After we woke yesterday to news the NASDAQ hit a record high overnight Monday; overnight Tuesday we saw the S&P500 hit a fresh record high, US 10Y bond yields be damned.
It appears that for now Wall Street has well and truly divorced itself from the traditional benchmarks and indicators that have traditionally made markets nervous.
Whether that’s just the power of the AI trade or more structural (given this is a world where there are more ETFs than individual US stocks) is hard to pin down and as ever is likely a conflation of all things. An extremely bullish US President probably helps a bit, too.
Despite all of this, we don’t have the same factors in Australia – no AI trade, lower ETF penetration, and a very different government style and national vibe overall. And far less liquidity, too.
(Well, we’re about to have an AI stock, when Firmus IPOs on the stock market. Some think it’s going to soar, others close to this finance journalist think it could lead to tears after sucking up a lot of available capital and tanking.)
So it is that ASX Futures are pointing towards a flattish day around +0.8% one hour out from the Wednesday session, perhaps responding to a pullback on Wall Street overnight as traders took profits ahead of the closing bell US time.
Looking around the traps, Regis Resources has confirmed first-quarter gold production is in line with guidance; turning to smallcaps, First Graphene is catching eyes on HotCopper for inking a deal with a global shoe company.
Rox Resources has unveiled high-grade drilling plans at its United North asset; Leeuwin Metals is gearing up to explore the WA’s Gascoyne region; and xReality Group has made its first sale of VR tech to the US Marines.
That’s Market Open, good luck, and we’ll see you for ASX Today.
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