Morning traders. Thanks loungers, especially @Ravgnome. Outlook...

Morning traders. Thanks loungers, especially @Ravgnome.


Outlook for the day: Positive as futures traders anticipate a retreat in bond yields and end-of-month institutional "window dressing" will help offset falls on Wall Street and commodity markets. The ASX 200 fell yesterday for a third day to a four-week low.

ASX futures: up 50 points or 0.65%


Overnight themes:

• US stocks finished lower after a weak outlook from Salesforce triggered heavy selling in tech stocks that was partly offset by gains in most other sectors.
• The Dow slumped 0.86% after Salesforce had its worst session in two decades. The cloud-based software company dived 19.74% after missing revenue and forecast expectations.
• Nvidia's first reversal since last week's earnings report helped drag the Nasdaq down 1.08%. The AI chip-maker shed 3.77%. Microsoft, Atlassian and Alphabet all lost more than 2.1%.
• Last night's falls came despite a report showing the US economy grew slower than previously believed last quarter, news that appeared to bolster the case for rate cuts. Gross domestic product was revised down to 1.3% from an initial estimate of 1.6%. The revised growth figure was less than half the 3.4% pace recorded at the end of last year.
• "Normally you’d expect the market to rally off of a downward revision to GDP because it signals the economy is moderating, the Fed’s job is done, we can get rate cuts. That’s not the reaction we’re getting today" - Mark Hackett, chief of investment research at Nationwide (per Reuters).
• The weight of the tech losses disguised strength in other parts of the market as treasury yields backed off recent highs. The S&P 500 dropped 0.6% despite more than 360 companies recording gains. The Russell 2000 index of small caps advanced 1%.
• Rate-sensitive sectors rebounded as the yield on 10-year US treasuries slipped back under 4.6%. Real estate gained 1.51%. Utilities added 1.41%. In all, nine of eleven sectors advanced, with only tech and communication services finishing lower.
• Iron ore declined for a fourth session after Beijing reiterated its commitment to cap steel output. China's state planner said it will continue to manage crude steel production this year to contain carbon emissions. Benchmark ore on the Dalian Commodity Exchange dropped 1.92%.
• Copper fell more than 3% amid reports of technical selling after the metal broke its uptrend. Other industrial metals also logged solid losses.
• "The recent high flyers are the ones receiving a punch to the belly today. We have broken the uptrend from early March so this looks like technical selling and long liquidation... We know there was quite a sizeable build up in speculative positions in the past months and some of these positions are getting squeezed" - Ole Hanse, head of commodity strategy at Saxo Bank (per Reuters).
• Oil was pressured by an increase in US national gasoline stockpiles and the general "risk-off" market mood. Brent crude dropped 1.74% to US$81.86 a barrel.
• The Bloomberg Commodity Index dropped 1.41% to a two-week low.

Key events today:

• Private sector credit - 11.30 am AEST
• China manufacturing and non-manufacturing PMIs - 11.30 am
• US April inflation data (PCE) - tonight

S&P 500: down 31 points or 0.6%

Dow: down 330 points or 0.86%

Nasdaq: down 184 points or 1.08%

Dollar: up 0.28% to 66.32 US cents

Iron ore (Dalian): down 1.92% to US$119.87

Brent crude: down US$1.74 or 2.08% to US$81.86

Natural gas (US futures): down 3.59% to US$2.57

Gold: up US$2.40 or 0.1% to US$2,366.50

Silver: down 87 US cents or 2.71% to US$31.16

NYSE Arca Gold Bugs: up 1.63%

Bitcoin: up 1.75% to US$68,526

Copper (LME): down 3.17% to US$10,125

Nickel (LME): down 2.19% to US$20,065

Uranium (spot price): down 2.26% to US$89

Lithium carbonate (China spot): down 0.26% to US$14,607

Global X Lithium & Battery Tech ETF: up 0.81%

BHP: down 1.33% (US); down 1.57% (UK)

Rio Tinto: up 0.3% (US); up 0.18% (UK)