Markets live: Tech stocks drive S&P 500 and Nasdaq to new record highs, ASX to rise slightly

The local share market is likely to open slightly higher, near record highs, while the Australian dollar fell as low as 64 US cents overnight.

So, on the one hand, it's hard to argue that interest rates would probably be falling by now if governments had been spending a lot less and employing fewer people. The industry was valued at $4.1 billion in Australia last year, by some estimates, and is forecast to grow by 19.3 per cent every year until 2030.

South Korea's benchmark KOSPI index has fallen 7% since the year began, making it the worst-performing share market in Asia.

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