Australia stocks set for higher start following overnight Wall Street surge

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SINGAPORE — Shares in Australia looked poised for a positive start following big gains overnight on Wall Street as the Nasdaq Composite surged 3%.

Futures pointed to a higher open for Australian stocks. The SPI futures contract sat at 7,384, against the S&P/ASX 200’s last close at 7,356.90.

Investors will watch moves in Asia-Pacific technology stocks after their counterparts on Wall Street rallied overnight. The tech-heavy Nasdaq Composite jumped 3.06% to 12,871.53.

Apple supplier stocks in the region will also be monitored after the tech giant warned of a potential $8 billion hit from supply constraints.

Markets in Japan are closed on Friday for a holiday.

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Other major indexes stateside also saw gains overnight, with the S&P 500 rising 2.47% to 4,287.50. The Dow Jones Industrial Average advanced 614.46 points, or 1.85%, to 33,916.39.

Currencies

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 103.623 as it continues to climb after crossing the 102 level earlier in the week.

The Japanese yen traded at 130.83 per dollar, continuing to remain weak after crossing the 130 level against the greenback yesterday. The Australian dollar was at $0.7101, still off levels above $0.72 seen earlier this week.

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