Australian shares are poised to rise, in line with gains on Wall Street on the promise of robust earnings from the mega cap tech companies.

ASX futures were up 35 points or 0.4 per cent near 7am AEDT. Overnight in New York, the Dow Jones added 0.7 per cent, the S&P 500 and the Nasdaq rose 0.3 per cent.

Around 169 of the S&P 500 companies are scheduled to report this week including the bulk of the Magnificent Seven group tech giants that have helped drive the sharemarket to all-time highs this year.

In commodities, oil fell sharply after a retaliatory strike by Israel over the weekend targeted Iranian military sites rather than its energy infrastructure. The price of Brent Crude, the international benchmark, tumbled 6 per cent to $US71 a barrel.

Stocks in focus

Myer has announced that it will acquire Premier Investment’s apparel brands business in Australia and New Zealand. The Australian Financial Review’s Street Talk column first reported that the decision to ink the  merger was made at a board meeting on Monday.

BlueScope has slashed its profit expectations for the first half citing cost inflation. The steel producer slashed its guidance for underlying earnings before interest and tax to be in the range of $270 million to $310 million versus a previous guidance range of $350 million to $420 million.

Online luxury retailer Cettire has increased its sales revenue by 22 per cent to $155 million in the first quarter of FY25. The company booked its adjusted earnings before interest, tax and amortisation at $2 million.