US shares surge on tech rally and economic data watch

By Peter Milios | More Articles by Peter Milios

On Tuesday, shares surged, driven by a tech-fueled rally on Wall Street, with investors eyeing US corporate earnings and Australian inflation data for hints on the Reserve Bank’s future interest rate decisions. The S&P/ASX 200 Index rose 0.5%, extending the previous day's gain, while the All Ordinaries also climbed 0.5%. Despite mixed performances across sectors, tech stocks led the gains, exemplified by EML Payments rising 4.4% after Wilson Asset Management acquired a substantial stake.


The Dow Jones futures are pointing to a fall of 6 points.

The S&P 500 futures are pointing to a fall of 3 points.

The Nasdaq futures are pointing to a fall of 24 points.

The SPI futures are up 28 points.

Best and worst performers

The best-performing sector was Information Technology, up 1.73 per cent. The worst-performing sector was Energy, down 0.78 per cent.

The best-performing large cap was Cleanaway Waste Management (ASX:CWY), closing 15.77 per cent higher at $3.01. It was followed by shares in GQG Partners (ASX:GQG) and James Hardie Industries plc (ASX:JHX).

The worst-performing large cap was Brambles (ASX:BXB), closing 6.33 per cent lower at $14.64. It was followed by shares in Newmont Corporation (ASX:NEM) and Northern Star Resources (ASX:NST).

Asian markets

Japan's Nikkei has gained 0.30 per cent.

Hong Kong's Hang Seng has gained 1.66 per cent.

China's Shanghai Composite has gained 1.11 per cent.

Commodities and the dollar

Gold is trading at US$2,316.40 an ounce.

Iron ore is 0.6 per cent lower at US$116.85 a tonne.

Iron ore futures are pointing to a 0.3 per cent fall.

Light crude is trading $0.17 higher at US$83.02 a barrel.

One Australian dollar is buying 64.53 US cents.

About Peter Milios

Peter Milios is a recent graduate from the University of Technology - majoring in Finance and Accounting. Peter is currently working under equity research analyst Di Brookman for Corporate Connect Research.

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