WATCH: US Stocks Rally: ASX to Open Higher
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US stocks rallied overnight, led by the industrial and real estate sectors. However, tech stocks faltered, with Apple down nearly 4% on concerns about iPhone sales.
The Dow Jones Industrial Average surged 537.98 points, or 1.24%, closing at 44,025.81. The S&P 500 increased by 0.88%, finishing at 6,049.24, while the Nasdaq Composite advanced 0.64%, reaching 19,756.78.
Shares of Netflix surged more than 10% after the company reported earnings that exceeded expectations on both revenue and profit following Tuesday’s closing bell. Netflix surpassed 300 million paid memberships, marking a record addition of 19 million subscribers. The company attributed the growth to its content offerings, enhanced product features, and typical seasonal boosts during the fourth quarter.
The AUD dollar slipped slightly overnight, but is trading higher this morning at US$0.6266. Key commodities also saw movements, with iron ore continuing its upward trend, rising 0.9% to US$104.80. Gold also rallied, gaining 1.3% to US$2742.93 an ounce, following the announcement of the US Securities and Exchange Commission’s cryptocurrency taskforce. Bitcoin followed the same positive trend, rallying 2% to US$106,074.
Looking at the local market, the SPI futures are pointing to 0.4 per cent rise.
On the economic front, economists are closely watching inflation figures from New Zealand today, expecting a rise to 2.3% annually.
In company news, Regal Partners reported a 63.7% increase in assets under management in 2024, driven by widespread gains.
Endeavour Group is facing scrutiny as internal figures suggest the true cost of its 2021 split from Woolworths may be higher than initially reported. Investors will be watching closely for further developments and any potential impact on the company’s performance.
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Source: Finance News Network
