**ASX Set for Gains as Nvidia Powers Wall Street Surge**
*Based on original reporting by David Rogers, The Australian Financial Review*
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Australia’s share market looks poised for healthy advancements, buoyed by remarkable performances on Wall Street. Major gains in US technology shares, led by Nvidia, have set the stage for the ASX to open higher. As global markets respond enthusiastically to tech-driven optimism and ongoing strength in economic data, investors in Australia prepare to ride the momentum when trading resumes.
### Wall Street Rallies Behind Tech Giants
– US equities experienced a sharp lift, led by outsized gains in the technology sector, especially in AI-related firms such as Nvidia.
– The S&P 500 jumped 1.1 percent, closing at a new record. The broader gains were particularly tilted toward the tech-heavy Nasdaq, which surged by 1.5 percent for the session.
– Nvidia, often considered a bellwether for AI investing, advanced significantly, lifting the mood for semiconductor and hardware stocks across global markets.
– Other megacap technology companies followed suit, with Apple, Microsoft, Alphabet, Amazon and Meta Platforms all closing higher.
– The rally was underpinned by sustained interest in artificial intelligence and robust earnings reports from key players in the tech ecosystem.
### ASX Expected to Rise
– Futures contracts indicate the S&P/ASX 200 will climb notably at the open, reflecting the positive lead from US markets.
– According to SPI 200 futures, Australian shares look set to rise by over 1 percent at the start of the session.
– Investor sentiment remains strong on expectations that positive momentum in the US, particularly in sectors like information technology and healthcare, will spill over into local shares.
– Australian technology and growth-oriented stocks are likely to benefit most from this global risk-on mood.
### Key Factors Driving Global Market Optimism
– Ongoing enthusiasm for companies exposed to artificial intelligence trends, especially those supplying hardware and infrastructure.
– Better-than-expected corporate earnings in both the US and global markets, reinforcing confidence in ongoing economic growth.
– Stable US economic indicators, with recent data showing moderate inflation and continued labor market strength, support a positive market backdrop.
– Relaxation of concerns regarding abrupt interest rate hikes, with investors increasingly convinced that the US Federal Reserve is approaching the end of its tightening cycle.
#### Recent Economic and Market Data Highlights
– US consumer sentiment, as measured by the University of Michigan survey, edged higher in the most recent data, signaling continued resilience in household confidence.
– The inflation outlook, a key concern for central banks and investors alike, remains contained. Market participants now expect rate cuts from the US Federal Reserve later in the year, barring unforeseen inflationary surprises.
– The US dollar eased slightly against major currencies, providing a minor tailwind for risk assets, including equities and commodities.
### Australian Dollar and Commodities
– The Australian dollar held steady, trading close to US67 cents in recent sessions.
– Commodity prices,
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