Morning traders.
Market wrap: Australian stocks are set for a weak open after Wall Street ended its worst week in two months with another slide on Friday. The major US equity indexes closed 0.5% (Nasdaq) – 1.1% (S&P) lower as financial stocks weakened and energy companies were hit by a fall in the price of crude oil.
The S&P Bank Index fell nearly 3%, REITs lost 4% and oilers 2%. Crude continued to retreat from its six-month high near $60, falling almost 4% on Friday to $56.34. Gold eked out gains of $2.90 or 0.3% on inflation worries. The precious metal is at its highest level in more than a month but making slow progress. Lead was the only leading base metal to advance as a pullback from early-May highs continues.
Our market ran surprisingly hard on Friday and this morning’s futures suggest we’re going to give most of it back. The SPI closed 42 points lower at 3737. Dow futures were last at -20.
No screamingly obvious leads there, unfortunately. I’ll continue to trade stocks that have pulled back to support levels or that look oversold intraday. Last week that strategy delivered my second most profitable week of the year, so I’ll stick with what’s working.
Good luck to all.
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