Market Watch APAC
Big gains in tech shares ahead of the upcoming earnings reporting season pushed US equity markets sharply higher overnight.
US equities rebounded strongly as tech stocks outperformed, with the NASDAQ adding 1.6% overnight, largely on news of new products announced by NVIDIA.
The S+P 500 gained 1.1% for its biggest one-day move higher in more than 6 weeks, clawing back most of the losses from last week.
Market reaction to President Biden pulling out of the presidential race was limited. Support from key Democrats for Kamala Harris helped to reduce political uncertainty and gave markets some comfort.
News of Biden’s withdrawal had little effect on the USD, however locally the AUD pushed lower yesterday, largely due to continued commodity price weakness.
Commodity prices continue to slide with the price of copper the lowest in 3 months.
