Tech Rally Fuels Market Recovery: ASX set to rise

29Jan

Tech Rally Fuels Market Recovery: ASX set to rise

[videojs_video url=’https://du7x25at22z7c.cloudfront.net/BW_29012025_v1/single_720p.mp4′ poster=’http://www.finnewsnetwork.com.au/newssystem/seqcmsfiles/2025/01/LlHAewFrMB3UNvGbmMEV_1920x1080_97491.jpg’]

 

US stocks rose on Tuesday, recovering some of the losses from a sell-off triggered by the emergence of Chinese AI startup DeepSeek, which rattled tech shares.

The S&P 500 climbed 0.92% to 6,067.70, with technology stocks leading the way. The Technology Select Sector SPDR Fund (XLK) jumped more than 2%, bouncing back from a 4.9% loss on Monday. The Nasdaq Composite surged 2.03% to 19,733.59, rebounding from a 3.1% drop the previous day. The Dow Jones Industrial Average gained 136.77 points, or 0.31%, reaching 44,850.35.

Nvidia shares surged 8.8% overnight, recovering from a previous 16% drop. Apple gained 3.6% overnight, contributing to the overall tech rally. Salesforce saw a 3.7% increase in its share price overnight.

Oil prices rose, after the White House reiterated plans to impose tariffs on Canadian imports. Meanwhile, Bitcoin fell slightly but saw some recovery.

Turning to Australian markets, ASX futures are pointing to a positive start, up 0.4% or 34 points.

Local investors are keenly awaiting fourth-quarter CPI data at 11:30 am. Confirmation that inflation is cooling faster than the Reserve Bank has forecast could open the door to a potential rate cut as early as next month. The Federal Reserve is expected to keep rates on hold, with a statement due at 6:00 am on Thursday.

Significant corporate activity will be underway today, with key quarterly reports anticipated from Perseus Mining, Whitehaven Coal, 29Metals, Atlas Arteria, BCI Minerals, and Boss Energy.

In the acquisition space, Cerberus Capital Management has made its interest known in acquiring some of Star Entertainment’s debt. Finally, shareholders of Sigma Healthcare and Chemist Warehouse are preparing to approve their proposed merger today.


Copyright 2025 – Finance News Network

Source: Finance News Network

Share this post

Related Posts

06Mar

Nasdaq pulls back after steep declines from big tech names

06 Mar 2024 - US stocks fell for a second session Tuesday, as steep declines in major tech names such as Apple dragged the broader market further from the record highs recently reached.

Read More
10May

Softer jobless claims push US stocks higher

10 May 2024 - US markets rallied on Thursday following a rise in jobless claims that rekindled investor hopes that the Fed will cut rates in the second half of this year.

Read More
02Jan

Housing market recovers faster than expected: Aus shares close 0.1% higher

02 Jan 2020 - The ASX 200 opened lower, had a tumultuous start to the day but managed to stabilise over the afternoon after housing market data indicated a faster recovery than expected. Diversified mining explorer and producer, Independence Group (ASX:IGO) is granting all Panoramic (ASX:PAN) shareholders who accepted their hostile takeover offer the right to withdraw their acceptance.

Read More
01Mar

Senex (ASX:SXY) sells Cooper Basin business to Beach Energy: ASX closed 1.7% higher

01 Mar 2021 - It has been a positive day of trade for the ASX. After opening in the black the local bourse managed to close 1.7% higher, that’s 116 points up, to finish at 6,790. Austal (ASX:ASB) shares rose on a new US navy contract. Fortescue Metals Group (ASX:FMG) shares dropped lower today. Senex Energy (ASX:SXY) has completed the sale of its Cooper Basin business to Beach Energy.

Read More
17Dec

Nasdaq hits record high, Dow extends longest losing streak since 2018

17 Dec 2024 - The Dow Jones Industrial Average fell for an eighth consecutive session—its longest losing streak since 2018. In contrast, the Nasdaq Composite surged to a new all-time high, driven by gains in major tech stocks.

Read More
28Feb

Dow plunges: ASX poised to open lower

28 Feb 2020 - The ASX looks set to plunge this morning after volatile trading in the US as reports the coronavirus may be spreading to America. Both the Dow and the S&P 500 had their worst day since February 2018 while the Nasdaq posted its biggest one-day loss since August 2011. Employee experience software company Limeade (ASX:LME) reports NPAT up 26 per cent.

Read More
27Feb

Link Administration (ASX:LNK) help push tech sector lower: ASX closed 0.8% lower

27 Feb 2020 - The ASX closed 0.8% lower - another day ending in the red. Adelaide Brighton (ASX:ABC) shares did well today as a number of analysts upgraded them. Link Administration (ASX:LNK) shares fell after their company released their half-year results. Digital medication management company MedAdvisor (ASX:MDR) reported record operating revenue of $4.4 million, up 14.4% on the pcp.

Read More
11Sep

Consumer sentiment falls in September: ASX tracking 0.2% higher at noon

11 Sep 2019 - The ASX rose at the open and after an earlier push is now tracking 0.2% higher at noon. Unibail Rodamco Westfield (ASX:URW) is the index's best performer so far, up over 6%. The Materials sector is leading the way and the Infotech sector trailing behind in the first two hours of trade. Red Sky Energy (ASX:ROG) has executed a Farm Out Agreement and will enter into a Joint Operating Agreement with Santos (ASX:STO).

Read More
13Nov

Tesla to build fourth ‘Gigafactory’: Aus shares to open higher

13 Nov 2019 - Aus shares to open higher. Fortescue Metals Group Ltd (ASX:FMG) has entered into a $6 million Paterson Farm In and joint venture with Carawine Resources (ASX:CWX).

Read More
09Mar

Afterpay (ASX:APT) shares take a hit: ASX tracking 1% higher at noon

09 Mar 2021 - The Australian share market opened higher and is now tracking 1% higher at noon. The S&P/ASX 200 index is 70 points up at 6,810. On the futures market the SPI is 64 points higher. Mesoblast (ASX:MSB) completed its $138 million private placement led by a strategic US investor group.

Read More