Tech stocks lead ASX gains, tracking Wall Street advance
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The news: Tech stocks led gains on the ASX, tracking advances by tech companies on Wall Street on Friday.
The numbers: The biggest tech stocks WiseTech (1.51%), Xero (2.27%), Technology One (0.69%), NextDC (0.23%) and Life360 (1.07%) all rose.
Technology (1.64%) was the best performing sector while the wider ASX 200 edged 0.09% higher by 1:00pm AEDT.
The context: Nearly all of the so-called 'Magnificent Seven' tech giants climbed on Wall Street on Friday, led by Tesla (8.2%), Nvidia (4.5%) and Amazon (1.8%).
US tech stocks advanced as Mike Johnson was reelected as House speaker, a move that was seen to unite Republicans behind the deregulatory agenda of President-elect Donald Trump.
Elsewhere, one of the world's largest tech events, CES, kicks off in Las Vegas this week. Nvidia founder and chief executive Jensen Huang will deliver a keynote on Tuesday afternoon AEDT, with X Corp CEO Linda Yaccarino, Accenture chair and CEO Julie Sweet and Waymo co-CEO Tekedra Mawakana also on the bill for addresses.
