Morning traders. Thanks loungers, especially @Ravgnome.
Outlook for the day: The ASX will shoot for an eighth straight advance after Wall Street rallies ahead of several "risk events" later this week.
ASX futures: up 38 points or 0.5%
Overnight themes:
The S&P 500 and Dow strike fresh highs in a show of confidence ahead of a heavy calendar of economic data and earnings this week.
Buying interest is boosted by BlackRock upgrading its view on US stocks from "neutral" to "overweight".
Treasury yields decline after the US Treasury announces lower borrowing this quarter than the market expected.
Ten of eleven sectors advance, led by the three sectors dominated by the so-called "Magnificent 7". Consumer discretionary gains 1.37%, communication services 0.89% and tech 0.97%. Energy is the only laggard, shedding 0.2% after a reversal in oil (more below).
The week ahead brings a Federal Reserve rates decision, employment data and trading updates from Apple, Microsoft, Meta, Amazon, Alphabet, Boeing and the oil majors. The Fed commences a two-day meeting tonight that is expected to conclude tomorrow night with benchmark rates on hold.
"Investors are looking forward to 20% of the companies in the S&P 500 reporting earnings this week. And with so many of the behemoths reporting this week, I think that will help investors to decide whether strong expectations will come true" - Sam Stovall, chief investment strategist of CFRA Research.
Iron ore rallies to a three-week high as China tries to fix a liquidity crisis in its struggling property sector. Chinese regulators last week loosened restrictions on commercial property loans and reduced the amount of money banks have to hold in reserve. China-traded ore climbs 1.1%.
Oil retreats from its highest close since early November as the potential fallout from the collapse of Chinese property giant Evergrande into liquidation adds to worries about Chinese demand, overshadowing the threat of a wider conflict in the Middle East after Iran-backed rebels kill three US soldiers in Jordan. A Hong Kong court yesterday ordered Evergrande to liquidate after it failed to reach a restructuring deal with its creditors. Brent crude declines 1.38%.
Key events today:
December retail sales - 11.30 am AEDT
US consumer confidence, job openings - tonight
S&P 500: up 40 points or 0.76%
Dow: up 224 points or 0.59%
Nasdaq: up 173 points or 1.12%
Dollar: up 0.53% to 66.12 US cents
Iron ore (Dalian): up 1.1% to US$139.03
Brent crude: down US$1.15 or 1.38% to US$82.40
Gold: up US$8.10 or 0.4% to US$2,025.40
NYSE Arca Gold Bugs: up 1.45%
Bitcoin: up 2.53% to US$43,078
Copper (LME): up 0.38% to US$8,578
Nickel (LME): down 1.88% to US$16,470
Uranium (spot price): down 1.54% to US$101
Lithium carbonate (China spot): up 0.04% to US$13,458
