Australian shares are set to open higher, tracking gains in New York after the S&P 500 closed just short of its all-time high. A broad rally was driven by communication services and energy stocks.
The benchmark US index has rallied nearly $15 trillion from its April lows. The S&P 500 closed at 6141.02 on Thursday (Friday AEST) compared to its February 19 peak of 6144.15. Wall Street’s volatility gauge extended its collapse, falling as low as 16.11 – it spiked above 52 in early April.
Nvidia extended its recent rally, briefly lifting its market cap to more than $US3.8 trillion, though Meta Platforms and Amazon paced the mega technology stocks higher with 2.5 per cent and 2.4 per cent gains, respectively.
Source: https://www.afr.com/markets/equity-markets/asx-to-rise-s-and-p-500-poised-for-record-closing-high-20250627-p5map0