Morning traders. Thanks loungers, especially @Ravgnome and @Patterns.
Outlook for the day: Positive as speculators look for a rebound from four straight losses and a three-month low.
ASX futures: up 20 points or 0.28 %
Overnight themes:
- Wall Street retreats as risk-aversion following a weekend mutiny in Russia encourages investors to book profits on this year's best-performing stocks.
- Nvidia, Alphabet and Meta lose at least 3%. A downgrade from Goldman Sachs drives Tesla down 6.06%.
- The Russell 2000 index of small caps edges up 0.09% amid signs of some rotation from this year's success stories to unloved parts of the market. Value stocks outperform growth stocks.
- "Out of favour themes for 2023 are working for today. Maybe in the absence of a real risk on or risk off day you go bargain hunting" - Chris Zaccarelli, chief investment officer at Independent Advisor Alliance.
- The real estate sector jumps 2.2%. Also positive are energy, materials, utilities and industrials.
- ASX heavyweights BHP and Rio Tinto rebound in overseas trade despite a near two-week low in iron ore.
- Gold edges higher with other safety plays following an aborted mercenary mutiny against President Vladimir Putin in Russia over the weekend. Bonds also rise.
Key events today:
- US consumer confidence, house sales - tonight
S&P 500: down 20 points or 0.45%
Dow: down 13 points or 0.04%
Nasdaq: down 157 points or 1.16%
Dollar: down 0.05% to 66.77 US cents
Iron ore (Dalian): down 0.44% to US$110.21
Brent crude: up 33 US cents or 0.45% to US$74.18
Gold: up US$4.20 or 0.2% to US$1,933.80
NYSE Arca Gold Bugs: up 0.92%
Copper (LME): down 0.03% to US$8,388
Nickel (LME): down 4.79% to US$20,375
Global X Lithium & Battery Tech ETF: up 0.38%
BHP: up 0.4% (US); up 0.11% (UK)
Rio Tinto: up 0.38% (US); up 0.83% (UK)
