ASX 200 futures trading up 6 points, or (+0.07%), to 8,203, as of 8:30AM
Growth assets continued their impressive run, with the tech-heavy NASDAQ index climbing 1.24% to a record high of 20,173, fueled by a red-hot rally in AI chip stocks.
Chipmaker Broadcom, which last week joined the exclusive US$1 trillion market cap club of US tech giants, soared over 11.2% to $249.79. Bernstein upgraded its price target to this level, highlighting the company’s strong AI growth narrative and stating that Broadcom is “finding its own NVIDIA moment” with an expected breakthrough product ramp next year.
Broadcom’s rally ignited gains across the semiconductor sector, with Micron and Teradyne both advancing over 5%. These stocks, which play key roles in blockchain infrastructure, also benefitted from an overnight surge in cryptocurrencies.
Elsewhere, oil prices softened amid concerns about a potential supply surplus in 2025.
ASX futures are down, indicating a cautious start for local markets despite the global tech sector rally.
What's your outlook for tech stocks, crypto and the ASX? Share your views in our 2025 Outlook Series survey below!
Tue 24 Dec 24, 8:23am (AEDT)
Tue 24 Dec 24, 8:32am (AEDT)
US equities were mostly higher in Monday trading as stocks ended a bit off best levels, though Nasdaq finished at a fresh record high.
However, S&P 500 breadth negative again for 11th straight session.
US Treasuries little changed after last week's big backup in yields.
US Dollar index down 0.1%, though greenback doing better on the yen cross
Gold finished down 0.2%
Bitcoin futures up 4.3%, though off best levels after setting fresh record of $108K.
WTI crude settled down 0.8%.
Senate committee's report alleges Amazon manipulated data on worker injuries and ignored safety concerns (Axios)
Softbank announces a $100B investment in the US over the next four years, creating 100K jobs (CNBC)
Nvidia moves into correction territory (though still up 160%+ YTD) (CNBC)
Trump says he will look into holding off on TikTok ban with required sale or ban looming (Bloomberg)
Walmart CFO says company will "win" in any type of economic environment (Yahoo)
German lawmakers loses confidence vote as planned, elections set for 23-Feb (Bloomberg)
Canadian Finance Minister Freeland resigns, citing differences over how to prepare for Trump administration (Bloomberg)
Trump says Ukraine needs to reach deal to end war, downplays value of occupied land (Bloomberg)
Putin says Russia may lift self-imposed restrictions on short- and medium-range missiles (FT)
Assad blames "terrorist onslaught" for driving him from Syria (ABC News)
Tue 24 Dec 24, 8:23am (AEDT)
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Worley downgraded to SECTOR PERFORM from outperform at RBC Capital Markets, price target cut to $15.50 from $19
Pro Medicus initiated OVERWEIGHT at Morgan Stanley, price target of $300
Opthea initiated BUY at Canaccord Genuity, price target of $1.25
Stocks trading ex-dividend:
Tue 17 Dec: Elders (ELD) - 2.37%
Mon 30 Dec: Rural Funds Group (ASX: RFF) (1.7%), Charter Hall Group (ASX: CHC) (1.61%), APA Group (ASX: APA) (3.7%), Transurban (ASX: TCL) (2.48%), Goodman Group (ASX: GMG) (0.42%)
Economic calendar (AEDT):
Tonight: US retail sales, UK unemployment report, German economic sentiment, Canada CPI and Fall Economic Sentiment
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