Outlook for the day: Negative after the S&P 500 joined the Nasdaq in correction territory and the Dow slid more than 1.1%. Gains in key commodity prices may act as a hand-brake.
ASX futures: down 64 points or 0.94%
Friday themes:
Wall Street's main indices end mixed on the day but more than 2% lower for a week dominated by trading updates and fears that interest rates have yet to peak.
The S&P 500 joins the Nasdaq in a technical correction, defined as a decline of at least 10% from a recent peak. The broadest of the major indices ends the session 10.28% below its July peak. The session brings 67 new 52-week lows and zero 52-week highs.
Well-received trading updates from Amazon and Intel boost the Nasdaq. Amazon jumps 6.83% after forecasting a strong holiday season. Chip-makers rally after Intel beats earnings expectations.
Energy is the biggest sector drag, losing 2.3% as traders punish profit drops at Chevron and Exxon Mobil. Ford sheds 12.25% after abandoning its earnings guidance.
JPMorgan is the biggest weight on the Dow, falling 3.6% after CEO Jamie Dimon files plans to sell a million shares next year, sparking retirement fears.
The Federal Reserve's favoured inflation gauge, the core personal consumption expenditures price index, increases 0.3% in September in line with expectations. On an annual basis, core PCE eases to 3.7% from 3.8% in August. Personal spending increases more than expected.
A rebound in megacap growth stocks lifts the tech, consumer discretionary and communication services sectors. The other eight sectors decline.
For the week, the S&P 500 loses 2.5%, the Dow 2.1% and the Nasdaq 2.6%.
Iron ore and industrial metals rally after profits at China's industrial companies improve for a second month. Prices for raw materials reverse higher across the week after China announces new stimulus measures.
Oil logs its highest close in a week as Israeli incursions into Gaza and US air-strikes on Iran-backed targets in Syria ramp up tensions in the Middle East.
Gold bursts back above US$2,000 per ounce as events in the Middle East escalate quickly. This morning gold for December delivery was trading 0.89% higher than Friday's close at US$2,016.30.
Key events this week:
September retail sales - 11.30 am AEDT
Private-sector credit - tomorrow
China manufacturing, services PMIs - tomorrow
US consumer confidence, employment cost index - tomorrow
Building approvals - Wednesday
US interest rate decision - Wednesday
US private payrolls, job openings, manufacturing PMI - Wednesday
Trade balance - Thursday
US October jobs report - Friday
S&P 500: down 20 points or 0.48%
Dow: down 367 points or 1.12%
Nasdaq: up 47 points or 0.38%
Dollar: up 0.04% to 63.35 US cents
Iron ore (Dalian): up 2.1% to US$121.57
Brent crude: up US$2.55 or 2.9% to US$90.48
Gold: up US$1.10 or 0.06% to US$1,998.50
NYSE Arca Gold Bugs: up 2.15%
Copper (LME): up 1.32% to US$8,091
Nickel (LME): up 1.89% to US$18,345
Lithium carbonate (China spot): down 0.6% to US$23,265
