Tech stocks surge nearly 2%, tracking Nasdaq rally
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More news: Tech stocks advanced in morning trade, tracking gains by the Nasdaq overnight.
Technology, up 1.9%, was the best performing sector at 12:20pm AEDT. The ASX 200 index was up 0.6%.
The market's five largest tech stocks — WiseTech Global (2%), Xero (2.1%), Technology One (1.2%), NextDC (0.9%) and Life360 (6.2%) — were all trading higher.
It followed a 2.3% surge by the Nasdaq index overnight, as each of the so-called 'Magnificent Seven' stocks gained amid reports that new US levies from 2 April may exclude a set of sector-specific tariffs.
ASX to open higher as Wall Street rallies on tariff hopes
The news: The Australian sharemarket is set to open higher, tracking solid gains on Wall Street amid hopes of a more measured approach by US President Donald Trump to tariffs on trading partners.
The numbers: Updated at 7.25am AEDT:
- ASX futures: up 36 points or 0.45% at 8,020 points
- Wall Street: Dow Jones up 1.42%, S&P 500 up 1.76%, Nasdaq up 2.27%
- Europe: FTSE 100 down 0.10%, CAC 40 down 0.26%, DAX down 0.17%
- Spot gold: down 0.34% to USD3,011.84 per ounce
- Oil prices: Brent up 1.30% to USD73.10/bbl, US WTI up 1.35% to USD69.20/bbl
- AUD: up 0.26% at 62.88 US cents
- Bitcoin: up 2.66% to USD88,310.13.
The context: All three major US stock indices saw gains, led by Nvidia and Tesla, amid media reports that Trump’s anticipated broad levies starting April 2 would exclude a set of sector-specific tariffs. A Trump administration official cautioned the situation was fluid and no final decisions had been made. Several companies have cited tariff uncertainty as they lowered their forecasts for upcoming quarters. Meanwhile, investors are awaiting the Personal Consumption Expenditure (PCE) price index - the Federal Reserve's preferred inflation gauge - later this week.
What to watch: Federal Treasurer Jim Chalmers will hand down the Albanese government's pre-election budget at 7.30pm; fireside chat by RBA Assistant Governor Brad Jones at the Australian Payments Plus Beyond Tomorrow event in Sydney.
The source: Bloomberg
