Morning traders. Thanks loungers, especially @Ravgnome.
Outlook for the day: Negative following declines in iron ore and other commodities, as well as a mixed finish on Wall Street.
ASX futures: down 16 points or 0.21%
Friday themes:
US stocks finished mixed during a "triple witching" session as Nvidia weighed on the S&P 500 and Nasdaq for a second day.
The S&P 500 eased 0.16% as Nvidia shed 3.22%. The AI chip-maker was briefly the world's most valuable listed company last week before falling back from an all-time high on Thursday.
“I can’t remember a time when one single stock... has been so influential on the market, and that’s really been a key driver of the market action as of late” - Emily Roland, co-chief investment strategist at John Hancock Investment Management (per CNBC).
The Nasdaq lost 0.18% as gains in Microsoft, Amazon and Alphabet helped offset down-pressure from Apple and Nvidia.
The Dow clung to a gain of 0.04%.
Volumes were the highest since March 15 as three kinds of derivatives expired - a so-called "triple witching" event.
The odds on a September rate cut hovered at 58% following further signs of pricing pressures receding. Growth in input prices and business price increases both slowed this month, according to S&P Global, even as business activity inched to a 26-month high.
"Historical comparisons indicate that the latest decline brings the survey's price gauge into line with the Fed's 2% inflation target" - Chris Williamson, chief business Economist at S&P Global Market Intelligence (per Reuters).
Tech was Friday's biggest drag, falling 0.84%. Also were were energy -0.68%, utilities -0.54% and financials -0.31%. Consumer discretionary and communication services were the day's best, gaining 1.02% and 0.66%, respectively.
For the week, the S&P 500 gained 0.6%. The Dow had its best week since May with a rise of 1.45%. The Nasdaq finished more or less flat.
Iron ore extended its losing run to a fourth week as Chinese moves to cap steel production continued to undermine prices. Authorities in Fujian met with steelmakers on Monday to discuss output limits to contain emissions. Benchmark ore dropped 1.7% on the Dalian Commodity Exchange on Friday to US$11.79 a metric ton. Prices declined 1.8% across the week.
Copper closed near a three-month low in London amid concerns about rising inventories in exchange warehouses. Benchmark copper declined 1.78% to US$9,682.50 a metric ton.
Key events this week:
Consumer sentiment - Tuesday
US consumer confidence - Tuesday
RBA Assistant Governor Chris Kent addresses ABA Banking Conference - Wednesday
May inflation report (CPI) - Wednesday
US new home sales - Wednesday
US GDP - Thursday
US durable goods - Thursday
US pending home sales -Thursday
Private sector credit - Friday
US May inflation report (PCE) - Friday
US revised consumer sentiment - Friday
S&P 500: down 9 points or 0.16%
Dow: up 16 points or 0.04%
Nasdaq: down 32 points or 0.18%
Dollar: down 0.41% to 66.4 US cents
Iron ore (Dalian): down 1.7% to US$111.76
Brent crude: down 47 US cents or 0.55% to US$85.24
Natural gas (US futures): down 0.29% to US$2.72
Gold: down US$37.80 or 1.6% to US$2,331.20
Silver: down US$1.22 or 3.95% to US$29.55
NYSE Arca Gold Bugs: down 1.38%
Bitcoin: down 0.69% to US$63,783
Copper (LME): down 1.78% to US$9,682.50
Nickel (LME): down 1.15% to US$17,224
Uranium (spot price): down 2.34% to US$85
Lithium carbonate (China spot): down 0.15% to US$13,032
