Morning traders. Thanks loungers, especially @Ravgnome.
Outlook for the day: Positive after the S&P 500 exits its bear market and iron ore rises to a seven-week high.
ASX futures: up 29 points or 0.41%
Overnight themes:
- Tech stocks lead a Wall Street rebound as volatility measures fall to a post-pandemic low.
- The S&P 500 exits its bear market, closing at its highest level of the year. The broadest of the major US indices has bounced more than 20% from its October low last year.
- Tech stocks are boosted by a retreat in treasury yields ahead of next week's Federal Reserve rates decision. Tesla rises for a 10th straight session. The decline in yields comes as a rise in first-time claims for unemployment benefits to the highest since October 2021 underlines the impact of rate hikes on the economy.
- The odds on a rate hike next week tick lower. Markets are pricing in a 72% chance of a pause.
- “The S&P 500 hit that magic number, and takes us out of the bear market. The hope is the Fed is going to skip raising rate next week" - Peter Cardillo, chief market economist, Spartan Capital Securities.
- Consumer and tech stocks lead the rally. Materials and financials both finish modestly lower, alongside energy and real estate.
Key event today:
- China inflation data - 11.30 am AEST
S&P 500: up 26 points or 0.62%
Dow: up 169 points or 0.5%
Nasdaq: up 134 points or 1.02%
Dollar: up 0.85% to 67.15 US cents
Iron ore (Dalian): up 2.7% to US$110.91 (7-week high)
Brent crude: down 99 US cents or 1.3% to US$75.96
Gold: up US$20.20 or 1% to US$1,978.60
NYSE Arca Gold Bugs: up 1.21%
Copper (LME): up 0.95% to US$8,372
Nickel (LME): down 2.12% to US$21,050
Global X Lithium & Battery Tech ETF: up 0.49%
BHP: up 2.18% (US); up 0.81% (UK)
Rio Tinto: up 1.44% (US); up 0.47% (UK)
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Morning traders. Thanks loungers, especially @Ravgnome. Outlook...
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