Outlook for the day: Negative amid concerns stocks look short-term "overbought" after Wall Street logs its longest win streak in six years.
ASX futures: down 74 points or 0.99%
Friday themes:
US stocks finish mostly higher following a choppy end to a seventh straight winning week.
The Dow edges to a third straight record close. The Nasdaq also advances. The S&P 500 finishes flat on the day but higher for a seventh week for the first time since 2017.
Market action is whippy during a high-volume "triple witching" session as three types of index and stock futures and options expire.
Upward momentum is dented by comments from a Federal Reserve official that it is too early to talk about rate cuts. New York Fed President John Williams says, "We aren't really talking about rate cuts right now." Stocks have surged over the last seven weeks in expectation that US rates have topped out, and cuts could follow as soon as March.
The rate-sensitive utilities and real estate sectors both shed more than 1.2%. Financials and materials are also soft. The Dow and Nasdaq are boosted by growth stocks.
Costco surges 4.45% after beating earnings expectations.
For the week, the S&P 500 gains 2.5%, the Dow 2.9% and the Nasdaq 2.8%.
Oil eases a fraction at the end of its first positive week in two months. Brent crude retreats around 0.1% on Friday, but finishes 0.9% ahead for the week. Prices recover last week as Houthi rebel attacks on shipping threaten to disrupt oil supply via the Red Sea.
Iron ore declines as China douses stimulus hopes by lowering its budget deficit target for 2024. The Chinese government announces it will run a budget deficit of 3% of GDP, down from 3.8% this year. Dalian ore drops 1.37% to a near three-week low.
Key events this week:
Minutes from this month's RBA policy meeting - Tuesday
US consumer confidence - Wednesday
US GDP - Thursday
US inflation (PCE index) - Friday
S&P 500: down less than 1 point or 0.01%
Dow: up 57 points or 0.15%
Nasdaq: up 52 points or 0.35%
Dollar: up 0.06% to 67 US cents
Iron ore (Dalian): down 1.37% to US$131.51
Brent crude: down 6 US cents or 0.1% to US$76.55
Gold: down US$9.20 or 0.45% to US$2,035.70
NYSE Arca Gold Bugs: down 0.18%
Bitcoin: down 0.54% to US$42,072
Copper (LME): down 0.28% to US$8,525
Nickel (LME): up 1.05% to US$17,150
Uranium: up 1.18% to US$88
Lithium carbonate (China spot): down 1.88% to US$14,661
