Australian shares are set to open higher, bolstered by gains in New York as tech rebounded, as progress was made towards ending the US federal government shutdown.<\/p>\n
Communication services and information technology paced 10 of the 11 S&P 500 Index industry sectors higher. Nvidia rallied 5.5 per cent near 3.20pm. Alphabet was 4 per cent higher. All seven of the megacap techs advanced.<\/p>\n
\u201cWhen it comes to technology, it doesn\u2019t appear to us like the time has come to give up on chips and AI and instead search the desk for the abacus and the slide rule,\u201d Oppenheimer & Co chief investment strategist John Stoltzfus said in a note. \u201cTechnology remains deeply embedded in the lives of both business and the consumer \u2013 and we\u2019re all on the upgrade cycle whether we like it or not.\u201d<\/p>\n
Wedbush Securities\u2019 Dan Ives said he expects tech stocks to rise another 8 per cent to 10 per cent before the end of the year. \u201cWe believe Nvidia\u2019s earnings next week will be another major validation moment for the AI revolution.\u201d<\/p>\n
Market highlights<\/p>\n
ASX 200 futures are pointing up 47 points or 0.5 per cent to 8895.
All US prices near 3.20pm New York time.<\/p>\n
AUD +0.7% to US65.39\u00a2Bitcoin +1.5% to $US106,126On Wall St: Dow +0.8% S&P +1.6% Nasdaq +2.3%VIX -1.33 to 17.75Gold +2.7% to $US4108.16 an ounceBrent oil +0.7% to $US64.06 a barrelIron ore +0.9% to $US102.15 a tonne10-year yield: US 4.11% Australia 4.39%Today\u2019s agenda<\/p>\n
Results expected on Tuesday include CBA and Bendigo and Adelaide Bank.<\/p>\n
Among the annual meetings scheduled for today: Coles Group, Abacus Storage King, Cromwell Property Group, Downer EDI and Goodman Group. TPG will hold an extraordinary general meeting.<\/p>\n
In terms of data, there will be private reports on consumer confidence as well as business confidence and conditions. Across the Tasman, fourth-quarter inflation expectations are scheduled. <\/p>\n
Top stories<\/p>\n
\u2018Catastrophic\u2019 failure delays massive $1b Waratah super battery<\/a> | The BlackRock-owned development is the largest storage project in the world and a key part of the transition away from coal power.<\/p>\n ANZ\u2019s Matos promises to catch his bigger mortgage rivals within months<\/a> | Investors appeared to embrace his plans to overhaul the bank, sending shares to record levels despite a loss of market share and a deep slump in profits.<\/p>\n New merger laws \u2018put deals at risk\u2019<\/a> | The ACCC has received double the number of merger notifications expected, with investors calling for the thresholds to be refined before the system is mandatory.<\/p>\n