ASX 200 Live Today - Tuesday, 10th November

Welcome to our live ASX coverage for Tuesday, November 10. Expect a high volume of posts pre-market and more periodic updates throughout the day. We'll be wrapping the blog up around 2:00 pm AEDT.

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Wall Street notches best day since April as oil slides and chips rebound

[8:46 am] US stocks staged their broadest rally in nearly a year as falling oil prices and a rebound in chipmakers drew buyers back after last week’s post-midterms tech rout.

• The S&P 500 rose 2.35% to 7,549.94, its best day since 8 April, with more than five stocks rising for every one that fell

• The Dow gained 1,104 points or 2.15% to 52,389.75, back above its Election Day close

• The Nasdaq rose 2.74% to 25,253.14, though the Nasdaq 100 remains below its 200-day moving average after last week’s 4.8% break below it

• Chipmakers rebounded with the iShares Semiconductor ETF up more than 7% and Broadcom up 9%

• AMD jumped 13% after Oppenheimer upgraded it to outperform with a US$600 target

• Barclays flagged that market internals have started to deteriorate again despite the rally

• AI earnings this week include CoreWeave, Cisco and Applied Materials

Good morning!

[8:34 am] ASX 200 futures are up 20 pts (+0.22%). Here's what happened overnight:

• Wall Street staged a broad relief rally as dip buyers returned to chipmakers after last week’s AI rout sent the Nasdaq into correction territory, even as Nvidia fell on a board probe into its CEO

  • S&P 500 (+2.3%), Equal-weight S&P 500 (+2.2%) and within ~1% of all-time highs

  • Nasdaq (+2.7%), Dow (+2.1%), Russell 2000 (+3.1%)

• Oil extended its slide on hopes of diplomatic progress in the US-Iran war as Trump hosted Qatar’s prime minister at the White House

• Inflation is back in focus ahead of Tuesday’s US CPI print, with Fed’s Goolsbee calling for action and China’s factory-gate prices running at a four-year high