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

Morning traders. Thanks loungers, especially @Ravgnome.


Outlook for the day: Australian stocks look headed for three-week lows following yesterday's inflation disappointment and negative leads from Wall Street.

ASX futures: down 52 points or 0.68%


Overnight themes:

• US stocks retreated as investors weighed a rise in treasury yields against Nvidia's push to new heights.
• All 11 sectors declined as the S&P 500 gave up 0.74%. Almost nine out of every ten companies lost ground.
• The Dow dropped 1.06% to a four-week low. Twenty-seven of its thirty component companies finished lower. Apple, Salesforce and Johnson & Johnson eked out slender gains. UnitedHealth and Intel were the biggest drags.
• The Nasdaq's loss was limited to 0.58% by a 0.81% rally in Nvidia. The AI leader's shares have risen each session since last Wednesday's knock-out earnings report, adding 21% in market value.
• The yield on 10-year US treasuries hit 4.6% for the first time in four weeks following weak demand at an auction on Tuesday. Rising yields are broadly negative for stocks because they increase borrowing costs for companies, undermine valuations, dent consumer spending and make the returns from bonds appear comparatively more attractive.
• “You continue to see this rise in bond yields, which is pressuring equities," - James Abate, fund manager of the Centre American Select Equity fund (per Reuters).
• The Federal Reserve's "Beige Book" economic survey showed firms growing increasingly gloomy about the future despite a solid expansion in activity. Waning consumer demand was a concern in some parts of the country.
• Sector declines ranged from 0.36% for tech up to 1.76% for energy. The two sectors that matter most on the ASX - materials and financials - shed 1.42% and 0.85%, respectively.
• BHP traded mixed in overseas trade after the clock ran out on its attempt to take over Anglo American. The UK-listed miner rejected BHP's request for more time to secure a deal, which meant the current offer lapsed. Under UK rules, BHP cannot make another offer for at least six months, unless a rival bid emerges. "While we believed that our proposal for Anglo American was a compelling opportunity to effectively grow the pie of value for both sets of shareholders, we were unable to reach agreement with Anglo American on our specific views in respect of South African regulatory risk and cost," BHP said. The ASX heavyweight's UK listing edged up 0.77%, but its US counterpart eased 0.25%.
• Iron ore fell for a third day as rising portside stocks in China dampen demand. Benchmark prices in China dropped 1.83%.

Key events today:

• April building approvals - 11.30 am AEST
• Q3 private capital expenditure - 11.30 am
• US preliminary GDP - tonight
• US pending home sales - tonight

S&P 500: down 39 points or 0.74%

Dow: down 411 points or 1.06%

Nasdaq: down 99 points or 0.58%

Dollar: down 0.53% to 66.12 US cents

Iron ore (Dalian): down 1.83% to US$122.09

Brent crude: down 62 US cents or 0.74% to US$83.60

Natural gas (US futures): down 6.41% to US$2.66

Gold: down US$15.20 or 0.64% to US$2,364.10

Silver: down 9 US cents or 0.28% to US$31.96

NYSE Arca Gold Bugs: down 2.01%

Bitcoin: down 1.11% to US$67,348

Copper (LME): down 0.25% to US$10,475

Nickel (LME): up 0.1% to US$20,515

Uranium (spot price): down 1.57% to US$90.75

Lithium carbonate (China spot): down 0.16% to US$14,645

Global X Lithium & Battery Tech ETF: down 1.52%

BHP: down 0.25% (US); up 0.77% (UK)

Rio Tinto: down 1.88% (US); down 1.99% (UK)