However, concerns linger regarding potential trade wars, as President-elect Trump has proposed tariffs that could impact trade relations with Canada, Mexico, and China.

On December 2, the Australian sharemarket saw a modest rise, with the ASX 200 index climbing by 11.7 points, or 0.14%, to close at 8447.90 points, marking a new high.

This uptick in the Australian market coincided with positive movements in U.S. futures, including a 0.6% rise in Nasdaq futures and a 0.4% increase in Dow Jones Industrial Average futures.

The tech sector has been a significant driver of this market momentum, contributing to record highs for the S&P 500 and Nasdaq, buoyed by a strong performance in November, partly attributed to Donald Trump's recent electoral victory.

In the U.S., Federal Reserve Governor Christopher Waller expressed support for another interest rate cut, anticipating a decline in inflation towards the 2% target.

Investor optimism in Australia is further supported by expectations of interest rate cuts by the Reserve Bank of Australia in early 2025, following weaker-than-expected GDP growth.

In the mining sector, De Grey's shares surged by 28.1% after announcing an acquisition by Northern Star Resources, while other gold miners faced declines.

Iron ore prices have risen above $US105 per ton, with major companies like Rio Tinto and Fortescue Metals benefiting from speculation about upcoming stimulus measures from China.

Unexpectedly high retail sales in October have diminished the likelihood of the Reserve Bank of Australia cutting rates in February 2025.

In the broader market, Boeing saw a 2.07% increase, contrasting with declines in major companies like Verizon and Chevron.

Despite a record-setting performance in November, Wall Street's gains have slowed due to broader economic uncertainties and concerns about future Federal Reserve policies.

Meanwhile, Bitcoin remains stable around $96,000, with little movement in crude and gold futures, while 10-year Treasury yields have ticked higher.