Australian share futures are pointing to a muted start to Tuesday’s trading session, though US equities pressed higher as oil fell and data showed US manufacturing expanded at its fastest pace in more than four years in July.
S&P/ASX 200 futures were flat at 8970, after fluctuating between modestly lower and modestly higher. The S&P 500 was 1.5 per cent higher in New York as communication services leapt 4.3 per cent, pacing the advance of eight of 11 industry sectors.
Among the S&P 500’s biggest advancers were Oracle, Boeing and Meta Platforms. The US benchmark closed at 7600.5, within 21 points of setting a record high.
The Dow Jones Industrial Average closed at a record high, led by Boeing’s 8 per cent rise.
It was a stellar start to the week in New York, in particular for the magnificent seven megacap techs racing higher. Meta rose 6 per cent, and Microsoft rose 4.9 per cent. Amazon rose 4.6 per cent, lifting its market cap above $US3 trillion for the first time.
The Roundhill Magnificent Seven ETF rallied 3.7 per cent, extending its five-day rise to more than 8 per cent.
Source: https://www.afr.com/markets/equity-markets/s-and-p-500-rallies-1-5pc-on-megacap-tech-rebound-credit-corp-posts-12pc-profit-20260804-p60l4j