WATCH: US Stocks Rally for First Weekly Gain of 2025: ASX to open higher

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US stocks rose o n Friday, marking the first weekly gain of the new year for the three major indexes.

The Dow Jones Industrial Average climbed 334.70 points, or 0.78%, closing at 43,487.83. The S&P 500 gained 1%, finishing at 5,996.66, and the Nasdaq Composite rose 1.51%, ending at 19,630.20.

For the week, the Dow and S&P 500 rose by 3.7% and 2.9%, respectively. Both indexes recorded their largest weekly gains since the week of the U.S. presidential election in November. The Nasdaq gained 2.5% for the week, marking its best one-week performance since early December.

Big tech stocks saw significant gains, with Tesla shares jumping 3%. Nvidia, the chipmaking giant, surged 3.1%, while Alphabet’s stock added more than 1%.

Bitcoin also saw a substantial surge, up over 5% to US$106,020.80.

In commodities, the benchmark Singapore iron ore futures contract rose 1.3% to US$104.00 a tonne, reflecting global demand and supply dynamics.

Looking at the local markets, SPI futures suggest a positive start for the ASX 200, predicted to rise 0.3% or 28 points to 8,317 on Monday morning.

Today’s session is expected to follow the global trend, with investors keenly watching for any cues on the impact of Trump’s inauguration.
The ASX has rallied more than 2% since Mr. Trump’s election victory in November. However, the recent cautious tone expressed by AMP chief economist Shane Oliver cautions against unreserved optimism, citing the mixed nature of the incoming administration’s policies.

The Aussie dollar, however, is hovering near a four-year low against the US dollar, partially due to concerns about Chinese economic growth.

In business news, the Macau gambling sector continues to be a focus, with investors scrutinising the investment of Xingchun Wang, a coal magnate. His involvement raises questions about the motivations behind his investments. This has implications for the Australian gambling industry, as the Chinese special administrative region can significantly influence this market.