Morning traders. Thanks loungers, especially @Ravgnome.
Outlook for the day: Mildly negative following a directionless session on Wall Street.
ASX futures: down 3 points or 0.04%
Overnight themes:
- US stocks finished lower as an afternoon rally faded in the final half-hour of trade.
- The S&P 500 hit a new high as Nvidia led another up-leg for chip-makers leveraged to Artificial Intelligence. The Nasdaq also traded in positive territory before rolling over, finishing at an intraday low. The Dow lost almost 100 points.
- The market edged briefly into positive territory as Nvidia climbed 3.6% to a record. News that Super Micro Computer will be added to the S&P 500 this month lifted the chip-maker's shares 18.65%. The Philadelphia Semiconductor Index rallied 1.06%.
- Apple declined 2.54% after the European Union slapped the company with a US$2 billion antitrust fine for beaching EU competition rules via App Store restrictions. The fine was four times larger than analysts expected.
- Catalysts were scarce on the first session of a week that livens up from Wednesday with employment data and congressional testimony by Federal Reserve Chair Powell.
- “Investors are wondering: Should we be taking some profits at this point, or just staying the course? I would tend to say that investors are just sort of sitting on their hands and not really doing anything” - Sam Stovall, chief investment strategist of CFRA Research (per CNBC).
- Gold closed at a record for a second session as traders continued to price in interest rate cuts later this year. Gold for April delivery settled US$30.60 or 1.46% higher at US$2,126.30 an ounce. The odds on a June rate cut currently sit at 69%, according to CME Group's FedWatch tool.
- Rate-sensitive sectors outperformed. The utilities sector rose 1.64%. Real estate added 1.07%. Materials also booked a solid gain, advancing 0.7%.
- Iron ore extended its losing run into a third week, but finished daytime trade well off session lows. The most-traded May ore contract on the Dalian Commodity Exchange finished just 0.11% lower after being down around 2% at the Australian market close. Prices have fallen amid weak demand signals and scepticism that this week's National People's Congress will deliver meaningful stimulus to address a festering property slump.
- Bitcoin draws within about 2% of an all-time high as a buying frenzy continued ahead of a "halving event" on April 20. The cryptocurrency reached US$67,542.30 overnight. The coin's all-time high was US$68,900 in late 2021.
Key events today:
- Q2 current account - 11.30 am AEDT
- China services PMI - 12.45 pm
- US services PMI - tonight
S&P 500: down 6 points or 0.12%
Dow: down 98 points or 0.25%
Nasdaq: down 67 points or 0.41%
Dollar: down 0.28% to 65.09 US cents
Iron ore (Dalian): down 0.11% to US$123.63
Brent crude: down 75 US cents or 0.9% to US$82.80
Gold: up US$30.60 or 1.46% to US$2,126.30
NYSE Arca Gold Bugs: up 4.47%
Bitcoin: up 7.01% to US$67,1978
Copper (LME): up 0.25% to US$8,525
Nickel (LME): up 1.1% to US$17,951
Uranium (spot price): up 0.21% to US$94.50
Lithium carbonate (China spot): up 3.34% to US$14,713
Global X Lithium & Battery Tech ETF: down 2.99%
BHP: down 0.45% (US); down 0.76% (UK)
Rio Tinto: down 0.45% (US); down 0.72% (UK)
- Forums
- ASX - Day Trading
- Day trading pre-market open March 5
Morning traders. Thanks loungers, especially @Ravgnome. Outlook...
- There are more pages in this discussion • 35 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Featured News
The Watchlist
LU7
LITHIUM UNIVERSE LIMITED
Alex Hanly, CEO
Alex Hanly
CEO
SPONSORED BY The Market Online