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

Morning traders. Thanks loungers, especially @Ravgnome.


Outlook for the day: Tentatively positive despite a mixed end to last week for US stocks and commodity prices.

ASX futures: up 7 points or 0.09%


Friday themes:

• Wall Street's main stock indices finish mixed at the end of their best week of 2024 after the Federal Reserve reassured investors it still expects three interest rate cuts this year.
• The rally cools on Friday as investors book profits following two days of record closes.
• Nike's disappointing China sales and downbeat outlook from Nike weigh on the Dow. The blue-chip average falls 0.77% as shares in the sportswear-maker slump 6.9%. Just six of the average's 30 component companies advance.
• The S&P 500 sheds 0.14% as declines in real estate, financials, miners and consumer stocks outweigh gains in tech, communication services and utilities.
• Gains in chip stocks help lift the Nasdaq 0.16%. The Philadelphia Semiconductor Index firms 0.21%.
• S&P sector gains: communication services +0.85%, tech +0.45% and utilities +0.15%. Bottom three sectors: real estate -1.24%, financials -1.21% and consumer discretionary -0.63%.
• “It’s a digestion period after a really strong week. Our view is that the overall trend is still positive for the market, especially when you see this breakout of new highs, on track for your fifth consecutive month of gains.” - Keith Lerner, Truist’s co-chief investment officer (per CNBC).
• Stocks surged on Wednesday after the Federal Reserve's "dot plot" of interest rate expectations showed three cuts remain on the cards for this year. The odds on a June cut climbed top 71% from 56% at the start of last week.
• Two days of record closes on Wednesday and Thursday help the S&P 500 gain 2.3% for the week, its best percentage return since December. The Dow advances 2% for its best week since December. The Nasdaq puts on 2.9%, its best result since January.
• Iron ore caps a rebound week with another up-leg amid signs of increased demand from steel-makers as lower prices aid profitability. Hot metal output improves 0.3% last week, the first increase in five weeks, according to Mysteel. Profitability for steel-makers also improves, from 21.1% to 22.94%. Ore prices at the Dalian Commodity Exchange rally 1.5% for a weekly gain of 6.1%.
• Nickel and copper fall as inventories climb in China. Shanghai Futures Exchange inventories for both metals hit four-year highs last week, according to Reuters. Increases in metal stocks are a feature of the post-Lunar New Year holiday period because smelters continue producing during the holiday when demand is negligible. However, this year's surge is the strongest since the Covid-19 pandemic.

Key events this week:

• Consumer sentiment - Tuesday
• US consumer confidence, durable goods - Tuesday
• February inflation report (CPI) - Wednesday
• Speech by US Federal Reserve Governor Christopher Waller - Wednesday
• Retail sales, private-sector credit - Thursday
• US GDP, revised consumer sentiment, home sales - Thursday
• Easter break - Friday through to Monday
• US inflation report (PCE) - Friday
• Moderated discussion with US Federal Reserve Chair Jerome Powell - Friday

S&P 500: down 7 points or 0.14%

Dow: down 305 points or 0.77%

Nasdaq: up 27 points or 0.16%

Dollar: up 0.1% to 65.2 US cents

Iron ore (Dalian): up 1.5% to US$116.79

Brent crude: down 35 US cents or 0.4% to US$85.43

Gold: down US$24.70 or 1.1% to US$2,160

NYSE Arca Gold Bugs: down 1.32%

Bitcoin: up 1.54% to US$65,887

Copper (LME): down 0.94% to US$8,866.50

Nickel (LME): down 1.7% to US$17,242

Uranium (spot price): steady at US$90

Lithium carbonate (China spot): down 0.07% to US$15,611

Global X Lithium & Battery Tech ETF: down 1.85%

BHP: down 1.47% (US); down 0.68% (UK)

Rio Tinto: down 1.76% (US); down 1.01% (UK)