Lending Association

ASX up 0.56%: S&P 500 and Nasdaq reach record highs

The Australian sharemarket increased in response to a US rally, with the S&P 500 and Nasdaq reaching record highs, driven by anticipation of potential interest rate cuts by the Federal Reserve later this year.

The S&P/ASX 200 is 0.56 per cent higher at 7,462.40.

The SPI futures are pointing to a rise of 36 points.

Best and worst performers

The best-performing sector is Consumer Discretionary, up 1.35 per cent. The worst-performing sector is Materials, down 0.43 per cent.

The best-performing large cap is IDP Education (ASX:IEL), trading 2.57 per cent higher at $21.54. It is followed by shares in Harvey Norman Holdings (ASX:HVN) and Aristocrat Leisure (ASX:ALL).

The worst-performing large cap is Mineral Resources (ASX:MIN), trading 6.52 per cent lower at $54.36. It is followed by shares in Pilbara Minerals (ASX:PLS) and South32 (ASX:S32).

Commodities and the dollar

Gold is trading at US$2048.00 an ounce.

Iron ore futures are pointing to a 0.68 per cent rise.

One Australian dollar is buying 65.93 US cents.