Morning traders. Thanks loungers, especially @Ravgnome.
Outlook for the day: Positive after Nvidia's bullish revenue forecast triggers a fierce tech-led rally on Wall Street.
ASX futures: up 32 points or 0.42%
Overnight themes:
US stocks hit fresh highs as a knockout revenue result from tech darling Nvidia reignites confidence in the prospects for Artificial Intelligence applications and hardware.
The Dow and S&P 500 set new records. The Nasdaq has its best session in 12 months, rallying nearly 3% and breaking a three-session losing run.
Chip-maker Nvidia flies up 16.4% after forecasting revenues will increase threefold this quarter as demand for AI chips takes off. Other chip-makers also see strong gains. AMD gains 10.69%. Arm Holdings rallies 4.17%. The Philadelphia Semiconductor Index rises almost 5% to at an all-time high.
"The whole package of Nvidia's reporting lends a bedrock of credibility for other AI and technology companies as it clearly appears that Nvidia and AI are here to stay" - Andre Bakhos, president of Ingenium Analytics (per Reuters).
The Dow breaks 39,000 for the first time. IBM, Microsoft and Apple are prominent among the drivers. Amazon shares climb 3.55% after S&P Dow Jones Indices announces the online retailer will replace Walgreens on the 30-company blue-chip average next week.
Growth sectors outperform. The S&P tech sector soars 4.35%, consumer discretionary 2.19% and communication services 1.61%. Utilities is the night's only losing sector, falling 0.77%
The Russell 2000 index of small caps trails the big end of the market with a rise of 1.02%.
Nickel jumps back above US$17,000 a ton after the White House announces plans for fresh sanctions against Russia following the death of opposition leader Alexei Navalny. The metal climbs 3.57% on the London Metal Exchange amid speculation the sanctions package, due to be outlined tonight, will include Russian nickel and aluminium exports.
Iron ore falls for a fourth session in China following reports of debt-ridden local governments halting infrastructure projects. China ore prices fall 1.49%. A weaker greenback helps Singapore ore edge up 0.15%.
