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23/07/24

08:51

Post #: 74866911
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Originally posted by highlandlad: ↑

Morning traders. Thanks loungers, especially @Ravgnome and @Patterns.

Outlook for the day: Positive for the first time in four sessions as a Wall Street rebound offsets another soggy session for commodity prices.

ASX futures: up 55 points or 0.7%

Overnight themes:
A rebound in megacap tech stocks helped the Nasdaq and S&P 500 recoup some losses following their worst week since April. The Dow also rallied.
The Nasdaq Composite jumped 1.58% as Nvidia bounced 4.76%. Alphabet and Meta both gained more than 2%. Alphabet and Tesla report Q2 earnings tonight.
The S&P 500 climbed 1.08% to its biggest gain since the first week of June. The Dow edged up 0.32%.
Growth stocks led the rebound after struggling in recent weeks as this year's rally broadened from the megacap tech leaders to small caps and value stocks. The S&P tech sector surged 1.96%.
“We’re seeing a rotation back into the technology sector after a pretty meaningful sell-off, exacerbated by the CrowdStrike meltdown” - Mona Mahajan, senior investment strategist at Edward Jones (per CNBC).
CrowdStrike was pummelled for a second session in the wake of last week's global tech glitch. Stock in the cybersecurity firm tumbled 13.46% following a wave of downgrades. Stock in the company dived 11.1% on Friday after a faulty software upgrade caused Microsoft's Windows operating system to crash, affecting multiple industries around the globe.
Small caps trimmed three days of losses. The Russell 2000 index rallied 1.66%.
Nine out of eleven S&P sectors rallied. Industrials, real estate and utilities all gained at least 0.87%. Energy and consumer staples were the two sectors that sat out the rally.
Copper and aluminium fell to their lowest since early April after China's Third Plenum ended without significant new measures to support the property sector. Copper sank 0.79%, extending its decline since its May record to 16%. Aluminium dropped 1.68%. Nickel and other base metals also fell.
"Without further stimulus measures, there is little hope for a near-term recovery for the property and construction sector. We expect copper and other industrial metals prices to decline further in the near term to reflect a softer demand outlook in China" - ING commodities analyst Ewa Manthey (per Reuters).
BHP and Rio Tinto shrugged off another downleg in iron ore. Both miners rose in US trade overnight despite a 0.31% drop in benchmark ore prices in China yesterday as a cut to lending rates failed to offset disappointment that the Third Plenum did not deliver new policy to help property prices.
"The Third Plenum brought together China's leaders to map out the general direction of the country's long-term social and economic policies. But little was done to rectify weak economic growth" - ANZ analysts (per Reuters).
Oil eased to its weakest level in around six weeks. Brent crude dropped 0.3% to US$82.40 a barrel, a price last seen on June 11.

Key events today:
US home sales - tonight
Trading updates from Alphabet and Tesla - tonight

S&P 500: up 59 points or 1.08%

Dow: up 128 points or 0.32%

Nasdaq: up 281 points or 1.58%

Dollar: down 0.8% to 66.42 US cents

Iron ore (Dalian): down 0.22% to US$109.79

Brent crude: down 23 US cents or 0.28% to US$82.40

Gold: down US$4.40 or 0.18% to US$2,394.70

Silver: up 2 US cents or 0.07% to US$29.32

NYSE Arca Gold Bugs: up 0.27%

Bitcoin: up 0.12% to US$67,883

Copper (LME): down 0.79% to US$9,236.50

Nickel (LME): down 0.37% to US$16,180

Lithium carbonate (China futures): steady

Global X Lithium & Battery Tech ETF: up 0.2%

Uranium (spot): steady at US$84.25

BHP: up 0.18% (US); steady (UK)

Rio Tinto: up 0.33% (US); up 0.58% (UK)

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just picked a couple out of patterns ill get my carts up and have a look not much coming up on my scans
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