The sharemarket rebounded at noon as strong gains from technology stocks offset a sell-off in the mining giants.

The benchmark S&P/ASX 200 added 0.3 per cent, or 19.7 points, to 6996.8 at lunchtime, tracking gains on Wall Street that was buoyed by a rally in so-called Magnificent Seven technology stocks. The All Ordinaries rose 0.3 per cent.

In local trading, WiseTech gained 1.6 per cent, Xero added 1.5 per cent and Altium added 1.7 per cent.

Weaker than expected Chinese trade data dragged the commodities sector lower overnight amid renewed concerns about China’s economy. BHP Group dropped 2.9 per cent, Fortescue Metals lost 2 per cent and Rio Tinto declined 3 per cent.

What happened overnight

US oil dropped below $US78 a barrel overnight, iron ore fell 1.2 per cent to $US122.30 a tonne, and gold slipped 0.5 per cent.

On Wall Street, Amazon led the mega techs higher, but it was not just the so-called Magnificent Seven that advanced. Shares of Zscaler, Crowdstrike, Block, Palo Alto Networks and Intel all rallied at least 2 per cent in New York trading.

Uber also climbed 3.7 per cent after reporting 25 per cent growth in overall trips for the three months through September, and income from operations of $US394 million ($614 million).

The yield on the US 10-year also fell below 4.60 per cent as Federal Reserve policymakers’ warned that there was more work to do to tame inflation in the world’s largest economy.

Stocks on the move

Building materials company James Hardie surged 12.8 per cent after reporting positive results. It managed to increase the prices of building materials sold in Australia up by 15 per cent.

ResMed slid 0.3 per cent as it trades ex-dividend.

Embattled money manager Magellan Financial Group climbed 0.8 per cent after its annual general meeting. Shareholders vented their fury by delivering an emphatic first strike on the remuneration report;