The Australian share market is up today, gaining 58.50 points or 0.73% to 8,017.80 and setting a new 100-day high.
Leading the way were Nanosonics Ltd and Mirvac Group, up 7.62% and 3.98% respectively.
Over the last five days, the index has gained 2.29% and is currently 0.44% off its 52-week high.
Every sector was up across the board after lunch, running the gamut from Industrials, up by just 0.16%, to Information Technology, which was up by 1.30%.
Investors chase small caps
At the end of last week, the Russell 2000 was up 6%, the Dow Jones rose 1.59%, the S&P500 gained 0.86% and the Nasdaq rounded out the week -0.30% lower.
US equity markets were up on Friday, led by the Russell 2000, as investors chased small caps highly leveraged to Fed rate cuts that have significantly underperformed the broader market this year.
IG chief analyst Tony Sycamore noted: “Big banks' earnings released on Friday night met with disappointment as higher financial costs weighed on consumers and businesses.
“Citibank fell 1.8% to $64.52, Wells Fargo finished 6.02% lower at $56.54, and JP Morgan fell 1.21% to $204.94.
“This week brings earnings reports from companies, including Bank of America, Blackrock and Netflix.
"Aside from earnings, the main points of interest will be retail sales (Tuesday night) and a speech from Fed Chair Powell early Wednesday morning.”
The five at five
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On your six
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Iondrive advances PFS with benchmarking and engineering studies
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