ASX set to inch higher on the back of Wall Street jump

Also, Pfizer rose 2.6 per cent after the drugmaker and German biotech firm BioNTech SE proposed to expand their Phase 3 pivotal COVID-19 vaccine trial to about 44,000 participants.

“The market loves anything with a vaccine because that is the ultimate solution here. And we’ll see more and more headlines,” on that going forward, said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. Merger-related news also lifted the market, and tech shares performed well but value-related sectors did as well, he said. That suggests investors may continue buy into value. Nvidia jumped 5.8 per cent and was among the biggest boosts for the S&P 500 and Nasdaq following plans to buy UK-based chip designer Arm from Japan’s SoftBank Group for as much as $US40 billion ($58 billion), in a deal set to reshape the global semiconductor landscape. The Philadelphia SE chip index rose 2.1 per cent.

Oracle gained 4.3 per cent as the cloud services company said it would team up with China’s ByteDance to keep TikTok operating in the United States, beating Microsoft in a deal structured as a partnership rather than an outright sale.

US stocks are coming off of two straight weeks of losses as investors sold heavyweight technology shares that had powered the benchmark index to record highs in a dramatic recovery from its March lows.

Seattle Genetics gained 14.5 per cent after Merck & Co said it would buy a $1 billion stake in the smaller drugmaker to co-develop and sell its cancer therapy.

Tesla’s shares rebounded 12.6 per cent after losses last week.

Later this week, investors will focus on the Federal Reserve’s last policy meeting before the Nov. 3 US presidential elections.

In other deal news, Immunomedics’s shares surged after Gilead Sciences Inc’s $US21 billion buyout deal.

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