The Australian share market is set to surge at the market open, following a rally on Wall Street.Meanwhile, the price of oil has dropped more than 5 per cent as uncertainty around the war in the Middle East continues. Follow the day's financial news and insights from our specialist business reporters on our live blog.Disclaimer: this blog is not intended as investment advice.PinnedKey EventThu 21 May 2026 at 7:12amThu 21 May 2026 at 7:12amMarket snapshotBy Adelaide MillerASX 200 Futures: +1.4% to 8,646 pointsAustralian dollar: flat at 71.49 US centsWall Street: Dow Jones (+1.3%), S&P 500 (+1.1%), Nasdaq (+1.7%)Europe: FTSE (+1.0%)Spot gold: +1.4% to $US4,543/ounce Brent crude: -5.2% to $US105.5/barrel Iron ore: -0.4% to $US107.40/tonneBitcoin: -0.01% to $US77,686Prices current around 7:10am AESTCollapse all postsFilter PostsAll6Key Events5Market snapshot1Tax1Thu 21 May 2026 at 8:40amThu 21 May 2026 at 8:40amInvestors warn funding could go offshore under contentious tax changesBy Adelaide MillerInvestors warn funding could go offshore if contentious changes to the way capital gains are taxed, go ahead.You can watch last night's story from business reporter Nassim Khadem below:Key EventThu 21 May 2026 at 8:27amThu 21 May 2026 at 8:27amWall St breakdownBy Adelaide MillerIt was a strong finish for trading on Wall Street, as all major exchanges rallied. Let's break it down.The S&P 500 finished up +1.1% to 7,433 points. Here was the movement across the day:S&P 500 daily movement (Refinitiv)The gains were led by Consumer Cyclicals, followed by Financials.S&P 500 sector summary (Refinitiv)Of the top stocks, United Airlines Holdings finished up the top, about +10% higher.S&P 500 top movers (Refinitiv)Down the bottom was toy manufacturing company Hasbro Inc, followed by derivative exchange platform CME Group.S&P 500 bottom movers (Refinitiv)The Dow Jones Industrial Average finished up +1.3% to 50,009 points.Dow Jones Industrial Average daily movement (Refinitiv)The rally was led by Basic Materials and Financials.Dow Jones Industrial Average sector summary (Refinitiv)Of the top stocks, Goldman Sachs Group finished up +5.8%. Nvidia Corp is also amongst the top movers after forecasted second quarter revenue exceeds expectations.Dow Jones Industrial Average top movers (Refinitiv)Down at the bottom was Chevron Corp, followed by Walmart Inc.Dow Jones Industrial Average bottom movers (Refinitiv)Finally, the Nasdaq Composite finished up +1.7% to 29,298 points.Nasdaq daily movement (Refinitiv)Utilities finished up the top, followed by Consumer Cyclicals.Nasdaq sector summary (Refinitiv)Of the top movers, Arm Holdings PLC finished up +15.1%.Intuit Inc finished down about -4%.Nasdaq bottom movers (Refinitiv )Key EventThu 21 May 2026 at 8:00amThu 21 May 2026 at 8:00amNvidia forecasts revenue above estimates, announces $80 billion share buybackBy Adelaide MillerNvidia has forecast second-quarter revenue above Wall Street expectations, and announced an $US80 billion share repurchase program. Shares of the company were up +1.3% in extended trading.The world's most valuable company expects revenue of $US91 billion, plus or minus 2%, compared with estimates of $US86.84 billion.Nvidia's results are largely considered a barometer for the AI market's health, as its chips are used in virtually every major data centre in the world, powering the largest and most advanced AI models. "Nvidia delivered another beat, but at this point that's essentially priced in as it keeps beating quarter after quarter," says eMarketer analyst Jacob Bourne."The lingering question is whether it can convince investors the AI buildout has durability into 2027 and 2028, especially as the narrative shifts toward inference workloads and competing silicon from Google, Amazon, AMD, and Intel."The company also said it would increase its quarterly cash dividend to 25 cents per share from 1 cent. Spending on AI infrastructure continues to grow rapidly, with US tech giants, including Alphabet, Amazon and Microsoft, expected to spend more than $US700 billion on AI this year, a sharp jump from around $US400 billion in 2025.- ReutersKey EventThu 21 May 2026 at 7:45amThu 21 May 2026 at 7:45amPressure builds on new-home industry as Iran war sends construction costs through the roofBy Adelaide MillerFuel surcharges and price rises stemming from the Middle East conflict are affecting every facet of residential construction, pushing builders to the brink and driving up inflation.Business reporter Alison Branley looks at what’s going up and by how much, with the photos to match by John Gunn:Key EventThu 21 May 2026 at 7:28amThu 21 May 2026 at 7:28amGood morningBy Adelaide MillerHello everyone and happy Thursday!Business reporter Adelaide Miller here to guide you through the morning blog.We'll be taking a look at all the top business, finance and economic stories.It's looking like the Aussie share market will open with a sea of green, as futures points up +1.4% to 8,646 points.We are also expecting the April jobs figures at 11:30am AEST today.In March, Australia's unemployment rate remained at 4.3%, the same as February, in seasonally adjusted terms.Employment increased by 17,900 people and unemployment decreased by 3,700 people.But for now, go and grab yourself a coffee and see you back here soon!