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US stocks rose on Wall Street as gains by big technology companies and relatively steady oil prices and bond yields helped lift the market after a downbeat start to the week.
The S&P 500 index rose 0.4 per cent, on pace to snap a three-day losing streak. The Dow Jones rose 209 points, or 0.4 per cent. The Nasdaq composite was up 0.3 per cent.
The Australian sharemarket is set for gains, with futures at 4,52am AEST pointing to a rise of 22 points, or 0.3 per cent at the open. The ASX lost 1 per cent on Wednesday.
The market has been under pressure this week from rising oil prices and a bond-market sell-off. The rocky start to September follows a mostly positive August during which every major index notched a gain for the month.
However, Wall Street remains gripped by anxiety over rising prices, government debt and the impact of global conflicts on the US and the global economy.
Technology and communication services stocks accounted for some of the strongest gains Wednesday. Chipmaker Nvidia, whose big market value tend to give it more influence over the broader market’s direction, rose 3.3 per cent, while computer memory seller Micron Technology gained 1.5 per cent.
Meta added 2.2 per cent and Netflix rose 1.8 per cent.
Dell Technologies jumped 13 per cent for the biggest gain among S&P 500 stocks after delivering strong second-quarter profits amid accelerating demand for artificial intelligence computing. The company also raised its fiscal year revenue outlook.
Palo Alto Networks also reported quarterly results that topped Wall Street’s expectations, citing a strong market for AI cybersecurity, but its shares fell 10.9 per cent.
Meanwhile, banks and credit card issuers also helped boost the market. Capital One Financial rose 2.5 per cent and American Express added 1.6 per cent.
Markets in Europe fell after markets in Asia closed lower.
Oil prices held relatively steady despite the intensification in the six-month long US war with Iran. The US attacked sites in Iran over the weekend, ending a lull in major hostilities and Iran has since retaliated against sites around the Gulf region.
Prices for Brent crude, the international standard, rose 0.7 per cent to $US95.33 a barrel. Energy stocks were mixed. Chevron edged 0.5 per cent higher after confirming it will expand operations in Venezuela.
A surge in oil prices following the start of the US war with Iran fuelled a jump in gasoline prices and global shipping costs. The conflict shut down the Strait of Hormuz, through which 20 per cent of the world’s oil is typically shipped.
