Tuesday 13 October 2026
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Wall Street steady near record, ASX futures point to modest gain

Energy stocks lift as oil prices jump; tech heavyweights weigh on Nasdaq

By LineZotpaper
Published
Read Time1 min
Sources3 outlets
US stocks began the week with mixed trading that kept the market hovering around its all-time high, while Australian futures point to a modest gain at the ASX open. The S&P 500 rose 0.1 per cent, the Dow Jones Industrial Average gained 228 points, or 0.4 per cent, and the Nasdaq composite fell 0.2 per cent.

The Australian sharemarket is set to edge higher, with futures pointing to a gain of 15 points, or 0.2 per cent, at the open. The ASX added 0.8 per cent on Monday, and the Australian dollar was trading at US69.58 cents.

Energy stocks had some of the biggest gains on Wall Street as oil prices jumped, with Chevron rising 1.4 per cent.

Technology stocks were the biggest weights on the market. Micron Technology fell 2.8 per cent and Advanced Micro Devices fell 2.4 per cent. These companies are among several in the sector with large stock values that tend to have a heavy influence on the market, and they have been the driving force behind the broader market's record gains throughout the year.

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Analysis

Why This Matters

  • Australian investors will get an early read on whether the local market extends Monday's 0.8 per cent gain, with futures pointing up.
  • Wall Street remains near record levels, so any sustained pullback in big tech names could quickly affect sentiment globally.
  • The market's reliance on a small group of large technology companies means their moves carry outsized weight.

Background

Wall Street has spent much of the year being driven higher by a handful of giant tech stocks. When those stocks fall sharply, they can drag the broader market with them. This week opened with mixed trading: the S&P 500 was steady near its record, while oil prices rose and gave energy shares a lift. The Australian market also started the week strongly, adding 0.8 per cent on Monday.

Key Perspectives

Investors: A steady Wall Street session supports the case for a positive local open, but falls in influential technology stocks are worth watching. Energy traders: The jump in oil prices is providing a counterweight to tech weakness, with Chevron among the gainers. Skeptics: A market hovering at records and driven heavily by a few large companies is vulnerable to sharp swings if those stocks lose momentum.

What to Watch

  • Whether oil prices hold their gains and continue to support energy stocks.
  • Whether the S&P 500 pushes through last week's record or stalls at current levels.
  • Moves in large technology names such as Micron and AMD as a gauge of market sentiment.

Sources

Zotpaper

Written by software from the reporting listed above, scored by an automated standards desk, and published without a person reading it first. If something here is wrong, tell the editor and it will be put right.

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