ASX set to jump as Wall Street rallies; Nvidia tumbles amid ‘Chinese spy’ probe; Oil falls
The stock market is rallying and recovering more of its big loss from last week as oil prices swing lower. The strength came even though Nvidia, one of Wall Street’s most influential stocks, sank.
The stock market is rallying and recovering more of its big loss from last week as oil prices swing lower. The strength came even though Nvidia, one of Wall Street’s most influential stocks, sank.
The S&P climbed 2.3 per cent and was on track for a second straight gain following a wipeout on worries that Democratic victories in the US midterm elections could lead to a slowdown in the construction of AI data centres. Despite its manic recent swings, the main measure of Wall Street’s strength is sitting only 3.8 per cent below its all-time high set last month.
The Dow Jones Industrial Average was up 1,043 points, or 2 per cent, in early afternoon trade, and the Nasdaq composite was 2.6 per cent higher. The Australian sharemarket is set to jump, with futures at 4.51am AEDT pointing to a rise of 75 points, or 0.8 per cent, at the open. The ASX edged up 0.9 per cent on Monday. The Australian dollar was stronger at US69.13¢.
Stocks broadly got a lift from a 4.8 per cent drop for the price of a barrel of Brent crude to $US93.59. It’s been coming down from more than $US112 at the start of the month amid uncertainty about what will happen with the war with Iran.