At 11:45am, the S&P/ASX 200 is 0.56 per cent higher at 8,172 driven by a broad rally across all the sectors, led by consumer discretionary stocks.
Notable gains included Wesfarmers, Aristocrat and JB Hi-Fi.
This positive performance occurred despite a mostly lower finish on Wall Street, where the Dow Jones fell by 0.7 per cent and the S&P 500 dropped by 0.2 per cent, while the Nasdaq remained nearly unchanged.
Following the close, Micron Technology saw a significant surge of over 10 per cent after reporting quarterly results that surpassed expectations. Goldman Sachs noted that strong equity positioning, particularly in US technology funds, reflects optimism surrounding AI, with S&P 500 futures positioning nearing record highs.
Futures
The SPI futures are pointing to a rise of 42 points.
Best and worst performers
All sectors are in the black. The best-performing sector is Utilities, up 1.22 per cent. The sector with the fewest gains is Materials, up 0.1 per cent.
The best-performing large cap is TPG Telecom (ASX:TPG), trading 3.66 per cent higher at $4.82. It is followed by shares in GQG Partners (ASX:GQG) and NEXTDC (ASX:NXT).
The worst-performing large cap is Reece (ASX:REH), trading 1.5 per cent lower at $28.27. It is followed by shares in Pilbara Minerals (ASX:PLS) and James Hardie Industries plc (ASX:JHX).
Commodities and the dollar
Gold is trading at US$2681.80 an ounce.
Iron ore is 1.8 per cent higher at US$96.35 a tonne.
Iron ore futures are pointing to a 0.1 per cent fall.
One Australian dollar is buying 68.37 US cents.