Live: Wall Street hits new record highs but ASX likely to open flat

Despite new record highs on Wall Street overnight, driven by AI enthusiasm, the Australian share market is likely to have a quiet start to the day.

ASX futures are flat, which suggests there might not be much movement, up or down, when the local trading day begins.

The Australian dollar rose slightly to 69.8 US cents.

What happened overnight?

On oil markets, Brent crude futures rose 0.7% to $US101.06 per barrel, which is lower than it's been these past couple of weeks.

Supply worries eased after the Group of Seven (G7) countries reached an agreement to release emergency diesel and crude stockpiles.

The not-as-high-as-before oil price led to US government bond yields, or borrowing costs, falling slightly as concerns about high inflation eased.

And that relief pushed the benchmark S & P 500 to its highest level ever, while the tech-heavy Nasdaq Composite hit a new record high for its third straight day.

When oil prices stabilise or move lower, "that causes yields to move down because there's less anxiety about energy-driven inflation, which in turn is helping lift stocks higher," said Oliver Pursche, senior vice president at Wealthspire Advisors in New York.

At the closing bell, the S & P 500 gained 0.6% to 7,820 points, the Nasdaq Composite rose 0.5%, to 27,605 points, while the Dow Jones Industrial Average went up 0.5%, to 51,532 points.

One of the best performing stocks was Marvell Technology, which climbed 5.8% after the chip designer lifted its revenue forecast for 2028 due to strong demand for its data center chips.

Meanwhile, chipmaker AMD gained 2.8% after CEO Lisa Su said the company plans to substantially increase chip supply this financial year to meet booming AI demand.

Anyway, please grab a coffee, tea, or whatever you like to have in the morning, and I'll be back with more updates shortly!