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12/04/24

09:55

Post #: 73308920
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Originally posted by highlandlad: ↑

Morning traders. Thanks loungers, especially @Ravgnome.

Outlook for the day: Negative after banks and miners sit out a tech-led rebound on Wall Street overnight. (The financial and materials sectors have the heaviest weighting on the ASX.)

ASX futures: down 29 points or 0.37%

Overnight themes:
Megacap tech stocks lead a lop-sided recovery on Wall Street as mild wholesale inflation figures help calm market jitters triggered by Wednesday's "hot" consumer inflation report.
The Nasdaq Composite surges 1.68% to a new high. Apple and Nvidia both gain more than 4%. Amazon closes at a record.
The S&P 500 gains 0.74% despite fewer than half of its 11 sectors advancing.
The Dow dips 0.02% to a fourth-straight loss. More than half of the blue-chip average's component companies retreat.
Growth stocks rebound after wholesale prices increase less than expected in March. The Producer Price Index edges up 0.2% for the month - down from 0.6% growth in February and below the 0.3% figure anticipated by economists. Core PPI also gains 0.2%.
The PPI comes as a relief after Wednesday's stronger-than-expected Consumer Price Index doused expectations that interest rates could fall as soon as June.
The overnight reversal underscores the resilience of the current market, according to Ryan Detrick, chief market strategist at Carson Group. "2024 is the Rocky Balboa market. When the S&P 500 falls 0.75% or more, the next day is bouncing back more than anytime in history," Carson tweets.
Growth sectors dominate the night's rally. Tech jumps 2.36%, communication services 1.14% and consumer discretionary 0.94%.
The financial sector sinks 0.58% before the first-quarter reporting season gets underway tonight with trading updates from JPMorgan, Wells Fargo and Citigroup. JPMorgan drops 0.02%. Wells Fargo sheds 0.44%. Citigroup gains 0.88%.
Also weak overnight are the health sector -0.49%, consumer staples -0.28%, utilities -0.21%, energy -0.2% and materials -0.1%.
Iron ore rises for a fourth session in China as soft inflation data stoke stimulus hopes. Copper and other industrial metals retreat. Benchmark ore futures on the Dalian Commodity Exchange advance 1.29%. Copper eases 0.14% further from Tuesday's 14-month peak on the London Metal Exchange.
Gold logs a new high, reversing Wednesday's weakness. The yellow metal climbs to within US$5 of breaking the US$2,400 an ounce level for the first time.
Oil drops back below US$90 a barrel as traders wait to see whether Iran will retaliate against an Israeli strike on its Syrian embassy with a direct attack on Israel. Brent crude falls 0.8% to US$89.74.

Key events today:
US consumer sentiment - tonight

S&P 500: up 38 points or 0.74%

Dow: down 2 points or 0.01%

Nasdaq: up 272 points or 1.68%

Dollar: up 0.53% to 65.42 US cents

Iron ore (Dalian): up 1.29% to US$114.14

Brent crude: down 74 US cents or 0.8% to US$89.74

Gold: up US$24.30 or 1% to US$2,372.70

NYSE Arca Gold Bugs: up 1.43%

Bitcoin: down 0.21% to US$70,308

Copper (LME): down 0.14% to US$9,361

Nickel (LME): down 2.39% to US$17,730

Uranium (spot price): up 0.87% to US$89.50

Lithium carbonate (China spot): down 0.14% to US$15,629

Global X Lithium & Battery Tech ETF: up 1.19%

BHP: down 0.32% (US); down 0.97% (UK)

Rio Tinto: down 0.36% (US); down 0.1% (UK)

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bit late one that i found last night that i liked DGL has come up to the gap may play along the resistance line for a while worth a look imo
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