Dow reaches record high; ASX set for positive start

US markets closed higher on Friday, with the Dow Jones Industrial Average hitting a new all-time high, closing at 44,296.51.

The S&P 500 also saw its fifth straight positive session, finishing at 5,969.34. However, gains were somewhat tempered by slides in tech giants Nvidia and Alphabet.

Looking at sector performance, energy stocks experienced a significant boost, spurred by rising tensions in the Ukraine-Russia conflict. This pushed Brent and West Texas Intermediate benchmarks 6 per cent higher last week. Conversely, base metals and iron ore prices dipped due to concerns about potential tariffs impacting Chinese demand.

In the currency markets, the Australian dollar gained 0.5 per cent last week, reaching 65.30 US cents, although it's down slightly this month.

Bitcoin also made headlines, nearing the US$100,000 mark, with some market analysts predicting it could reach US$150,000 before Christmas.

Turning to the ASX, futures indicate a positive opening on Monday, with the S&P/ASX 200 expected to gain 0.6 per cent or 52 points to 8445.8 from Friday's record closing high.

This bullish sentiment is likely driven by investor optimism surrounding the potential Trump administration, and the strong performance of energy stocks.

In company news, Air New Zealand expects its earnings before tax for the first half of FY25 to be between $NZ120 million ($107 million) and $NZ160 million, while also cautioning about a continued aircraft shortage due to maintenance delays.

Synlait Milk has raised its forecast base milk price for the 2024/2025 season to NZ$9.50 per kg milk solid (kgMS), an increase from NZ$9.00, driven by stronger global commodity prices.

Meanwhile, Afterpay-owner Block, which has a substantial Bitcoin exposure, experienced a 27 per cent increase this month.

Smartpay is due to release earnings release, and AGMs for Pro Medicus, Southern Cross Media, and Regal Partners.

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