AU Morning Wrap: ASX added 0.6pc after Federal Budget, led by tech and healthcare

The $S&P 500 Index(.SPX.US)$ climbed 56 points or 1.23 per cent to a fourth straight gain. The $Dow Jones Industrial Average(.DJI.US)$ Average advanced 338 points or 0.97 per cent. The $Nasdaq Composite Index(.IXIC.US)$ led with a rise of 265 points or 1.84 per cent.

AU Market Watch
Australia's $S&P/ASX 200(.XJO.AU)$ is on track to extend its gains at the open after U.S. stocks rose against the backdrop of peace talks between Russia and Ukraine. ASX futures are up by 0.75%, suggesting the benchmark index could continue its run of six straight gains. The ASX 200 hasn't put together seven green days since early December 2020. Wednesday's session marks traders' first opportunity to react to Australia's federal budget, which was announced late Tuesday. RBC Capital Markets says the budget was positive for listed pathology companies.

Australia shares opened higher this morning. The $S&P/ASX 200(.XJO.AU)$ gained 0.55 per cent to 7506 as of 11:15 pm, led by a 2.6 per cent gain for the tech sector and 1.3 per cent lift for healthcare.

Afterpay-owner $Block Inc(SQ2.AU)$ is up 6.3 per cent, with $Xero Ltd(XRO.AU)$ up 3.5 per cent and $WiseTech Global Ltd(WTC.AU)$ up 2.6 per cent. Healthcare winners include $CSL Ltd(CSL.AU)$, up 1.7 per cent.

Stocks to Watch
$Telstra Group Ltd(TLS.AU)$: Vicki Brady will be the new Chief Executive Officer of Telstra replacing Andrew Penn on September 1 who has today announced his intention to retire after serving more than seven years in the role.

$88 Energy Ltd(88E.AU)$: Alaskan oil explorer 88 Energy has warned shareholders of another drilling disappointment at its Merlin 2 Alaskan well.

$Fortescue Ltd(FMG.AU)$: Fortescue Metals shares are in a trading halt for unclear reasons.

Commodities
• Iron ore prices edged slightly higher
• Oil prices sold off sharply on Tuesday and holding the US$110 level.
• Gold prices continue to ease as risk appetite improves.

Source: Dow Jones Newswires, Market Index