The S&P500 is reaching for a record high, with the IT sector surging after President Trump’s AI infrastructure plan.
Meanwhile Myer shareholders are preparing to vote on a merger with Premier, which includes fashion brands such as Portmans and Just Jeans.
Follow the day’s financial news and insights from our specialist business reporters on our live blog.
Disclaimer: this blog is not intended as investment advice.
Key Events
Market snapshot
- ASX SPI 200 futures: -0.2% to 8396 points
- Australian dollar: 62.78 US cents
- On Wall St: Dow +0.4%, S&P 500 +0.8%, Nasdaq +1.4%
- Spot gold: +0.4% at $US2755/ounce
- Brent crude: -0.4% at $US78.98/barrel
- Iron ore: +0.7% at $US104.65/tonne
- Bitcoin: -2.1% at $US104,516
(Prices current at approximately 7:15am AEDT)
Live updates on the major ASX indices:
AI frenzy drives tech rally on Wall Street
So what’s behind that surge on US markets? IT stocks on the S&P500 and the NASDAQ have been buoyed by President Trump’s $100b AI infrastructure announcement, in partnership with Softbank, Oracle, OpenAI and others. Though Elon Musk (unofficial Presidential Bestie) has reportedly cast doubt on the plan, saying some of the firms “don’t actually have the money”.
Despite some characteristic off the cuff remarks on tariffs from the US president, the Euro, Aussie dollars and Chinese renminbi were unfazed. (Mr Trump suggested a 10% tariff on China and tariffs on the EU: “they treat us very very badly, so they’re going to be in for tariffs”)
February 1 has been set as the date for the new tariffs so watch this space
S&P reaches for record high, while Myer votes on Premier
Good morning and welcome to the ABC’s markets blog. ASX futures are pointing down but over on Wall Street, the S&P500 is looking toward a new record high, up 1.5% on the week. The NASDAQ isn’t far behind.
Bitcoin is down after hitting a new record on Monday when Donald Trump took the reins (again) as President.
Back home we are gearing up for a big day with quarterly results due from Fortescue and a vote by Myer shareholders on the proposed merger with Premier Investments’ Apparel Brands.
We will bring you updates on all of that here today, so settle in and grab a coffee
