Markets rebound; bitcoin hits new record

Aussie market to open in the green. Big US tech companies lead Nasdaq overnight during mixed Wall Street trading session.

A mixed US trading session saw big tech companies propel the Nasdaq to a new high for the year, while the Aussie market is set to open in the green.

Here’s a summary of what’s making news.

Aussie market set to open higher

The Aussie market is set to open in the green on Thursday morning, tracking a mixed US trading session, where big tech companies led the Nasdaq to a new high for the year.

The Dow Jones fell 0.14 per cent, while the S&P 500 rose 0.08 per cent and the Nasdaq Composite climbed 0.33 per cent.

The tech-heavy Nasdaq was supported by a 1.5 per cent gain in Meta Platforms Inc (NASDAQ:META) shares after the social media giant announced better-than-expected second-quarter earnings.

The Australian futures market is indicating a positive open for the ASX 200 on Thursday, following a mixed US session that saw tech stocks drive the Nasdaq higher.

At 74 points, the SPI futures tipped the ASX 200 to open at 7,416.

Meanwhile, bitcoin hit a new record on Thursday, climbing above the $50,000 threshold for the first time in over 18 months as the cryptocurrency continued its strong run this year.

In other news, the Australian Bureau of Statistics (ABS) will release the June quarter Consumer Price Index (CPI) data on Wednesday, providing an update on inflation trends in the country. Economists polled by Bloomberg anticipate a 0.3 per cent rise in the CPI for the quarter and a 4.2 per cent year-on-year increase.

Moreover, the Australian Bureau of Statistics (ABS) will release the June quarter National Accounts, offering insights into economic growth. Economists project a 0.2 per cent quarter-on-quarter decline in gross domestic product (GDP) and a 3.0 per cent year-on-year decrease.

Around the world

In the US, a mixed trading session saw the Dow Jones decline slightly by 0.14 per cent, while the S&P 500 rose 0.08 per cent and the Nasdaq Composite climbed 0.33 per cent.

The tech-heavy Nasdaq was supported by a 1.5 per cent gain in Meta Platforms Inc (NASDAQ:META) shares after the social media giant announced better-than-expected second-quarter earnings.

However, the mood was dampened somewhat by disappointing earnings from major US bank Wells Fargo & Company (NYSE:WFC), which led to a 3.0 per cent decline in the bank stock.

Despite the mixed market performance, market breadth favoured advancing issues over decliners by 17 to 14, and the volume was lower than the previous session.

Aussie market news

Aussie shares are set to open higher on Thursday, tracking a mixed US trading session, where big tech companies propelled the Nasdaq to a new high for the year.

In the US, the Dow Jones fell 0.14 per cent, the S&P 500 rose 0.08 per cent and the Nasdaq Composite climbed 0.33 per cent.

The tech-heavy Nasdaq was supported by a 1.5 per cent gain in Meta Platforms Inc (NASDAQ:META) shares after the social media giant announced better-than-expected second-quarter earnings.

However, the mood was dampened somewhat by disappointing earnings from major US bank Wells Fargo & Company (NYSE:WFC), which led to a 3.0 per cent decline in the bank stock.

Despite the mixed market performance, market breadth favored advancing issues over decliners by 17 to 14, and the volume was lower than the previous session.

The Australian futures market is indicating a positive open for the ASX 200 on Thursday, following a mixed US session that saw tech stocks drive the Nasdaq higher.

At 74 points, the SPI futures tipped the ASX 200 to open at 7,416.

Meanwhile, bitcoin hit a new record on Thursday, climbing above the $50,000 threshold for the first time in over 18 months as the cryptocurrency continued its strong run this year.

According to data from Bitstamp, the world’s leading cryptocurrency exchange, bitcoin reached as high as $50,364.44, marking a 1.6 per cent increase from the previous close.

The last time bitcoin rose above the $50,000 level was in early March 2022, during the last major bull market cycle for cryptocurrencies.

Bitcoin has experienced a remarkable rally this year, rising more than 60 per cent from the year’s lows of around $31,004