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The Australian share market built on a solid lead-in from Wall Street, with the tech sector leading the way, up 1.9% on the back of enthusiasm emanating from the so-called “Magnificent Seven” US tech stocks.

The benchmark S&P/ASX 200 (INDEXASX: XJO) added 18.3 points, or 0.3%, to 6995.4, while the broader All Ordinaries (INDEXASX: XAO) rose 21.8 points, also 0.3%, to 7,198.4.

Nine of the ASX’s 11 sectors finished in the green.

The tech sector was boosted by WiseTech Global Ltd (ASX: WTC), which rose $1.43, or 2.3%, to $63.64; Xero Limited (ASX: XRO) advanced $1.73, or 1.5%, to $114.72; and Altium Limited (ASX: ALU) was up 97 cents, or 2.4%, to $42.23.

Telstra Group Ltd (ASX: TLS) gained 5 cents, or 1.3%, to $3.92, after being up 2.3% at one point, as it was perceived as benefiting from the big outage at rival Optus. In Singapore, the shares of Optus’ owner Singapore Telecom were down 5.2% on the news, and finished down 4.8% for the day.

In other industrial news, building materials company James Hardie Industries plc (ASX: JHX) surged $5.68, or 13.8%, to $46.97, on positive quarterly results. Magellan Financial Group Ltd (ASX: MFG) shares edged 4 cents higher, or 0.6%, to $6.98 despite shareholders delivering an emphatic first strike against the remuneration report, at the annual general meeting.

Banks up, resources down

The big banks all improved, recovering some of Tuesday’s losses. Commonwealth Bank of Australia (ASX: CBA) rose 68 cents, or 0.7%, to $100.69; Westpac Banking Corp (ASX: WBC) added 32 cents, or 1.5%, to $21.65; National Australia Bank Ltd (ASX: NAB) appreciated 13 cents, or 0.5%, to $29.17; and ANZ Group Holdings Ltd (ASX: ANZ) closed 9 cents, or 0.4%, higher at $25.56.

The property majors were catching bids, with Goodman Group (ASX: GMG) rising 40 cents, or 1.8%, to $22.33; Stockland Corporation Ltd (ASX: SGP) up 7 cents, or 1.9%, to $3.86; the Charter Hall Group (ASX: CHC) headstock gaining 23 cents, or 2.4%; to $9.97; and Dexus (ASX: DXS) advancing 15 cents, or 2.2%, to $6.92.

Weaker-than-expected Chinese trade data dragged iron ore and coal prices lower, weighing on the big miners. BHP Group Ltd (ASX: BHP) dropped 86 cents, or 1.9%, to $44.70; Fortescue Metals Group Ltd (ASX: FMG) lost 26 cents, or 1.1%, to $23.10; and Rio Tinto Ltd (ASX: RIO) fell $2.44, or 2%, to $119.37.

In coal, Whitehaven Coal Ltd (ASX: WHC) managed a gain of 3 cents, to $6.83; New Hope Corporation Ltd (ASX: NHC) advanced 4 cents, or 0.8%, to $5.28; Yancoal Australia Ltd (ASX: YAL) gained 13 cents, or 2.8%, to $4.70; but Stanmore Resources Ltd (ASX: SMR) slipped 5 cents, or 1.3%, to $3.68; and Coronado Global Resources Inc (ASX: CRN) softened 5.5 cents, or 3.2%, to $1.66.

On lower oil prices, Woodside Energy Group Ltd (ASX: WDS) fell 19 cents, or 0.6%, to $33.35; and Brazilian-based producer Karoon Energy Ltd (ASX: KAR) slipped 5 cents, or 2.1%, to $2.35; but Beach Energy Ltd (ASX: BPT) gained 2.5 cents, or 1.7%, to $1.53.

Streak continues on Wall Street

In the US, the broad S&P 500 (INDEXSP: .INX) index rose for an eighth consecutive day on Wednesday, extending its longest win streak in two years.

The 500 added just 4.4 points, to finish at 4,382.78, but all that matters is the positive close, meaning the gauge matched an eight-day string of gains it notched in November 2021. The tech-heavy Nasdaq Composite (INDEXNASDAQ: .IXIC) Index gained 10.56 points, to 13,650.41, while the 30-stock Dow Jones Industrial Average (INDEXDJX: .DJI) retreated 40.33 points, to 34,112.27.

With Wednesday’s gains, the S&P is up 4.5% for November, while the Nasdaq has jumped 6.2%, and the Dow Jones is up 3.2% for the month.

These gains come as earnings season winds down. About 88% of S&P 500 companies have posted results, with more than 88% beating earnings estimates. But only 62% have exceeded revenue expectations, and the outlook statements from some companies have been markedly cautious.

In the bond market, the US 10-year Treasury yield eased 7.1 basis points, to 4.497%, while the 2-year yield slipped 0.4 basis points, to 4.928%.

Gold lost US$18.78, or 1%, to US$1,950.18 an ounce, while the global benchmark Brent crude grade dropped US$1.81, or 2.2%, to US$79.80 a barrel, and US West Texas Intermediate oil weakened US$1.74, or 2.3%, to US$75.63.

The Australian dollar is buying 63.99 US cents this morning, down from 64.3 cents at the ASX close on Wednesday.

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