Morning traders. Thanks loungers, especially @Ravgnome.
Outlook for the day: Positive as strong Wall Street gains help offset a five-month low in iron ore.
ASX futures: up 14 points or 0.18%
Overnight themes:
US stocks glide to fresh highs as investors shrug off inflation figures showing consumer prices increased slightly more than expected last month.
The S&P 500 climbs 1.12% to a record close. The Nasdaq gains 1.54% as Nvidia and other AI chip-makers break a two-session losing streak and Oracle hits an all-time high. Boeing's woes limit the Dow's gain to 0.61%.
The Consumer Price Index increases by 0.4% last month, up from 0.3% in January and in line with expectations. However, the annual increase of 3.2% is hotter than the 3.1% predicted by economists. Core inflation also comes in ahead of expectations: core prices increase 0.4% for the month, versus forecasts of 0.3%.
The odds on a June rate cut moderate a fraction to 70% from 71% before the report, according to CME's FedWatch tool.
"Investors have gotten comfortable with the notion that it's not about when the Fed will lower rates but rather by how much, and a delay - whether it happens in May like many were initially hoping or in September - ultimately doesn't matter" - Oliver Pursche, senior vice president and advisor for Wealthspire Advisors (per Reuters).
Gold falls from record levels as sellers bet sticky inflation could delay US interest rate cuts. (Lower interest rates increase the relative appeal of precious metals.) Gold futures decline around 1%.
The tech sector surges 2.54% as Nvidia bounces 7.16%, Oracle 11.75% and Microsoft 2.66%. Besides growth sectors, consumer staples gains 0.63%, health 0.48% and financials 0.45%. Drags include utilities -0.99%, real estate -0.37% and materials -0.06%.
Iron ore sinks to a five-month low as increases in steel stockpiles signal demand weakness. China-traded ore futures finish daytime trade 2.23% in the red, but off earlier session lows.
"Steel stocks have been piling up to a level higher than the same period a year before; lower output and higher stocks mirrored weak downstream demand" - analysts at GF Futures (per Reuters).
Key events today:
US bond auction - tonight
S&P 500: up 57 points or 1.12%
Dow: up 236 points or 0.61%
Nasdaq: up 246 points or 1.54%
Dollar: down 0.13% to 66.06 US cents
Iron ore (Dalian): down 2.23% to US$115.88
Brent crude: down 29 US cents or 0.4% to US$81.92
Gold: down US$22.50 or 1.03% to US$2,166.10
NYSE Arca Gold Bugs: down 2.03%
Bitcoin: down 0.86% to US$71,403
Copper (LME): down 0.05% to US$8,648.50
Nickel (LME): up 1.34% to US$18,520
Uranium (spot price): down 1.1% to US$91
Lithium carbonate (China spot): up 0.83% to US$15,312
