Australian shares are tipped to open marginally lower this morning after a mixed close on Wall Street.
While the New York Stock Exchange dipped to 14,975.97 points, tech stocks pushed the NASDAQ higher, just shy of two per cent.
In fact, tech was the only US sector to gain more than 0.5 per cent, jumping nearly 4.5 per cent.
Chipmaker Nvidia forecasted its quarterly revenue would be 50 per cent higher than its estimates, growing to roughly $11 billion. The company is now increasing its supply to meet the growing demand for its AI Chips. Nvidia soared to a record close, up 24 per cent to US$379.80 apiece.
Fellow chip makers, Microsoft, IBM and Alphabet also rallied.
The energy, utilities and health sectors declined more than 1 per cent.
Meanwhile, the US government appears to be a step closer in cutting a deal to raise $31.4 trillion US dollars, as the June 1 deadline looms closer.
President Joe Biden and Republican speaker Kevin McCarthy met virtually to discuss who should “bear the burden” of budget cuts. Negotiations are set to continue today.
The Australian dollar dipped 0.6 of a per cent. One Aussie dollar is 53 British pence and 65 US cents.
And in commodities, iron ore fell below US$100 per tonne – a five-month low as the demand in China continues to decrease.
Natural gases extended its losses, down 5 per cent.