National

ASX Today: Australian Share Market Set to Jump as Wall Street Rallies and Nvidia Surges

Shivangi

May 21, 2026 9:46 AM IST

Category National

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Synopsis

Australian shares are expected to rise strongly on Thursday after Wall Street rallied overnight following better-than-expected Nvidia earnings and easing concerns around oil prices. SPI futures indicate the ASX 200 could open more than 100 points higher after the Nasdaq surged 1.55% in the United States. Nvidia reported an 85% jump in revenue, strengthening optimism around global AI investment and technology stocks. Meanwhile, falling oil prices may pressure ASX energy companies including Santos and Woodside, while rising gold prices could support major mining stocks. Investors will also continue watching Catapult Sports after its strong FY26 earnings result.

Australian shares set to rise after Wall Street rallied overnight due to Nvidia earnings. During trade, investors keep an eye on the dip in oil price, a hike in gold prices and further surge in technology and mining stocks.

Key Highlights

• ASX 200 set to rise 113 points
• Nvidia revenue surged 85%, to US$81.62 billion
• Overnight trade saw something more than a 5% fall-off in oil prices
• Gold rises as yields ease
• Catapult Sports results to remain in focus

ASX Expected to Open Higher after Wall Street Rally

The Australian share market is set to soar while opening on Thursday following a bumper night on Wall Street. After Wednesday’s 1.25% decline for the S&P/ASX 200 Index to close at 8,496.6 points, SPI futures are pointing toward an opening gain of about 113 points or 1.3%. U.S. markets performed better as the Dow Jones increased 1.3%, S&P 500 up 1.1% and Nasdaq rose by an impressive 155% helped by positive earning reports and lower fears of energy prices impacting the economy

Global Tech Market Sentiment Robust on Nvidia Earnings

Global investors are welcoming the very positive earnings of NVIDIA as the market expected Q3 revenues to hit $78.86 billion. Demand for AI infrastructure continues to grow rapidly as companies around the world scale artificial intelligence investment, said Nvidia CEO Jensen Huang. A supportive update across the leading US indices should carry sentiment through to technology-related shares in ASX-listed growth companies. Catapult Sports Ltd may remain active after surging 18% on Wednesday based on release of strong FY26 earnings result, with Bell Potter maintaining buy rating and increasing its target to $4.65

Falling Oil Prices; Focusing on Gold and Mining Shares

ASX energy shares including Woodside Energy Group Ltd and Santos Ltd could come under pressure after oil prices dived overnight. WTI crude oil fell 5.5% to US$98.44 a barrel and Brent crude oil is down 5.7% to US$104.97 a barrel after Donald Trump said peace negotiations between Iran was down to the final chapters of discussions. At the same time, lower oil prices and retreating Treasury yields supported gold and helped boost prices overnight as they finished stronger by 0.85% to US$4,549.4 an ounce. This might provide support to ASX gold stocks such as Newmont Corporation and Northern Star Resources Ltd during Thursday’s treatment.

FAQs

1. Why is ASX expected to rise today? 

Wall Street rallied as Nvidia earnings boosted investors.

2. How much is ASX poised to open? 

SPI futures indicated that the market may open up around 113 points.

3. Why are oil prices falling?

Iran peace talks said at be at an advanced stage leading to decrease in oil prices.

4. Which ASX stocks are in the spotlight today? 

Key stocks of interest for you​  include Catapult Sports, Santos, Woodside, Newmont and Northern Star.

5. What is the significance of Nvidia results for world markets?

Solid Nvidia earnings also push the global AI and technology space higher.

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