A third successive day of gains is in prospect on the Australian share market with prices set to open higher on Tuesday in the wake of another record night on Wall Street, where strength in technology shares helped push the major indices to new peaks.
Based on futures trading on the Australian Securities Exchange (ASX), the S&P/ASX 200 share price index should rise about 0.2% when trading resumes at 10 am (12 am GMT Monday).
The S&P/ASX 200 share price index December contract was trading 21 points above the prior settlement at 8,852 points, at the time of writing.
Records were reset on Monday (Tuesday AEST) in New York, where all three major stock indexes reached record closing highs for a third straight session, driven by strength in technology shares.
The Dow Jones Industrial Average put on 0.1%, the S&P 500 added 0.4% and the Nasdaq Composite rose 0.7% with news that Nvidia would invest up to US$100 billion in OpenAI, fuelling optimism about companies leveraged to the artificial intelligence boom.
"We're certainly pointing out to clients and having portfolios reflect that we're at all-time highs and valuations are getting stretched," Wealthspire Advisors Senior Vice President and Advisor Oliver Pursche was quoted in a Reuters story as saying.
The Australian sharemarket had made it two up days in a row on Monday, with the S&P/ASX 200 finishing 0.4% higher.
Companies to watch include Myer (ASX: MYR), which has issued its full-year results.
In fixed interest markets, yields on Australian Government bonds continued to rise, with two year rates putting on 0.09% to 3.410% and 10-year rates adding 0.12% to 4.289%.
