Morning traders. Thanks loungers, especially @Ravgnome and @Patterns.
Outlook for the day: Mildly negative following a mixed close on Wall Street and pressure on commodity prices from a surging greenback.
ASX futures: down 13 points or 0.18%
Overnight themes:
- Wall Street's main indices close mixed amid rallies in treasury yields, the US dollar and energy prices. The Dow gives up early gains. The S&P 500 and Nasdaq cling to narrow advances.
- Stocks open higher after an unexpected increase in orders for long-lasting goods last month soothed worries about an economic slowdown.
- The rally quickly unwinds as treasury yields test fresh 16-year highs. The 10-year yield cracks 4.6% for the first time since 2007.
- The VIX or volatility index climbs to its highest in four months. The S&P 500's 14-day relative strength index falls to its weakest this year.
- The federal government lurches closer to a partial shutdown this weekend after House Republicans reject a stop-gap funding bill making its way through the Senate.
- Rising energy prices sharpen fears that the Federal Reserve will have to raise rates to quash inflation. The energy sector soars 2.51% as oil prices scale fresh multi-month highs. Brent crude rises to its highest since November after a decline in US crude stockpiles exacerbates supply worries. US oil jumps 3.6%, its biggest single-day percentage rise since May, after supplies at the US's main delivery hub drop towards a level last seen in 2014.
- Also trading higher are industrials and tech. Rate-sensitive utilities is the worst sector for a second night, shedding 1.93%. Next-worst are real estate (-0.82%), consumer staples (-0.77%) and health (-0.49%).
- Gold slumps to a six-month low under US$1,900 an ounce as the US dollar trades at its highest in 10 months and bond yields hover near 16-year highs. The NYSE Arca Gold Bugs index of miners falls to a 10-month low.
Key events today:
- Retail sales - 11.30 am AEST
- US final GDP, jobless claims - tonight
- Speech by US Federal Reserve Chair Jerome Powell - tonight
S&P 500: up 1 point or 0.02%
Dow: down 69 points or 0.2%
Nasdaq: up 29 points or 0.22%
Dollar: down 0.53% to 63.59 US cents
Iron ore (Dalian): up 0.59% to US$115.80
Brent crude: up US$2.59 or 2.8% to US$96.55
Gold: down US$28.90 or 1.5% to US$1,890.90
NYSE Arca Gold Bugs: down 3.27% (10-month low)
Copper (LME): down 0.14% to US$8,080
Nickel (LME): up 0.85% to US$19,050
Lithium carbonate (China spot): down 0.59% to US$23,565
Global X Lithium & Battery Tech ETF: up 0.19%
BHP: up 1.27% (US); up 0.63% (UK)
Rio Tinto: up 0.5% (US); up 0.4% (UK)
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