Good morning, and welcome to the ABC’s finance blog \u2014 and the new financial year!<\/p>\n
I’ll be guiding you through the latest market action for the next few hours.<\/p>\n
And it looks like\u00a0 the\u00a0local share market\u00a0will have another quiet start to its day.<\/p>\n
ASX futures,\u00a0which are a rough indicator of how the market may open, have risen by just 0.1%. So it suggests the market will open either flat, or slightly higher.<\/p>\n
The Australian dollar\u00a0has recovered slightly to 69.2 US cents, but is still down 3.4% over the past month.<\/p>\n
AI frenzy drives Wall Street higher\u00a0<\/p>\n
The ‘AI trade’, meanwhile, continued to push\u00a0Wall Street’s industrial stock index\u00a0to new record highs.<\/p>\n
Once again, it seems technology stocks with any kind of connection to artificial intelligence rallied overnight, including Nvidia (2.6%), Apple (+2.7%), SpaceX (+4.1%), AMD (+7.7%), Sandisk (+10.9%) and Intel (+6%).<\/p>\n
So today investors were feeling incredibly bullish, and not at all bothered by concerns that many of these companies might be overspending on AI investments \u2014 which may take many years before there’s a return on investment (if it even happens at all).<\/p>\n
Nevertheless, the\u00a0Dow Jones\u00a0Industrial Average rose 0.3% to 53,219 points, its highest-ever closing figure.<\/p>\n
The benchmark S&P 500 and tech-heavy Nasdaq Composite indexes gained 0.8% and 1.5% respectively.<\/p>\n
Anyway, please grab a coffee, tea or whatever you normally have in the morning, and I’ll have more updates for you shortly!<\/p>\n","protected":false},"excerpt":{"rendered":"Good morning, and welcome to the ABC’s finance blog \u2014 and the new financial year! I’ll be guiding…\n","protected":false},"author":2,"featured_media":547294,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[2001,64,29217,63,99,2003,2005,5284,160,171,2007,19136,2008,5463,29218,1491],"class_list":["post-770966","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-asx","tag-au","tag-aud","tag-australia","tag-business","tag-dollar","tag-dow-jones","tag-gold","tag-live-blog","tag-markets","tag-nasdaq","tag-oil","tag-sp","tag-sp-500","tag-usd","tag-wall-street"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/770966","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=770966"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/770966\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/547294"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=770966"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=770966"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=770966"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}