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

Morning traders. Thanks loungers, especially @Ravgnome.


Outlook for the day: Negative after the Dow's break above the 40,000 milestone ended with a mild but broad US market retreat.

ASX futures: down 44 points or 0.56%


Overnight themes:

• The Dow cracked 40,000 for the first time in history before finishing lower as the market gave back some of the week's strong gains.
• The blue-chip average traded as high as 40,051.05 before fading to a loss of 0.1% at 39,869.38. A general retreat dragged the S&P 500 down 0.21% a day after all three major benchmarks closed at records. The Nasdaq shed 0.26%.
• Walmart provided much of the fuel for the Dow's run to a new intraday peak, gaining 6.99% after beating first-quarter revenue and earnings expectations. Cisco, Caterpillar and Amazon were among the drags.
• All three major benchmarks hit fresh intraday peaks a day after April consumer price data soothed concerns that sticky inflation might postpone interest rate cuts until next year. The market has kicked higher in recent sessions as investors cheered solid corporate earnings, falling inflation and reassurance from the Federal Reserve that it still expects the next move in rates to be downwards. The market is currently pricing in two rate cuts before year-end.
• “The recent technical momentum and fundamental strengths, including earnings and interest rates, suggest further near-term gains” - John Lynch, chief investment officer at Comerica Wealth Management. (per CNBC)
• A rally in meme stocks stuttered for a second night. GameStop slumped 30.04%. AMC Entertainment shed 15.33%.
• Consumer staples was the only sector to advance, gaining 1.48% in large part due to Walmart. Losses across the rest of the sectors ranged from 0.02% for financials and communication services up to 0.75% for consumer discretionary. The materials sector gave up 0.73%.
• Copper rallied in London but eased in the US despite a short squeeze that drove US prices to record levels on Wednesday. Futures on the London Metal Exchange firmed 1.49% to US$10,371.50 a metric ton. Prices on the Chicago Mercantile Exchange eased 1.4% to US$4.9025 a pound, still within touching distance of Wednesday's all-time high of US$5.1175. The US decline followed news that the exchange will increase margin requirements to reduce market volatility.
• Iron ore bounced 2.56% in China following reports that Beijing is considering ordering local governments to buy unsold properties from developers for public housing.

Key events today:

• China industrial production, retail sales - 12 pm AEST

S&P 500: down 11 points or 0.21%

Dow: down 39 points or 0.1%

Nasdaq: down 44 points or 0.26%

Dollar: down 0.35% to 66.76 US cents

Iron ore (Dalian): up 2.56% to US$122.04

Brent crude: up 52 US cents or 0.63% to US$83.27

Gold: down US$9.40 or 0.4% to US$2,385.50

NYSE Arca Gold Bugs: down 0.28%

Bitcoin: down 0.97% to US$65,239

Copper (LME): up 1.49% to US$10,371.50

Nickel (LME): up 2.53% to US$20,045

Uranium (spot price): down 0.69% to US$91

Lithium carbonate (China spot): down 0.48% to US$14,820

Global X Lithium & Battery Tech ETF: up 0.49%

BHP: up 1.27% (US); up 1.12% (UK)

Rio Tinto: up 2.25% (US); up 2.3% (UK)