Outlook for the day: Positive for a second day following solid gains in the US ahead of central bank minutes this week and the Thanksgiving break.
ASX futures: up 19 points or 0.27%
Overnight themes:
Tech stocks spearhead solid gains on Wall Street at the start of a holiday-shortened week. (Wall Street closes on Thursday for Thanksgiving and only reopens on Friday for a morning session that is traditionally thinly-traded.)
The S&P 500 exits a technical correction, boosted by growing hopes that the current US rates cycle has peaked. US treasury yields continue to retreat. The yield on 10-year treasuries dips towards its weakest close in nine weeks.
"The Fed seems to be done. Everyone's predicting all the figures that we saw last week will certainly support the thesis they don't need to raise any more" - Jos Saluzzi, co-founder at Themis Trading.
Buying interest is boosted by seasonal factors. November is historically the strongest month of the year for US stocks, according to the Stock Traders' Almanac.
Microsoft jumps 2.05% after hiring dumped former OpenAI chief Sam Altman to head up a new AI research team. Nvidia hits an all-time high ahead of tonight's earnings update. Apple and Intel also advance.
The Tech sector gains 1.5%. Other rate-sensitive sectors to advance include communication services +1.05% and real estate +0.79%. Utilities and consumer staples are the only sectors to sit out the rally.
The Australian dollar trades above 65.5 US cents for the first time since mid-August. The rally precedes an appearance today by RBA Governor Michele Bullock at a Melbourne conference and the release today of the minutes from this month's central bank monetary policy meetings in Australia and the US. The Aussie trades as high as 65.65 US cents.
Iron ore rebounds ahead of a threatened strike by train drivers at BHP's WA ore division later this week. Buying interest also piqued by a 1.1% decline in ore inventories at major Chinese ports last week following reports of blast furnaces restarting to take advantage of improved margins.
Oil rises for a second session as buyers predict the Organization of the Petroleum Exporting Countries will extend production cuts at this weekend's meeting.
Key events today:
RBA Governor Bullock participates in a panel discussion about the economy - 10.30 am AEDT
Minutes from this month's RBA monetary policy meeting - 11.30 am
Minutes from the latest US Federal Reserve monetary policy meeting - tonight
S&P 500: up 33 points or 0.74%
Dow: up 204 points or 0.58%
Nasdaq: up 159 points or 1.13%
Dollar: up 0.76% to 65.6 US cents
Iron ore (Dalian): up 0.47% to US$134.24
Brent crude: up US$1.71 or 2.12% to US$82.32
Gold: down US$4.40 or 0.22% to US$1,980.30
NYSE Arca Gold Bugs: up 0.06%
Bitcoin: up 1.16% to US$37,441
Copper (LME): up 2.18% to US$8,447.50
Nickel (LME): down 1.54% to US$16,905
Uranium: up 0.32% to US$78.50
Lithium carbonate (China spot): down 0.34% to US$20,457
