Australian shares ticked higher at Tuesday's open, supported by easing oil prices as investors welcomed signs of progress in peace negotiations between the United States and Iran.
By 10:25 am AEST (12:25 am GMT) ASX 200 futures were up 19.9 points, or 0.2%, to 8,836.0.
U.S. markets finished mixed, with the Dow Jones Industrial Average rising 0.3%. The S&P 500 fell 0.4%, while the Nasdaq Composite slid 1.3% as investors rotated away from technology shares.
SpaceX tumbled 16.3% to US$154.60 after the company announced plans to issue investment-grade bonds for the first time. The sharp decline weighed heavily on the Nasdaq.
Alphabet also lost 5% after Google DeepMind vice president John Jumper said over the weekend that he was leaving for Anthropic, marking the second high-profile departure from the artificial intelligence division to a rival company.
The technology-led weakness offset broader optimism stemming from U.S.-Iran diplomatic progress, which helped push oil prices lower and eased concerns about potential disruptions to global energy supplies.
On Monday, the Australian sharemarket slipped 0.1%, with the S&P/ASX 200 Index closing at 8,816.1. Six of the benchmark's 11 sectors finished the session lower.
Among economic releases, S&P Global's preliminary June survey data pointed to an improvement in domestic business conditions.
The Flash Australia Services PMI Business Activity Index rose to 49.9 from 48.7 in May, while the Flash Australia Manufacturing PMI increased to 51.2 from 50.7.
The survey indicated that overall economic activity was close to stabilising after contracting in the previous month.
"Flash PMI® data from S&P Global signalled a near-stabilisation of business activity in Australia during June, following a slight reduction in the previous month. New orders continued to fall, however, amid market uncertainty.
"Meanwhile, business confidence dropped to the lowest since the COVID-19 pandemic.
"Inflationary pressures remained relatively elevated, but showed further signs of easing from the recent peak seen in April."
Investors will continue to monitor PMI releases from Japan, the eurozone, the United Kingdom and the United States later in the session for further clues on the health of the global economy.
On the bond markets, the 10-year yield fell 0.5% to 4.809%, while the two-year yield edged 0.1% higher to 4.49%.
