Wall Street Up as Tech Stocks Dominate Global Markets Theme
Global equity markets rallied as tech stocks continued to dominate Wall Street amidst easing concerns over US-Iran talks. Technology strength remained the dominant global theme as robust gains in US chipmakers and AI-related shares propelled the S&P 500 up 0.79% and the NASDAQ 1.52%, with the Dow Jones closing 0.26% higher, First National Bank (FNB) said in a brief.
This optimism fed into Europe, where the Euro Stoxx 50 closed up 1.55% at a record high, buoyed by softer inflation prints in major economies, which supported the case for lower European Central Bank rates.
The FTSE 100 added 0.12%, extending its quarterly winning streak, as aerospace, defence, and mining gains outweighed weakness in consumer staples and energy.
In Asia, the Nikkei 225 is currently up 0.83%, benefitting from renewed tech appetite and improved consumer sentiment.
By contrast, the Hang Seng Index is trading down 0.63%, as investors remain cautious despite policy support from Beijing and persistent underperformance in AI-related shares. The ASX 200 is down 0.58%, pressured by inflation concerns and offshore volatility.
Despite a generally softer tone across most Asian markets this morning as well as pressure seen among global futures, the Johannesburg Stock Exchange (JSE) is set for a muted-to-positive open this morning as support is likely to stem from Tencent’s 2.28% advance which offers a positive read-through for Naspers and Prosus.
In addition, a firmer S&P ASX 300 Metals and Mining Index, up 0.29%, lends support to local resource counters, which could help to offset any possible lag from other major sectors.
South African equities closed broadly flat on Tuesday in a mixed session shaped by a heavy domestic data calendar and ongoing caution around anti-immigrant protests across the country.
By market close, the JSE All Share Index and Top 40 closed flat at 110 314 and 101 936 points, respectively.
Resources (+1.10%) provided the main support, led by a positive performance in the Precious Metals and Mining index (+0.90%) as well as from counters Anglo American (+2.44%) and BHP (+2.31%).
Industrials (-0.78%) closed the trading session in the red, coming under pressure as Naspers (-2.19%) and Prosus (-3.14%) declined. Financials also closed somewhat flat, with gains in the Finance and Credit Services Index (+2.97%) capped by major losses by ABSA (-6.63%).
