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

Morning traders. Thanks loungers, especially @Ravgnome.


Outlook for the day: Negative after the two sectors with the heaviest weighting on the ASX sat out a rebound that lifted US stocks to fresh highs this morning, reversing broad market weakness on Friday.

ASX futures: down 33 points or 0.42%


Overnight themes:

• US stocks recovered overnight from falls on Friday after unexpectedly strong gains in jobs last month cooled hopes of interest rate cuts before year-end.
• The S&P 500 and Nasdaq Composite edged to fresh closing records ahead of tomorrow's Federal Reserve interest rate decision and inflation data. The Dow also rose.
• The S&P 500 firmed 0.26%, reversing a 0.11% decline on Friday. The Nasdaq gained 0.35% (Friday: -0.23%). The Dow bounced 0.18% (Friday: -0.22%).
• Nvidia and Meta fuelled the overnight rally. The AI chip-maker gained 0.75% following a ten-for-one stock split amid speculation that it could be added to the Dow. Meta put on 1.96%.
• Utilities and energy were the pick of the sectors, gaining 1.28% and 0.71%, respectively.
• The night's biggest drags were financials -0.39%, consumer staples -0.22% and materials -0.11%.
• Wednesday looms as a pivotal session this week as the Federal Reserve concludes a two-day policy meeting with updated economic and policy forecasts, and the Bureau of Labor Statistics releases the May consumer price index (CPI) report.
• "This is an important week for the market in terms of comments and messaging from the Federal Reserve. In addition to that, you're going to see... the CPI report. Anything related to the economy and anything related to inflation is viewed by the market through the lens of the Federal Reserve" - Quincy Krosby, chief global strategist at LPL Financial (per Reuters).
• Stocks slid on Friday after the US economy added 272,000 jobs last month, well ahead of economists' projections for gains of around 185,000. Treasury yields jumped as traders reduced bets on a September rate cut.
• Copper hit a five-week low on Friday before bouncing overnight. Benchmark prices on the London Metal Exchange rallied 1.21% to US$9,881 a metric ton last night, reversing a portion of Friday's 3.81% loss. Nickel declined both sessions.
• Gold prices steadied following a heavy fall on Friday. Benchmark prices edged up US$2 or 0.09% this morning, recouping a fraction of Friday's US$69.50 plunge. Silver was also pummelled on Friday, diving 6.15%. Prices rose 1.81% overnight.

Key events this week:

• May business confidence - 11.30 am AEST
• China inflation (CPI, PPI) - Wednesday
• US inflation (CPI) - Wednesday
• US rates decision - Wednesday
• May employment report - Thursday
• US inflation (PPI) - Thursday
• US consumer sentiment - Friday

S&P 500: up 14 points or 0.26%

Dow: up 69 points or 0.18%

Nasdaq: up 59 points or 0.35%

Dollar: up 0.42% to 66.09 US cents

Iron ore (Singapore): down 3.1% to US$105.40

Brent crude: up US$2.01 or 2.52% to US$81.63

Natural gas (US futures): up 2.03% to US$2.98

Gold: up US$2 or 0.09% to US$2,327

Silver: up 43 US cents or 1.81% to US$29.87

NYSE Arca Gold Bugs: up 1.58%

Bitcoin: down 0.12% to US$69,590

Copper (LME): up 1.21% to US$9,881

Nickel (LME): down 0.55% to US$18,090

Uranium (spot price): down 1.54% to US$83.50

Lithium carbonate (China spot): down 0.14% to US$13,932

Global X Lithium & Battery Tech ETF: up 0.4%

BHP: up 0.38% (US); down 0.48% (UK)

Rio Tinto: up 0.37% (US); up 0.09% (UK)