Morning traders. Thanks loungers, especially @Ravgnome and @Patterns.
Outlook for the day: Neutral/mildly negative after US stocks fall for the first time in seven sessions.
ASX futures: down three points or 0.04%
Friday themes:
· Six-session win runs for the S&P 500 and Nasdaq end as Federal Reserve officials warn further rate hikes are likely.
· Fed Governor Chris Waller says inflation is "not moving" and more tightening will "probably" be required. Richmond Federal Reserve president Thomas Barkin said he was "comfortable" with further rate increases.
· Microsoft reverses 1.7% from an all-time high amid profit-taking ahead of a long weekend. US markets are closed tonight for the Juneteenth public holiday.
· Trading volumes are heavy as various stock and index futures and options expire.
· Despite Friday's setback, the Nasdaq logs an eighth straight winning week (longest win run in four years). The S&P 500 rises for a fifth week.
· Growth and financial stocks lead the sell-off. Utilities, materials and consumer staples edge higher.
Key events this week:
· US market holiday - tonight
· Minutes from this month's RBA policy meeting - tomorrow
· RBA speech, panel discussion - tomorrow
· Congressional testimony by Fed Chair Powell - Wednesday and Thursday
· Flash manufacturing and services PMIs - Friday
S&P 500: down 16 points or 0.37%
Dow: down 109 points or 0.32%
Nasdaq: down 93 points or 0.68%
Dollar: up 1.33% to 68.73 US cents
Iron ore (Dalian): up 0.12% to US$114.48 (+2.4% for week)
Brent crude: up 94 US cents or 1.2% to US$76.61 (+2.4% for week)
Gold: up 50 US cents or 0.1% to US$1,9671.20 (-0.3% for week)
NYSE Arca Gold Bugs: up 1.05%
Copper (LME): up 0.32% to US$8,585
Nickel (LME): down 0.2% to US$22.980
Global X Lithium & Battery Tech ETF: up 0.06%
BHP: down 1.27% (US); down 0.96% (UK)
Rio Tinto: down 1.17% (US); down 0.8% (UK)
