Investing.com - Australian stocks are set to climb at Tuesday's open, following an extended surge on Wall Street overnight amid speculation that the Federal Reserve might have the flexibility to cut interest rates later in the year.
Locally, investors will be keenly focused on the RBA's cash rate decision, scheduled at 2.30pm AEST, which will be succeeded by a press briefing from Governor Michele Bullock.
Commodity markets observed an uptick, with iron ore prices increasing by 2% in Singapore, approaching $US120 per tonne. Gold also saw a 1% rise in New York, while oil prices slightly advanced.
Among US indices, the Dow Jones Industrial Average gained 0.5%, the S&P 500 added 1% and the tech heavy NASDAQ Composite lifted 1.2%. Notably, NVIDIA Corporation (NASDAQ:NVDA) soared 3.8%, surpassing $US920, marking its highest level since late March.
Apple Inc (NASDAQ:AAPL) fell slightly, tempering the previous Friday's surge after Warren Buffett announced he had reduced his stake in the company, despite his recent commendations for the iPhone maker. Buffett reassured shareholders that unless there is a dramatic shift, Apple will remain their most significant investment, suggesting that tax considerations influenced the sale.
In corporate news, ANZ Group Holdings Ltd (ASX:ANZ) reported a 7% drop in its cash profit, amounting to $3.55 billion for the first half of the year. The major bank also announced a $2 billion share buyback and declared its proposed interim dividend at 83¢ per share, partially franked at 65%.