ASX to rise, Nvidia helps propel Wall Street rally
'The chop of equities last week makes sense given the 28% gain since April lows,' said Fundstrat Global's Tom Lee. However, he said dips are expected to be shallow and he expects the S&P 500 to get to 6500 to 6600 in August, or new all-time highs.
Still not everyone is as optimistic. Evercore ISI'S Julian Emanuel said he expects near-term volatility to trigger a 7 per cent to 15 per cent sell-off 'into the challenging September/October timeframe'.
Still Emanuel isn't advising clients to sell per se. 'Stay invested strategically in a core thematic portfolio of AI enablers, adopters and adapters' in communication services, consumer discretionary and information technology sectors. 'The bull market has further to run.'
Market highlights
ASX futures are pointing up 77 points or 0.9 per cent to 8692.
All US prices as of 2.40pm New York time.
Today's agenda
Credit Corp Group is set to report results on Tuesday on an otherwise quiet day.
The June household spending indicator will be released at 11.30am. NAB said it's expected a rise of 0.9 per cent month-over-month. 'Such an outcome would see the annual rate lift to 5.0 per cent year-over-year and reinforce our expectation that the economy picked up momentum in June and May, underpinning our forecasts for modestly better GDP outcomes in the second half versus the first half of 2025.'
Top stories
Expanding GST better for economy than company and high-income taxes | Applying GST to fresh food would be among the most economically friendly ways to pay for reductions in corporate tax, modelling shows.
Victoria's WFH thought bubble is a solution looking for a problem | It's telling that the most common reaction among business leaders is resignation. Sadly, investors and bosses should get used to more intervention from governments.
ChatGPT is not your friend. Be careful what you tell it, lawyers warn | People are sharing everything from their payslips, to blood results and relationship problems with AI – but experts say the risks are high.
| Arnott Capital says the hype around the plush toy with pointy ears, bulging eyes and a mischievous grin is peaking. Other investors think it's only the start.
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