AM 22 Jul 26: ASX set to climb, US markets rally
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Tech stocks drive US markets higher. The Aussie market set to rise at the open. And IPOs are back in vogue. But can it continue? Hello, good morning.
How did US tech earnings expectations drive overnight gains in the S&P 500 and Nasdaq?
I'm James Gruber. It's Wednesday, the 22nd of July. And this is the morning edition of the CompSec Market Update. Well, US tech shares rose for a second consecutive day, this time sending the S&P 500 and Nasdaq into the green. It comes as investors gear up for some big American tech earnings reports, with Alphabet tomorrow morning, Our Time, and most of the other magnificent seven companies releasing theirs next week. The The positive sentiment around share markets overnight came despite continued worries about the Iran war and the prospects for further escalation there. That concern lifted oil prices to five-week highs. The Middle East hostilities didn't stop most other commodities from climbing either, in good news for the Aussie market.
Now let's take a deeper look at what's happened with Aussie futures, commodities and currencies. The ASX is poised to open higher with index futures up 0.2%. Speaking of the ASX 200, yesterday it closed largely unchanged at $8,794. Financials ended 0.7% lower, with the big four banks falling between 0.4% and 1.2%. Healthcare stocks lost 1.1%, with CSL falling 1%. Miners ended 1.5% higher, snapping a three-day losing streak on higher copper prices, with BHP adding 1.3%. Today, there are likely to be further gains in resources companies tracking better commodity prices, while tech should also get a boost from improved sentiment on the Nasdaq overnight. On commodity markets, global oil prices climbed on worries that energy supply disruptions could worsen in the Middle East due to more attacks between the US and Iran and a threatened naval blockade of Saudi Arabia by Yemen's Houthis.
The Brent crude futures settled 2% higher at just above US$91 a barrel. Base metal prices were higher on Tuesday, US time. Copper futures hit their highest in more than six weeks, up 3.4%, lifted by firm demand in top consumer China and sharp declines in inventories. Meanwhile, aluminium futures rose 1.3%. Gold futures gained on hopes of a diplomatic breakthrough between the US and Iran, which could ease energy prices and temper expectations of a hawkish Federal Reserve. The futures settled 1.5% higher at US$4,076 an ounce. Meantime, iron ore futures edged down 0.1% as a rebound in Chinese port arrivals following the clearing of typhoon Bavi-related congestion added to concerns over swelling inventories.
Let's now take a deeper look at what's happened with currencies. They were mixed against the US dollar. The euro fell 0.1% to 1.1401 US dollars. The Japanese yen dropped 0.4% to 163.22 yen. And the Aussie dollar advanced 0.1% to just above 70 US cents. Let's head to Wall Street. The Dow Jones index finished up 0.7%, the S&P 500 gained 0.9%, and the Nasdaq added 1.3%. A closer look at the trading day there. U.S. share markets rose as a steep rally in semiconductor shares helped shift the focus away from the latest Middle East hostilities and tariff battles, while investors looked ahead to major technology earnings reports for clues on the future of the AI trade. Among the benchmark's 11 major industry sectors, information technology led the gains with a more than 2.4% rise.
The biggest decliner was consumer staples down 1%. The Philadelphia Semiconductor Index climbed more than 5%, with Micron rising 12%, Intel up 8.6%, and Marvel Technology adding 6.7%. 3M shares gained 7.3% after the industrial giant lifted its full-year profit forecast. Hasbro shares rallied 8.8% after it raised annual revenue and profit forecasts, betting on demand for its digital gaming and Magic the Gathering products. Danaher shares sank 11% after the life sciences firm trimmed its core revenue growth outlook and reported weaker-than-expected revenue in its biotechnology business. MSCI shares tumbled 10% after the index provider raised its full-year operating expense forecast despite better-than-expected quarterly revenue.
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Chapters
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1 identifiedMore from CommSec Market Update
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