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The Australian sharemarket looks set to outperform Wall Street as investors fret over restrictions on artificial intelligence and data centres in North America, pushing them towards domestic blue-chip stocks.
Futures indicate that the S & P/ASX 200 Index will open 0.2 per cent higher on Monday, following a subdued recovery in the US on Friday when some investors braved the volatility to buy the dip in technology stocks.
The Nasdaq 100 climbed 1.4 per cent after plunging one day earlier, while the Philadelphia Semiconductor Index jumped 4.2 per cent.
“Beneath [Friday’s] recovery, the institutional crowd remains shell-shocked, the Fed is still leaning hawkish, and I suspect it will take more than one good session before the Street gets its sea legs back,” said Stephen Innes, managing partner at SPI Asset Management.
Indeed, the Nasdaq still tumbled nearly 5 per cent last week, including a $US2.3 trillion ($3.35 trillion) wipeout on Thursday, as the Democratic Party’s sweep of Congress in the midterm elections raised the prospect of restrictions on the vast data centre buildout underpinning the AI boom.
