Shares are set to open higher. US stocks were mostly lower. Micron results bolster AI outlook. Iron ore rises, oil eases. Follow updates here.
Australian shares are poised to rise. Shares were mostly lower on Wall Street, paced by Amgen, Chevron and Boeing. Iron ore was higher, gold edged up and oil slid. On Wall St at 4pm: Dow -0.7% S&P -0.2% Nasdaq +0.04%After the closing bell, Micron Technology soared more than 10 per cent after it reported quarterly results that exceeded expectations for earnings per share and revenue.
Goldman’s strategy portfolio team led by Christian Mueller-Glissmann said in a note that bullish equity positioning reflects in large part material outperformance of US equities, especially in US dollars, boosted by the magnificent seven and the tech sector. The largest inflows in the last 12 months have been into US technology sector funds, likely helped by AI optimism, Mueller-Glissmann said. S&P 500 futures positioning also remains near record highs with little evidence of de-risking.
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