The Morning Catch Up: ASX set to rise as Wall Street rallies and Bitcoin breaks US$81,000

The Australian share market is expected to extend Thursday’s recovery after technology stocks drove a broad Wall Street rally and easing Treasury yields encouraged investors to return to riskier assets.

ASX 200 futures were pointing to a gain of 28 points, or 0.3%, at the open. Higher commodity prices could provide additional support for Australian mining and energy companies, while Bitcoin surged above US$81,000.

ASX snaps three-session decline

The S&P/ASX 200 gained 0.46% on Thursday, ending a three-session losing streak, although trading volumes remained below average.

Eight of the market’s 11 sectors finished higher. Financial stocks led the recovery with a 0.86% gain.

Friday’s positive futures signal suggests the rebound could continue, supported by Wall Street’s gains and stronger prices across oil, precious metals, copper and iron ore.

Technology powers Wall Street rally

US stocks finished firmly higher as gains among major technology and communication services companies outweighed concerns about escalating conflict between the US and Iran.

The Dow Jones Industrial Average rose 1.2% to 53,686.11, the S&P 500 gained 1.1% to 7,747.71 and the Nasdaq Composite advanced 1.4% to 26,584.06.