Tech Stocks Drive Gains on Wall Street and ASX200

October 09, 2024 12:34 PM AEDT | By Team Kalkine Media

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Tech Stocks Drive Gains on Wall Street and ASX200 — Image source: shutterstock

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Highlights

Tech stocks lead Wall Street and ASX200 gains.

Nvidia, Apple, and Microsoft show strong performance.

Resource companies report promising findings.

A recent rally in tech stocks has pushed both Wall Street and the ASX200 to higher ground. Wall Street saw notable gains, with key indices benefiting from the robust performance of major technology companies.

The S&P 500 and Nasdaq 100 made strong advances, with companies like Nvidia (NVDA) continuing its upward momentum. Nvidia saw a solid increase, alongside gains from other tech giants such as Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), and Meta (META). This tech resurgence follows some previous declines, marking a positive shift for the sector.

Australian Tech Stocks Also Benefit

Following the positive movement in U.S. markets, the ASX200 is expected to open higher, mirroring the enthusiasm in tech stocks globally. This boost comes as Australian markets react to Wall Street's strength, particularly in the technology sector.

Promising Discoveries in the Resources Sector

In the resources space, Equinox Resources Ltd (EQN.AX) has announced significant findings at its Mata da Corda project in Brazil. The company’s drilling results have confirmed a notable rare earth titanium discovery, which is likely to attract attention.

Helix Resources Ltd (HLX.AX) has also shared promising updates, reporting high-grade gold extensions from rock samples in its Muriel Tank project in New South Wales. These developments continue to position the Australian mining sector as a key player in global resource exploration.

Commodities and Currency Movements

In commodities, iron ore prices remain stable, while gold continues to trade positively. However, oil prices have dipped, with Brent crude and natural gas seeing slight declines. Meanwhile, the Australian dollar maintains steady ground against the U.S. dollar.

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