Nasdaq Extends Rally Amid AI Momentum; ASX Futures Hint at Early Losses

January 23, 2025 11:32 AM AEDT | By Team Kalkine Media

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Nasdaq Extends Rally Amid AI Momentum; ASX Futures Hint at Early Losses — Image source: shutterstock

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Highlights

Nasdaq climbs 1.3% on robust AI and tech developments.

Netflix (NASDAQ:NFLX) soars 9.7% after strong Q4 earnings.

ASX futures suggest a 0.4% dip at today’s opening.

Global markets remained active overnight, led by a notable rally in the Nasdaq, which surged 1.3%, equivalent to a 252-point gain. The upward momentum was driven by investor optimism around AI-related developments and solid corporate performances. Meanwhile, ASX Futures indicate early losses of 0.4%, projecting a downbeat start for the Australian share market.

In the U.S., President Biden's recently announced multi-billion-dollar AI initiative fueled a boost in tech stocks. Oracle (NYSE:ORCL) jumped 6.7%, reflecting its inclusion in the new "Stargate" AI funding program. Similarly, Dell Technologies (NYSE:DELL) rose 3.6% and Micro Computer (NYSE:MCPR) gained 4.4%, riding the wave of AI optimism.

Notably, Netflix (NASDAQ:NFLX) made headlines after delivering an impressive Q4 earnings report, sending its stock up by 9.7%. This performance also elevated the S&P 500 communication services sector by 1.1%. Microsoft (NASDAQ:MSFT) and Nvidia (NASDAQ:NVDA), both beneficiaries of the AI boom, recorded gains of 4.1% and 4.4%, respectively.

The broader U.S. indices mirrored the tech-heavy Nasdaq's positive movement. The Dow Jones Industrial Average edged 0.3% higher, adding 131 points, while the S&P 500 climbed 0.6%.

European markets exhibited a mixed trend as key benchmarks touched record highs. The primary European index rose 0.4%, bolstered by Adidas (ETR:ADS), which advanced 6% following strong Q4 results. However, the UK FTSE 100 closed slightly lower despite touching new highs earlier in the session.

Commodities and Currencies

The commodity market saw fluctuations amid potential tariff risks. Brent crude oil dropped 0.4% to $79.00 per barrel, while U.S. Nymex crude fell 0.5% to $75.44. Precious metals held their ground, with gold futures climbing 0.4% to $2,770.90 an ounce.

In the currency arena, the euro slightly strengthened to $1.0410, while the Australian dollar moved up to $0.6275.

Small Caps Lead Locally

Australian small caps outperformed yesterday, with the ASX Small Ordinaries gaining 0.49%. Key developments included Brightstar Resources (ASX:BTR) reporting exceptional gold grades, Nova Minerals (ASX:NVA) uncovering high-grade gold in Alaska, and International Graphite (ASX:IG6) securing $2 million in funding from the Western Australian government.

The stage is set for another dynamic trading day, with investors eyeing opportunities amidst global tech strength and local developments.

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