After more than a week of constant selling, our local Aussie shares are finally catching a break on Friday.
The S&P/ASX 200 Index (ASX: XJO) is pushing higher, snapping an 8-session losing streak that had started to wear on sentiment.
At the time of writing, the benchmark index is up 0.94% to 8,680 points.
Today's rebound comes after stronger leads from overseas markets overnight, which has helped steady the tone early throughout the day.
Here's the latest.
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Wall Street gives local shares a lift
US markets pushed higher overnight, which has helped lift confidence across the ASX.
The Nasdaq climbed 0.98%, while the Dow Jones rose 1.62%, helping build momentum heading into Friday's session.
Tech earnings have been holding up, which is giving the broader market some support even with ongoing tension in the Middle East.
Oil prices also pulled back, with Brent crude slipping back towards US$112 a barrel, easing some of the pressure around inflation.
Resources lead the rebound
The S&P/ASX 200 Resources Index (ASX: XJR) is doing most of the heavy lifting, with iron ore majors and gold names pushing higher. The index is up around 2.1% intraday, which is helping drive the broader market higher.
BHP Group Ltd (ASX: BHP) is up 2.68%, Rio Tinto Ltd (ASX: RIO) has added about 3.05%, while gold giant Newmont Corp (ASX: NEM) is pushing closer to 2.6% higher.
The S&P/ASX 200 Industrials Index (ASX: XNJ) is also firmer, while the S&P/ASX 200 Financials Index(ASX: XFJ) is more mixed. ANZ Group Holdings Ltd (ASX: ANZ) is down 1.09% following its latest result, while Macquarie Group Ltd (ASX: MQG) and the major banks are holding up better.
Across the broader market, the majority of stocks are trading higher, with around three quarters of the index in positive territory.
Foolish takeaway
After a brutal run like that, the market was always going to find some kind of support.
What stands out to me is how quickly things can stabilise once selling slows down.
There was not really a single trigger behind the bounce today. It just feels like pressure eased enough for buyers to step back in.
Even so, I am not treating this as a clear shift.
The past week showed how easily sentiment can turn, and that does not disappear after one strong session.
I am more interested in whether this holds without much resistance.
Until then, I'll be keeping my powder dry for now.
