Morning traders. Thanks weekend loungers, especially @Ravgnome and @Patterns.
Outlook for the day: Negative following a sharp end-of-week sell-off on Wall Street and a mixed session for commodity prices.
ASX futures: down 41 points or 0.56%
Friday themes:
A volatile week on Wall Street ends with a sharp sell-off ahead of Wednesday's Federal Reserve interest rate decision.
Rate-sensitive growth stocks sink as treasury yields rise. Amazon, Microsoft and Meta are among the major drags.
Chip equipment-makers are belted following reports of a Taiwanese contract chipmaker asking suppliers to delay component deliveries. Nvidia slumps 3.7% on doubts about consumer demand.
A strike at US car giants adds to market concerns. The United Auto Workers' Union announces simultaneous strikes at Ford, GM and Chrysler.
All 11 sectors decline. Falls range from 0.49% (utilities) to 1.95% (tech).
The major indices finished mixed for the week. The S&P 500 and Nasdaq log second straight weekly declines with falls of 0.16% and 0.39%, respectively. The Dow clings on to a rise of 0.12%.
Iron ore ends its best week in three months at a six-month peak in Singapore. Dalian ore regains US$120 a ton. The advances follow further stimulus measures in China, where the central bank reduced the amount of cash that banks have to hold in reserve.
A deficit forecast helps oil log a third straight weekly advance. Brent crude closes at its highest since November after advancing 3.6% last week.
A pullback in the US dollar helps gold eke out a 0.2% gain for the week. The greenback eased off a six-month high on Friday.
Key events this week:
Minutes from this month's RBA rates meeting - Tuesday
China loan rates decision - Wednesday
US interest rate decision - Wednesday
Flash manufacturing/services PMIs - Friday
US manufacturing/services PMIs - Friday
S&P 500: down 55 points or 1.22%
Dow: down 289 points or 0.83%
Nasdaq: down 218 points or 1.56%
Dollar: up 0.25% to 64.44 US cents
Iron ore (Dalian): up 2.3% to US$120.91
Brent crude: up 23 US cents or 0.3% to US$93.93
Gold: up US$13.40 or 0.7% to US$1,946.20
NYSE Arca Gold Bugs: up 2.09%
Copper (LME): down 0.1% to US$8,409
Nickel (LME): down 1.53% to US$19,920
Lithium carbonate (China spot): down 1.59% to US$25,841
