Morning traders. Thanks loungers, especially @Ravgnome.
Outlook for the day: Positive after US stocks rebound from their worst session since September.
ASX futures: up 30 points or 0.4%
Overnight themes:
- US stocks rebound as a generally supportive earnings season helps investors move past Wednesday's bloodbath when the Federal Reserve dashed hopes of a March rate cut.
- The major indices claw back much of Wednesday's losses ahead of after-hours earnings this morning from Apple, Amazon and Meta. The S&P 500 bounces 1.25% (Wednesday loss: 1.61%).
- Stocks are boosted by a drop in treasury yields. The US 10-year yield slides more than five basis points to its lowest this year.
- The fourth-quarter earnings season continues overnight. Of the 208 S&P 500 companies that have reported so far, 80% have beaten consensus on earnings, according to LSEG. Earnings are now expected to have grown by 6.4% year-on-year, an improvement on the 4.7% growth expected at the start of this month.
- Regional banks drag after trouble in New York Community Bancorp's commercial property portfolio revives worries about the strength of regional lenders. The KBW Regional Banking Index loses 2.29%.
- Consumer stocks outperform. The S&P consumer discretionary sector gains 1.98%. Consumer staples rallies 1.97%. Also strong: utilities +1.89%, real estate +1.75% and industrials +1.7%. Energy loses 0.06%.
- Stocks plunged on Wednesday after the Fed pushed back against rate-cut expectations. Chair Jerome Powell said it was unlikely the central bank would cut in March.
- Iron ore and industrial metals decline as weak factory data, property sector struggles and looming Lunar New Year holidays weigh on demand. China-traded ore eases 0.36%. Steel prices also fall. However, ore prices bounce 1.09% in Singapore.
- Oil falls back under US$80 a barrel as speculation about a ceasefire agreement between Israel and Hamas grows. Hamas has given provisional approval to a hostage deal and ceasefire, an Israeli newspaper reported overnight.
- "If it is true, will we see a reduction of tensions between Iran and the US” - Phil Flynn, senior market analyst at The Price Futures Group (per MarketWatch).
Key events today:
- Q2 Producer Price Index (wholesale inflation) - 11.30 am AEDT
- US non-farm employment change (January jobs report) - tonight
S&P 500: up 61 points or 1.25%
Dow: up 370 points or 0.97%
Nasdaq: up 198 points or 1.3%
Dollar: up 0.15% to 65.73 US cents
Iron ore (Dalian): down 0.36% to US$134.79
Brent crude: down US$1.85 or 2.3% to US$78.70
Gold: up US$3.70 or 0.2% to US$2,071.10
NYSE Arca Gold Bugs: up 3.67%
Bitcoin: up 1.83% to US$43,201
Copper (LME): down 0.98% to US$8,524.50
Nickel (LME): down 0.12% to US$16,230
Uranium (spot price): up 5.48% to US$108
Lithium carbonate (China spot): up 0.38% to US$13,519
Global X Lithium & Battery Tech ETF: up 1.04%
BHP: up 1.23% (US); down 0.37% (UK)
Rio Tinto: up 1.25% (US); down 0.29% (UK)
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