Morning traders. Thanks loungers, especially @Ravgnome.
Outlook for the day: Positive following slender gains on Wall Street, records for copper and gold, and advances in other commodities.
ASX futures: up 35 points or 0.45%
Friday themes:
- The Dow logged a fifth straight winning week and its first close above 40,000 as the market continued to coast higher on positive inflation data earlier in the week and a supportive corporate earnings season. The S&P 500 and Nasdaq Composite both sealed a fourth positive week.
- The Dow rallied 0.34% to end at 40,003.59. The S&P 500 firmed 0.12%. The Nasdaq lost less than 0.1%.
- The Dow was boosted by gains for global bellwether Caterpillar following upbeat Chinese factory data, and by Walmart, Boeing and JPMorgan Chase.
- Resource stocks outperformed on the S&P 500 as several commodities hit milestones (more below). The energy sector put on 1.36%. Materials was next best with a gain of 0.85%. The other sector with the biggest weighting on the ASX - financials - was next with a rise of 0.61%.
- Three sectors missed the upswing: real estate -0.01%, consumer staples -0.26% and tech -0.46%.
- "Today is a bit of a digestion day: we just broke out through record highs and now we're on a fourth straight week of gains [for the S&P 500], and the market appears to take a breaker" - Keith Lerner, co-chief investment officer at Truist Advisory Services (per Reuters).
- For the week, the Dow gained 1.2%, the S&P 500 1.5% and the Nasdaq 2.1%. Tech and real estate were the week's best performers.
- Copper logged a record close in the US after a short squeeze forced several trading firms to buy physical copper. Benchmark prices climbed 3.6% on the Chicago Mercantile Exchange to US$5.05 a pound. Prices in London climbed 2.34% to a 26-month high after Chinese factory output expanded more than expected and the government debated ordering local governments to tackle a property overhang by buying unwanted real estate for social housing.
- Nickel surged almost 6.5% following civil unrest in New Caledonia, the world's third largest producer of the metal. France declared a state of emergency on the island after four deaths and three nights of rioting and looting.
- An index of US gold miners hit its highest in more than two years as the yellow metal logged its highest-ever settlement. Gold futures jumped 1.3% on Friday to US$2,417.40 a pound. The NYSE Arca Gold Bugs Index rallied 3.66% to a level last seen in April 2022. ASX-listed Newmont advanced 2.1%.
- Iron ore ended at its highest in more than a week. Benchmark prices on the Dalian Commodity Exchange lifted 2.18% on Friday for a weekly tally of 2.8%.
Key events this week:
- China loan rate decision - 11.15 am AEST
- Consumer sentiment - Tuesday
- Minutes from this month's RBA rates meeting - Tuesday
- Minutes from this month's US Federal Reserve rates meeting - Wednesday
- Flash manufacturing/services PMIs - Thursday
- US flash manufacturing/services PMIs - Thursday
- US consumer sentiment, durable goods - Friday
S&P 500: up 6 points or 0.12%
Dow: up 134 points or 0.34%
Nasdaq: down 12 points or 0.07%
Dollar: down 0.06% to 66.95 US cents
Iron ore (Dalian): up 2.18% to US$123.47
Brent crude: up 71 US cents or 0.85% to US$83.98
Gold: up US$31.90 or 1.3% to US$2,417.40
NYSE Arca Gold Bugs: 3.66%
Bitcoin: down 1.25% to US$66,158
Copper (LME): up 2.34% to US$10,668
Nickel (LME): up 6.48% to US$21,080
Uranium (spot price): up 0.82% to US$91.75
Lithium carbonate (China spot): steady at US$14,820.
Global X Lithium & Battery Tech ETF: up 1.46%
BHP: up 2.42% (US); up 2.04% (UK)
Rio Tinto: up 2.36% (US); up 2.41% (UK)
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