The Australian sharemarket has risen in early trading, led by strong gains in the big miners after the S&P 500 reset its record high as it edged closer to the 6300-point level.

The S&P/ASX 200 Index rose 21.1 points, or 0.3 per cent, to 8610.3 as 10.05am AEST on Friday, with the materials sector gaining 2 per cent to the keep the bourse in the green, despite six out of 11 sectors falling. If it closes above 8603 it will reset last week’s record.

BHP and Rio Tinto both climbed more than 2.5 per cent, while Fortescue jumped 4.2 per cent, on the back of higher iron ore prices. Lynas Rare Earths rocketed 17 per cent.

In New York, the benchmark closed up 0.3 per cent to 6280.46. It reached as high as 6290.22 during the session. Nvidia rose 0.8 per cent to finish at $US164.10 ($249.20), giving it a market cap of $US4 trillion.

In a social media post, President Donald Trump took credit for Nvidia’s push higher and pressed the Federal Reserve anew to “rapidly” lower interest rates.

In contrast, Sevens Report author Tom Essaye said Trump’s current tariff negotiation strategy could result in the Fed “delaying” a rate cut past September.

“There’s zero chance we’ll have tariff clarity by August 1, which makes a July rate cut impossible. Additionally, it’s entirely unclear at what point we will have tariff clarity because while President Trump says the August 1 deadline won’t be moved again, most believe that it will be moved a week or so later if high tariffs hit markets.”

Essaye said that’s important because “until tariff rates are stable (which won’t happen until at least early August), the Fed will want to wait at least a few months to see what impact these new (and possibly higher) tariff rates have on the economy before being comfortable cutting”.

If rates are higher for longer, that increases the risks of a slowdown in the US as well as an escalation in Trump’s displeasure with Fed chairman Jerome Powell, Essaye also said.