A rally on Wall Street is likely to send Australian stocks higher, while uncertainties around President-elect Donald Trump's policies lift gold prices.ASX 200 futures: +0.2% to 8,217 pointsWall Street's main indexes closed largely unchanged on Thursday, amid light trading the day after the Christmas break, as rising US Treasury yields weighed on some of the dominant technology megacaps.
Higher yields are traditionally seen as negative for growth stocks, as it raises the cost of their borrowing to fund expansion. With markets increasingly dominated by the megacap technology stocks known as the Magnificent Seven, crimping their performance - especially in lieu of other market catalysts - will put downward pressure on benchmark indexes.
"As a technician, what you want to see is breakouts in absolute terms and relative terms and the Mag 7 is checking the boxes there, so very constructive leadership going into the year-end," he said. US stocks steadied after the three major indexes slipped in early trading, interrupting what looked like a "Santa Claus rally" shaping up early this week, in which shares get a seasonal boost from low liquidity, tax loss harvesting and investment of year-end bonuses.
With only a handful of trading days remaining in the year, the Nasdaq, S&P 500 and the Dow have scored respective gains of 33%, 26% and 14% in 2024.
France Dernières Nouvelles, France Actualités
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