The Nasdaq Composite gained on Monday after a tough week, bolstered by a surge in Tesla shares, as Wall Street focused on upcoming earnings reports that could move the markets.
The index climbed 0.6 percent to 18,791.81, while the S&P 500 added about 0.4 percent to close at 5,893.62. The Dow Jones Industrial Average lost 0.1 percent to close at 43,389.60.
This positive performance was driven in part by Tesla's surge, up 4.3 percent, following reports that the Trump administration is prioritising self-driving vehicle regulations. This could signal a shift in the automotive sector and potentially positive impacts on technology stocks.
Elsewhere, a weaker US dollar boosted gold prices back above US$2600 an ounce, while oil reached US$73 a barrel. Iron ore also moved closer to the US$100 a tonne mark. Bitcoin's price, however, fluctuated, reaching a high of US$92,560 before briefly falling below US$90,000.
MicroStrategy, a company heavily invested in Bitcoin, saw its shares jump by 10 percent. Bank of America forecasts Nvidia's upcoming earnings results will significantly influence short-term market trends, with the chipmaker expected to contribute almost 25 percent of S&P 500 earnings growth in Q3. Walmart's earnings report is also highly anticipated as a key indicator of consumer spending heading into the holiday season.
Turning our attention to the ASX and the day ahead, futures point to a modest opening gain of 0.1 percent, for the S&P/ASX 200 Index.
Several companies will be releasing earnings reports, with notable events from ALS and Technology One today. BlueScope Steel, SEEK, and Sonic Healthcare will hold AGMs, and Santos will host an investor briefing. KMD Brands, the owner of Rip Curl and Kathmandu, reported a disappointing decline in sales in their latest quarterly update, highlighting concerns around consumer sentiment in a challenging economic environment.
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