia’s GDP report
Local attention today will centre on the release of Australia’s GDP figures for the March quarter. The report, scheduled for late morning, comes amid revised growth forecasts from global bodies.
The Organisation for Economic Co-operation and Development has lowered its growth expectations for the country, citing housing constraints and environmental challenges. Recommendations have been made around zoning reforms and infrastructure investments.
While today's number is anticipated to reflect subdued activity, broader discussions are focusing on long-term growth drivers beyond monetary easing and resource reliance.
Commodity, currency, and crypto update
In commodities, iron ore and oil prices held firm in overnight trade, supported by demand signals out of Asia and supply-related headlines.
The Australian dollar remained relatively stable against major peers, showing minimal reaction to the economic developments offshore.
In the digital assets space, leading cryptocurrencies saw marginal movement, with overall sentiment steady amid limited regulatory headlines.
