Morning traders. Thanks loungers, especially @Ravgnome.
Outlook for the day: Australian shares look likely to give back more of Monday's "US holiday" gains following a mixed night on Wall Street. Domestic inflation data mid-morning may alter the market tone for better or worse.
ASX futures: down 46 points or 0.59%
Overnight themes:
US stocks closed mixed as tech stock lift the Nasdaq to a new high, while rising treasury yields weighed on the Dow and left the S&P 500 little changed.
A surge in chip-makers powered the Nasdaq Composite to its first close above 17,000. The benchmark finished 0.59% ahead at 17,020 as Nvidia soared 6.98%. The Philadelphia Semiconductor Index put on 1.86%.
The Dow and S&P 500 faded after lunch as treasury yields rose in response to weak debt auctions. The yield on 10-year US treasuries climbed to its highest in more than three weeks.
"We had two disappointing [debt auction] results and we saw yields climb and the [stock] market respond negatively. The market doesn't want to see yields edging up... to a level that perhaps threatens the economy and the consumer" - Quincy Krosby, chief global strategist at LPL Financial (per Reuters).
Also negatively affecting market sentiment: Minneapolis Federal Reserve President Neel Kashkari said he needs to see "many more months" of falling inflation before reducing rates. An April inflation report is due on Friday.
Nvidia's rally helped keep the S&P 500 just above break-even despite more than 350 of its component companies losing ground. Industrials, healthcare companies and financials were the biggest drags, all losing more than 1%. Tech, energy and communication services bucked the downtrend.
Copper and other industrial metals rallied after European Central Bank officials signalled rate cuts next month and China reported a recovery in industrial profits. Copper gained 2.03% as trade resumed in London after a UK holiday. Tin and aluminium both advanced at least 2.4%
Iron ore faded to its lowest level in a week. Early gains gave way to a loss of 2.11% on the Dalian Commodity Exchange amid questions about steel demand.
The Reserve Bank releases April inflation data this morning that is expected to show consumer prices resumed their downtrend after several months of broadly sideways action. Economists forecast year-on-year price inflation of 3.4%, down from 3.5% in March.
Key events today:
Consumer Price Index - 11.30 am AEST
Construction work - 11.30 am
Federal Reserve 'Beige Book' - tonight
S&P 500: up 1 point or 0.02%
Dow: down 217 points or 0.55%
Nasdaq: up 99 points or 0.59%
Dollar: down 0.08% to 66.5 US cents
Iron ore (Dalian): down 2.11% to US$121.78
Brent crude: up US$1.12 or 1.1% to US$84.22
Natural gas (US futures): up 4.35% to US$2.61
Gold: up US$22 or 0.94% to US$2,356.50
Silver: up 47 US cents or 1.49% to US$32.10
NYSE Arca Gold Bugs: up 2.22%
Bitcoin: down 2% to US$68,190
Copper (LME): up 2.03% to US$10,533.50
Nickel (LME): up 0.91% to US$20,495
Uranium (spot price): down 1.57% to US$90.75
Lithium carbonate (China spot): down 0.05% to US$14,669
