Market Open: ASX set for sharp rebound as Wall Street rallies and oil tumbles

The Australian sharemarket is poised for a strong rebound today, with ASX 200 futures pointing to a near two per cent jump after a powerful rally on Wall Street lifted global equities.

US markets surged after Democrats secured control of both chambers of Congress in the midterm elections, easing political uncertainty and triggering a broad relief rally.

The Dow Jones jumped three per cent, its strongest single-day gain since April 2025, while the S&P 500 climbed 1.6% and the Nasdaq added 1.4%.

The rally extended beyond the biggest technology stocks, with the equal-weighted S&P 500 outperforming its market-cap-weighted counterpart. However, there were some notable exceptions. Apple and Microsoft reached record highs, while semiconductor stocks and companies tied to the AI data centre buildout came under pressure amid concerns about tighter regulatory scrutiny.

Oil was another major mover, with Brent crude plunging 8.30% to $95.008 per barrel as the election result fuelled hopes of a potential easing of the Middle East conflict.

The decline puts energy stocks in focus, while a sharp rebound in gold could provide support for precious metals producers.

The local market now faces a busy session, with investors weighing the latest interest rate increase from the Reserve Bank alongside fresh economic data and the strong offshore lead

The opening rebound: ASX 200 futures were up 170 points, or 1.92%, to 9,027 points in early trade.

Gold stocks: Gold rebounded 3.4% to around US$4,061 an ounce, potentially providing a lift for Australian gold producers.

Energy stocks: Brent crude’s sharp retreat towards US$95 a barrel could weigh on oil producers following the overnight sell-off.

Technology: Wall Street’s rally was uneven, with major technology platforms gaining while semiconductor and AI infrastructure stocks lagged.

Australian economic data is back in focus, with the ABS scheduled to release public sector employment and earnings and international trade figures at 11:30am AEDT.

James Hardie Industries is scheduled to report today, with investors watching for updates from the building materials group amid ongoing pressure on construction and housing markets.

Australian Gold and Copper (ASX: AGC) has obtained exceptional shallow high-grade gold results at Evergreen;

St Barbara (ASX: SBM) has commenced Touquoy ore processing;

Rox Resources (ASX: RXL) has obtained significant intercepts from United North growth drilling;

Antares Metals (ASX: AM5) has hit shallow gold at Enterprise; and

Right Resources (ASX: RRE) has identified multiple priority tungsten targets at Moonlight.

Digital assets also moved higher over the past 24 hours, with Bitcoin trading around A$114,337, up 2.82%, while Ethereum gained 5.57% to approximately A$3,450.

The gains point to a broader recovery across the cryptocurrency market, although both major tokens remain below their levels from a month ago.

That’s HotCopper’s Market Open, I’m Colin Sandell-Hay – happy trading.

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