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The Australian equity market is expected to rebound today with ASX futures pointing higher. This follows the US stock market showing a broad sea of green overnight. All three major US indices climbed on Wall Street last night, with the S&P 500 rising 1.05%.
At the time of writing, S & P / ASX 200 Index (ASX: XJO) Futures show a jump of 0.79% to 7283 points at the open.
American Stock Exchange Overnight
After a disappointing session on Monday evening, the US stock market regained some optimism to finish higher last night.
Looking more closely at the indices, the tech-focused Nasdaq composite rose 1.25% as the sector performed well. Some of the notable companies included Netflix Inc (NASDAQ: NFLX), Microsoft Corporation (NASDAQ: MSFT), NVIDIA Corporation (NASDAQ: NVDA), up 5.2%, 2% and 3.6% respectively.
Interestingly, despite a cataclysmic outage across all of its social media platforms, the actions of Facebook Inc (NASDAQ: FB) added 2.1% overnight.
At the same time, the Dow Jones Industrial Average rose 0.92%, reflecting the broad positive sentiment displayed by investors.
In addition, energy companies listed in the United States have received a boost as energy prices continue to climb. According to the stock index, crude oil rose 0.22% to US $ 79.10 a barrel overnight, hitting a new high in 52 weeks. In reality, The Wall Street Journal quote this as the highest oil price since October 31, 2014. As a result, energy stocks listed in the United States helped push the US stock market up overnight.
What awaits the ASX today?
Australian investors will expect a green day on ASX today after falling 0.44% yesterday. Namely, energy producers such as Santos SA (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) will be the center of attention as the industry continues its seemingly relentless progress.
In other news, The A2 Milk Company Ltd (ASX: A2M) will undoubtedly attract attention today as it announces that it will defend itself against lawsuits brought by Slater & Gordon Limited (ASX: SGH). The law firm alleges that the infant formula company failed to properly consider the impacts on its guidance for fiscal 2021.
Finally, investors will be watching closely if the ASX moves at the same pace as the US stock market today.