Investing.com - In what promises to be a promising start to the day, the Australian share market is expected to open in the green. The optimism is driven by a rebound in U.S. tech stocks, with the Dow Jones Industrial Average soaring 511 points, a rise led by Nike (NYSE:NKE), Goldman Sachs (NYSE:GS), and Verizon (NYSE:VZ).
However, Tesla (NASDAQ:TSLA)'s shares took a hit, dropping over 5% due to concerns over its profit outlook and the end of strikes by union workers at the big three American automakers.
Significant data to be released on Tuesday include China's manufacturing and services information, and the outcome of the Bank of Japan's policy meeting.
ASX 200 Futures were up by 29 points or 0.4% to 6810 as of 7am AEDT. Meanwhile, the Australian dollar saw a 0.6% increase against the US Dollar Index, while Bitcoin experienced a slight decrease of 0.6% to $US34,351.
Among the big tech stocks in New York, Apple (NASDAQ:AAPL) saw a 1.2% increase, Amazon (NASDAQ:AMZN) surged by 3.9%, and Microsoft (NASDAQ:MSFT) rose by 2.3%. In contrast, Tesla experienced a drop of 4.8%.
On the commodities front, the price of spot gold remained relatively stable, while Brent crude oil experienced a 2.8% drop to $US87.91 per barrel. Iron ore prices, however, increased by 1.8% to $US121.80 per tonne.
Today's agenda includes a speech by Brad Jones, the RBA assistant governor, at the AFIA Conference in Sydney, and the release of private sector credit data for September. Origin Energy Ltd (ASX:ORG) and Resolute Mining Ltd (ASX:RSG) are due to report production results, while several companies, including Clinuvel Pharmaceuticals Ltd (ASX:CUV), Data#3 Ltd (ASX:DTL), Endeavour Group Ltd (ASX:EDV), and Peter Warren Automotive Holdings Ltd (ASX:PWR), are scheduled to host annual meetings.
Overseas, the Bank of Japan is set to make its policy decision, and several key data releases are expected, including Eurozone's third-quarter GDP and October CPI, and the U.S.'s third-quarter employment cost index.
The price of oil has declined, making the $US100 per barrel target seemingly out of reach for now due to rising international pressure on Israel to reconsider its bombing of Gaza. The World Bank warned that the outlook for commodity prices could quickly worsen if the conflict in the Middle East escalates.
In other news, McDonald’s (NYSE:MCD) reported better-than-expected third-quarter results, with comparable sales rising 8.8%, surpassing the 7.8% average estimate of analysts polled by Bloomberg.
In the U.S., the United Auto Workers union reached a tentative contract deal with General Motors (NYSE:GM), the last of the Big Three automakers. This development brings the industry closer to ending a historic six-week strike that has impacted the economy and resulted in record gains for workers. The agreements mark the most significant gains the union has achieved in decades, including a 25% increase in base wages over 4.5 years.