ASX ready to jump, Wall Street rebounds as tech giants recover

Australian shares are expected to rise sharply in morning trading after Apple, Tesla and other mega-cap growth stocks led a rebound on Wall Street.

ASX futures had gained 1% to 7,181 points, as of 8:00 a.m. AEST on Wednesday.

The Australian dollar jumped 0.8% to 70.3 US cents.

The broad rally in U.S. stock markets came after weeks of intensive selling that last week saw the S&P 500 plunge to its lowest level since March 2021 and the Nasdaq fall into a bear market.

Recently punished shares of Microsoft, Apple, Tesla and Amazon rose 2% to 5.1%, dragging the S&P and Nasdaq higher.

The S&P 500 climbed 2% to end the session at 4,089 points.

The Nasdaq closed 2.8% higher at 11,985 points, while the Dow Jones rose 1.3% to 32,655.

Wage growth could lead to ‘oversized’ rate hike

The Australian dollar could get a “modest boost” if today’s wage growth data is stronger than expected, said Carol Kong, currency strategist at Commonwealth Bank.

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