The Australian market is set to open higher after the two day break — ASX futures are up 19 points or 0.2% to 8,217.
This follows a fairly flat session in the US overnight, with only light trading following the Christmas break.
The Dow Jones index gained 0.07%, the S&P 500 ended 0.04% lower and the Nasdaq lost 0.05%. This followed a three-day winning streak heading into Christmas.
With just a few trading days left in the year, the Nasdaq, S&P 500 and the Dow have now gained 33%, 26% and 14% respectively in 2024. Each of the three has hit multiple record highs this year in anticipation of a lower interest rate environment.
US Treasury yields rose overnight — the benchmark 10-year Treasury note hit its highest since early May at 4.64%.
This weighed on some of the major tech companies as Tesla, Amazon and Meta Platforms slipped. Yet Apple gained as it closes in on becoming the first company in the world to reach a US$4 trillion market cap.
Currencies
- The Aussie dollar is trading 0.3% lower at around US62.20 cents.
- The Japanese Yen is up 0.3% at 157.87 yen per US dollar
- The Euro lifted 0.14% to US$1.04
Commodities
Oil gave up earlier gains due to China stimulus hopes and an industry report showing lower US inventories. Brent crude was down 0.6% at US$73.12 a barrel.
Gold lifted on safe-haven demand as investors awaited further signals on the US economy's health and amid uncertainties around President-elect Donald Trump's policies. Spot gold gained 0.8% to US$2634.19.