ASX to edge up, Wall St extends rally as quarter nears end
Australian share futures were modestly higher near 5.30am, reversing earlier losses, as New York shook off some mid-session nerves to rally towards the closing bell at 4pm (6am AEST).
The biggest US banks were higher after passing the Federal Reserve's annual stress test, setting the stage for payouts. Oracle reset its record high on a cloud-services deal worth $US30 billion a year.
In a note, market strategy firm Yardeni Research said so far, the current bull market looks like a normal one, with the potential to match the returns of some of the best bull markets since the mid-1960s.
'We are still targeting 6500 on the S&P 500 stock price index by the end of this year and 10,000 by the end of the 'Roaring 2020s' decade. It's a bit hard to believe, but the main risk at this time may be a stock market meltup, i.e., a speculative bubble. That's where we were only four and a half months ago when the latest correction started.'
The S&P 500 was trading at 6185 near 2.55pm after earlier rising as high as 6195.34.
Market highlights
ASX futures are pointing up 1 point to 8538.
All US prices are as of 3.30pm in New York.
Today's agenda
It's poised to be a relatively quiet day on the data front with NZ May building consents across the Tasman and China's Caixin manufacturing PMI. The Eurzone will release preliminary June inflation data.
In Sintra, Portugal, the European Central Bank's annual gathering of global central bankers kicks off. Canadian markets will be closed on July 1 for the nation's national holiday.
Top stories
OpenAI wants AI tax breaks, promises $115b annual windfall | OpenAI chief economist Ronnie Chatterji has conducted a whirlwind set of meetings in Canberra as the company prepares to launch an AI blueprint for Australia.
Zuckerberg announces Meta 'superintelligence' effort | In an internal memo, the Meta chief executive said 'developing superintelligence is coming into sight', and he's determined for Meta to 'lead the way'.
Defence minister Marles left in the dark over formal reporting | The military has been accused of hiding bad news by failing to provide formal updates to Richard Marles on the ADF's readiness for war.
| The $4 billion property and asset management empire was seeded by a vehicle co-founded by the alleged fraudster to attract wealthy immigrants, documents show.
| With the ASX near record levels, the pressure is on to make the right calls. Here are 13 potentially make-or-break moments our biggest companies are facing in 2025-26.
Melbourne housing prices fall over FY2025 | The country's two largest cities suffered during the first half of the year, but a pick-up since rates started easing has them both on a growth path.
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