Morning traders. Thanks loungers, especially @Ravgnome and @Patterns.
Apols for the rooky cut n paste errors last Friday. We had son & wife and grandies arriving 10am and Mrs Dex was on the case for help with housework 8))
One week down, one to go … hope highlandlad is enjoying a well-deserved break
.A request: If anyone thinks I have incorrectly quoted any commodity prices, please reply witha link to a site where I can find the correct end of day values.
Outlook for the day: Solidly negative as US markets overnight Friday again took stock of recent inflation, jobs economic reporting including the 0.5% Fed rate cut, and likely potentially escalating Mid-East tensions. Bellwether China indicator, iron ore, was down and appears set to drag Aussie miners BHP, RIO and FMG down with it.
ASX futures: down 68 0r 0.82% to 8190 (7.25am 23/9)
US futures: DOW (-0.02%), S&P (0-.34%), NAS (-0.36%) as at 7.30am 23/9
Overnight themes:
- Indecision returned in Friday’s session on US markets, a volatile, whipsawing day, with all major indexes retreating, except the DOW which eked out a small gain. Movement in other indexes was also down, including small caps R2000 down 0.47% and DJT (Dow Transports) down a whopping 3.53%. In DOW theory, DJT is often the harbinger of things to come in wider markets, although there can be periods of divergence. Possibly other components of DJT were spooked by a dour2024/2025 outlook from non-DOW Fed-Ex
- The S&P 500 ended the session down 0.19%, retreating from its ATH the previous day.
- The Nasdaq closed down 0.36% and now shy almost 4% from its ATH in a session where big tech was mixed
- The Dow closed up a meagre 0.09% at another ATH of 42,063, its second consecutive close above 42,000. The advance/decline ratio was an unconvincing 0.6. Top gainers included Nike, IBM, Proctor & Gamble and MacDonalds and top decliners included Caterpillar, Goldman Sachs, Microsoft and United Health
- There was no economic reporting in the US last Friday, although clearly there was a lot still to digest from the previous 4 days
- Technology and healthcare rose modestly, financial services, industrials and energy closed essentially flat, and construction, real estate, materials, consumer cyclicals and communications closed down (finance.yahoo.com)
- Iron ore for Fri 19/9 fell 0.84% (SGX 62% Fe Fines) to $US90.90 (barchart.com), with Dalian (I think) closing down 0.10% to US$91.93 (investing.com and markets.ft.com)
- Crude retreated overnight slightly Friday, with Brent/WTI down 0.43%/0.22% respectively, with prices seemingly entrenched in a price range that assists central bank’s efforts to bring down inflation in everything related to transport, agriculture, heavy mining and heavy construction, pharmaceuticals, energy inputs to manufacturing and so on.
Key events today:
- US: Fed Heads hit the hustings this week with no fewer than 14 speaking engagements (1 on Monday) (marketwatch.com). Given the recent 0.5% rate cut, and market perceptions on this still divergent, Fed Head utterings have potential to move markets
- Australia: Manufacturing, Services and Composite PMI reports out 9am EAST (tradingeconomics.com)
- China: None for Monday. The 1 yr and 5 yr loan prime rates announced Friday were unchanged (tradingeconomics.com)
S&P 500: down 11.09 points or - 0.19%
Dow: up 38.17 points or + 0.09%
Nasdaq: down 65.66points or -0.36%
CBOE Volatility Index (VIX): down 16.15(1.10%) to 16.15, still in relatively benign territory
Dollar: down 0.17% to 67.956 US cents (6.50am Mon 23/9)
Iron ore (Dalian): US$91.93, down 0.11% (markets.ft.com and investing.com… I think this is Dalian)
Iron Ore (SGX62% Fe Fines): down 1.91%to $US90.90 (barchart.com)
Brent crude: down US$0.32 or - 0.43% to US$73.69
WTI crude: down US$0.16 or - 0.22% to US$71.00
Gold (futures): up US$0.90 or 0.03%% to US$2,647.10 (marketwatch.com)
Gold (spot): up US$34.95 or 1.35% to US$2,622.30 (silverprice.org)
Silver (futures): down US$0.010 or - 0.03% to US$31.495(marketwatch.com)
Silver (spot): up US$0.39 or 1.28 US$31.87(silverprice.org)
NYSE Arca Gold Bugs: HUI Gold Index: 323.14, up +3.67 0r +1.15% (closed 19/9)
Bitcoin: up 0.57% to US$63,204 (trades 24/7, price 6.42am Mon 23/9 cf Fri close)
Copper (LME): up 0.10% to US$9486.00 (22/9 lme.com)
Nickel (LME): up 0.00% to US$16,470 (22/9 lme.com)
Lithium carbonate (China): up 0.20% to 74,200 yuan (highlandlad recommended site – updated 20/9)
Lithium: 72,500 yuan (6.01am 23/9marketindex.com)
Global X Lithium & Battery Tech ETF: 36.77, down 0.86 or 2.29%
Uranium (spot): down 0.01 at US$79.45 (marketindex.com, last 6.03am 23/9)
BHP: down 2.54% (US); down 2.78% (UK)
Rio Tinto: down 2.47% (US); down 2.22% (UK)
FMG: down 2.46% (US … FSUGY ADR)
Regards
Dex
