Australian shares are set to open higher, bolstered by gains on Wall Street, a sharp drop in the oil price, and easing global bond yields. Bitcoin briefly topped $US87,000 late in New York.
ASX 200 futures were up 29 points or 0.3 per cent to 8809. At the close in New York, the S&P 500 was 1.5 per cent higher. Communication services leapt 3.9 per cent, while information technology advanced 2.5 per cent. Energy stocks slumped 2.6 per cent while oil briefly traded below $US100 a barrel.
The S&P 500 is now within 0.4 per cent of the record it set last month. The Nasdaq Composite reset its closing high at 27,122.09.
Meta Platforms surged, reflecting optimism about its Muse AI offering. Intel soared 12.1 per cent. A key semiconductor index was 4.3 per cent higher.
“We are preparing for market narrowing around quality large-cap US equities, amid headwinds for consumer-exposed cyclicals,” Morgan Stanley Wealth Management said in a note. “Financials, healthcare and some defensives fit the bill as overweights, along with select cloud-dominant hyperscalers.”
Source: https://www.afr.com/markets/equity-markets/asx-to-rise-wall-st-rallies-on-tech-oil-falls-20260922-p60zbi