Australian shares are positioned to extend their rally on Friday, following record-setting performances on Wall Street.
ASX futures were up 31 points, or 0.4%, by 7 am AEST, indicating another positive session for local stocks.
On Thursday, the S&P/ASX 200 Index reached a new record high for the fourth consecutive session, briefly surpassing 8200 points for the first time.
The Australian dollar also hit a 2024 peak at US68.39¢ before settling at US68.13¢.
Meanwhile, Australian government bond yields mirrored the rise in US Treasuries, with the three-year yield increasing by 4 basis points to 3.53% and the 10-year yield up 3 basis points to 3.93%.
In the US, the Dow Jones surged 1.3%, the S&P 500 climbed 1.7%, and the tech-heavy Nasdaq jumped 2.5%. Both the S&P 500 and the Dow reached all-time highs, with the S&P 500 closing above 5700 for the first time at 5713.64, while the Dow ended the day at 42,025.19.
Bitcoin saw gains, and in the commodities market, gold approached an all-time high while oil rallied more than 1%, driven by expectations that the Federal Reserve's significant rate cut will boost economic activity and energy demand.
Among local companies, Friday’s key earnings report will come from Myer, while Inghams will trade ex-dividend.
Bond markets saw the 10-year and 2-year yields at 3.93% and 3.594%, respectively.