Wall Street Hits Fresh Highs — Can Global Momentum Lift The NZX Again Today?

NZX 20 futures finished up 0.1% yesterday, suggesting a modestly firmer open, although higher oil prices and rising geopolitical tensions may keep some investors cautious. After Monday’s 0.3% gain locally, Kiwi investors will be watching whether offshore momentum can push the market through recent resistance levels.

Overnight, US markets extended their rally, with the S&P 500 gaining 0.1% with an hour to the close, the Nasdaq100 also rising 0.2%, while the Dow was flat. Market breadth remained mixed—207 S&P stocks finished higher versus 297 lower—showing investors are still concentrating capital into specific themes rather than buying the whole market. The key winners were semiconductors, AI infrastructure, and energy, as investors continued backing growth despite macro uncertainty.

Technology remains the global leadership story. NVIDIA, Qualcomm, AMD and Micron Technology all moved higher, while RKLB surged another 17%, taking its two-day gain above 50%. For Kiwi investors, Rocket Lab’s continued momentum remains important given its growing local investor following and what it says about appetite for high-growth names globally.

Back home, the NZX 50 rose 0.3% yesterday to 13,210, with strength in Infratil, Meridian Energy, AFT Pharmaceuticals and Chorus helping offset weakness elsewhere. Healthcare lagged after weakness in CSL, but that sector could rebound today if virus-related headlines continue to drive demand for defensive healthcare exposure—making Fisher & Paykel Healthcare one to watch at the open.

Outside equities, oil remains near US$99 a barrel as tensions between the US and Iran continue to escalate around the Strait of Hormuz, supporting energy names but keeping inflation concerns alive. Meanwhile, gold and silver remain firm, and US bond yields have pushed back above 4.4%. All eyes now turn to US inflation data tonight, which could be the biggest market-moving event of the week.

What Kiwi investors should watch today:

• Can Fisher & Paykel Healthcare and healthcare names rebound after yesterday’s weakness?
• Does Infratil continue attracting growth money after offshore tech strength?
• Will energy and utility names benefit if oil remains elevated?
• And across the Tasman, Commonwealth Bank of Australia reports today, which could influence regional financial sentiment.

For now, the bias looks mildly positive for the NZX—but with US inflation looming, today may be more about positioning than chasing.

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