The ASX is looking at a solid rebound today in the wake of Wall Street steadying after three days of selling.
US investors jumped back in to take advantage of the pullback in technology-related stocks, a day after the Nasdaq moved into correction territory.
Tesla shares rebounded Wednesday after suffering their biggest one-day percentage drop on Tuesday. Tesla shares jumped 10.9%, half the previous day’s loss, and were joined by Apple Microsoft, and Amazon.com which each saw gains of 3% or more.
The Dow Jones rose 439.58 points, or 1.6%, to end at 27,940.47, while the S&P 500 ended at 3,398.96, a rise of 67.12 points, or 2%.
The Nasdaq jumped 293.87 points, or 2.7%, to finish at 11,141.56, while booking its best daily percentage gain since April 29.
In turn, the ASX 24 overnight futures trading was up 77 points just after 7 am, pointing to a solid start to Thursday’s session.
The Aussie dollar also traded higher around 7 am Sydney time – up nearly three-quarters of a cent at 72.85 US cents.
Gold and oil rose as the US dollar weakened, but iron ore dipped around 2% to end at $US126.54 a tonne for 62% Fe fines delivered to northern China.
West Texas Intermediate, the US marker crude rose $US1.29, or 3.5%, to settle at $US38.05 a barrel in New York, less than half the 7% plus slide on Tuesday.
In Europe, November Brent crude regained the $US40 a barrel level after rising $US1.01, or 2.5%, to $US40.79. That rise was also less than half Tuesday’s loss.
Gold and silver rose for a second day – Comex December gold settled up $US11.70, or 0.6% at $US1,954.90 an ounce after falling as low as $US1,926.30.
That was after a 0.5% rise on Tuesday.
Comex December silver meanwhile, added 9 cents, or 0.3%, to settle at $US27.083 an ounce, less than the 1% jump on Tuesday.
Also closing higher on Comex on Wednesday was copper – up 0.9% to $US3.0515 a pound
