US stocks climbed on Tuesday, with the S&P 500 and the Dow Jones reaching new highs as investors brushed off concerns about potential tariffs from President-elect Donald Trump.
The Dow rose by 123.74 points, or 0.28 per cent, closing at 44,860.31, recovering from a drop of more than 300 points earlier in the session. The S&P 500 gained 0.57 per cent, finishing at 6,021.63. Both the Dow and the S&P 500 set new intraday and closing records. The Nasdaq Composite increased by 0.63 per cent, ending the day at 19,174.30.
In commodities, oil slipped slightly after Israeli Prime Minister Benjamin Netanyahu announced his readiness to implement a ceasefire agreement with Lebanon and warned he would “respond forcefully to any violation” by Hezbollah.
Bitcoin also took a hit, falling below $92,000.
Looking at the local markets, the SPI futures are pointing to a 0.5 per cent gain.
The Australian dollar fell to a four-month low after US President-elect Donald Trump promised significant tariffs on the country’s three largest trading partners – Canada, Mexico, and China – causing the US dollar to surge against other currencies.
The Aussie dollar dropped to US64.32¢, its lowest level since early August, before recovering slightly to just below US65¢. It has lost US5¢ in just two months, with banks cautioning that its outlook remains grim.
Key data points to watch include the monthly CPI release at 11.30am AEDT.
The RBNZ is set to release a policy statement at noon, where a 50 basis point cut is expected.
A few companies are holding AGMs, including Core Lithium, HMC Capital, Harvey Norman, Liontown Resources, and Lynas Rare Earths.
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