The Australian sharemarket has opened higher, with most sectors climbing after a fall in oil prices sparked a rally on Wall Street.
Energy stocks also fell after a retreat in the oil price, with Woodside down 1.5 per cent, Santos down 0.8 per cent and Yancoal down 1.4 per cent. Helping to support Wall Street was a sharp drawdown in oil prices. They gave back some of the big recent gains they made on worries that worsening tensions in the Middle East could ultimately lead to disruptions in the flow of oil.
The 10-year Treasury yield was holding steady at 4.03 per cent, where it was late Monday. The two-year yield, which more closely tracks expectations for what the Federal Reserve will do with overnight interest rates, slipped to 3.97 per cent from 3.99 per cent, late Monday, though it’s still near its highest level since August.When Treasury bonds are paying higher yields, investors generally become less willing to pay very high prices for stocks and other investments.
High Treasury yields put the most pressure on stocks seen as the most expensive, and that puts the spotlight on the Big Tech stocks that have led the market for most of the last few years. On the losing end of Wall Street were oil-and-gas companies, which gave back some of their big recent gains driven by the jump in crude prices. Chevron fell 1.6 per cent and was one of the main reasons the Dow lagged other indexes.
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