Morning traders. Thanks loungers, especially @Ravgnome.
Outlook for the day: Australian stocks look set to rebound after banks and energy producers outperformed during a mixed night on Wall Street.
ASX futures: up 36 points or 0.47%
Overnight themes:
US stocks finished mixed once again as a broadening rally lifted the Dow to a one-month high, while a sharp retreat in Nvidia dragged down the Nasdaq and S&P 500.
The Dow put on 261 points or 0.67% as Goldman Sachs, Chevron and JPMorgan advanced. The blue-chip average is a on a five-session win streak.
The S&P 500 lost 0.31% and the Nasdaq Composite 1.09% as the S&P tech sector tumbled 2.07%.
AI poster child Nvidia fell 6.68% to a third straight loss as investors cashed in on a rally that had lifted the chip-maker more than 150% this year. Other chip stocks also declined.
The S&P 500 fell even as nine of eleven sectors booked gains
"The market's selling some of the winners and buying some of the laggards here" - Jack Janasiewicz, lead strategist at Natixis Investment Managers (per Reuters).
The energy sector rallied 2.73% as crude and natural gas rose. The financial sector tacked on 0.95%. Other gains included utilities, consumer staples and materials.
“Last week and now, we’re seeing a healthy rotation. This is actually a really nice pause in tech, and a rotation back into some of the other sectors that have been pulling back” - Larry Tentarelli, chief technical strategist at Blue Chip Daily Trend Report (per CNBC).
A retreat in the US dollar helped precious metals and other dollar-denominated assets. Gold rallied almost 0.6%.
Iron ore plunged 3.11% yesterday to an 11-week low as adverse weather halted work at construction sites in parts of China. Analysts at Everbright Futures said high temperatures and heavy rain had forced builders to suspend work, impacting steel demand.
Bitcoin slumped more than 7% to its lowest since early May. The e-token has fallen more than 11% this month after inflows from ETF buying began to slow.
Key events today:
Monthly consumer sentiment - 10.30 am AEST
US consumer confidence - tonight
S&P 500: down 17 points or 0.31%
Dow: up 261 points or 0.67%
Nasdaq: down 193 points or 1.09%
Dollar: up 0.32% to 66.56 US cents
Iron ore (Dalian): down 3.11% to US$109.55
Brent crude: up 77 US cents or 0.9% to US$86.01
Natural gas (US futures): up 3.98% to US$2.81
Gold: up US$13.20 or 0.57% to US$2,344.40
Silver: up 3 US cent2 or 0.1% to US$29.57
NYSE Arca Gold Bugs: up 0.52%
Bitcoin: down 6.42% to US$59,556
Copper (LME): down 0.4% to US$9,644
Nickel (LME): up 0.17% to US$17,200
Uranium (spot price): steady at US$85
Lithium carbonate (China spot): down 2% to US$12,771
