PEAK ASSET: MORNING WRAP 7 May: ASX to rise, Nasdaq resets record as techs surge | Coles boss says rate hikes, fuel spikes whacked consumer sentiment | Caprice soared 67% on bonanza gold, Redcastle closes in on production |

East Coast Research has revised its target price for Terra Metals (ASX: TM1) to A$0.84, implying a 205% upside from the current A$0.28 share price.

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Market Highlights

ASX 200 futures are pointing up 95 points or 1.1 per cent to 8892.
All US prices near 5.15pm New York time (7.15am AEST).

• AUD +0.8% to US72.37¢
• Bitcoin -0.2% to $US81,402
• On Wall St: Dow +1.2% S&P +1.5% Nasdaq +2%
• VIX +0.01 to 17.39
• Gold +3% to $US4691.33 an ounce
• Brent oil -7.1% to $US102.09 a barrel
• Iron ore +1.9% to $US110.60 a tonne
• 10-year yield: US +4.35% Australia +4.95%

Across Markets…

Australian shares are set to rise 1 per cent at the open on Thursday, tracking similar strong gains in New York as investors reacted to heightening prospects of a peace agreement between the US and Iran.

Oil briefly plunged below $US100 a barrel, while gold and silver surged. The yield on the US 10-year note tumbled 8 basis points to 4.35 per cent.

“Markets reacted favourably overnight as President Trump signalled progress toward a final agreement with Iran,” said Westpac economist Luka Belobrajdic.

“The President said he would pause ‘Project Freedom’, with the US delivering Iran a one-page memorandum of understanding that would gradually reopen the Strait of Hormuz and lift the naval blockade.”

ASX 200 futures are pointing up 95 points, or 1.1 per cent, to 8892. The S&P 500 closed 1.5 per cent higher in New York on Wednesday (Thursday AEST), paced by industrials and information tech. The US benchmark has risen 16 per cent from its March 30 low, bolstering its market cap by more than $US9 trillion.

Both the S&P 500 and the Nasdaq Composite reset their intraday record highs. The S&P 500 reached 7369.22, while the Nasdaq hit 25,850.19. Each index reset its record closing highs, too.

Nvidia was 5.7 per cent higher, retaking the $US5 trillion ($7 trillion) market cap level. It advanced after smaller rival AMD soared 18.6 per cent to reach a record high after a flood of data centre spending bolstered its sales forecast.

Each of the magnificent seven mega-cap techs were higher. The NYSE Fang + Index advanced 1.3 per cent. The Philadelphia semiconductor index leapt 4.5 per cent, lifting its year-to-date advance to 60 per cent.

Source: AFR