US sharemarkets rallied on Monday, with the Dow Jones Industrial Average closing above 52,000 for the first time as technology stocks led a broad-based advance.
The Dow rose 306.63 points, or 0.59%, to 52,182.74. The S&P 500 gained 1.18% to 7,440.43, while the Nasdaq Composite climbed 2.07% to 25,820.14.
Alphabet rose nearly 5% on its first day as a Dow component, while semiconductor stocks rebounded strongly after recent volatility. The VanEck Semiconductor ETF gained more than 3%, with Astera Labs surging about 16%, KLA rising roughly 12% and Applied Materials adding almost 11%.
Comcast also advanced 4.4% after announcing plans to separate its media and technology businesses into two publicly listed companies.
Markets also received support from stronger-than-expected economic data. US job openings rose to 7.594 million in May, the highest level in a year, while consumer confidence improved modestly as expectations for the months ahead strengthened.
Oil prices moved higher after the US and Iran agreed to pause hostilities and allow commercial shipping through the Strait of Hormuz, although uncertainty remains over the durability of the ceasefire.
Brent crude rose 1.61% to settle at US$73.15 a barrel, while West Texas Intermediate crude gained 2.2% to US$70.75.
Australian Market Outlook
Australian shares are expected to edge higher as the new financial year begins, following another strong session on Wall Street led by technology stocks.
S&P/ASX 200 futures are up 8 points, or 0.1%, to 8,784.
Investors will be watching May building approvals at 11.30am AEST for further insight into Australia’s housing market. Overseas, manufacturing data from Japan, the UK, the Eurozone and the US will also be closely monitored.
