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

Morning traders. Thanks loungers, especially @Ravgnome and @Patterns.


Outlook for the day: The share market faces selling pressure for a fourth day following a negative start to a traditionally challenging month on Wall Street.

ASX futures: down 37 points or 0.42%


Overnight themes: ​

• US stocks fell as a rally in global bond yields and worries over the White House's tariff program undermined risk appetite at the start of a seasonally weak month. ​
• The S&P 500 trimmed a heavier initial fall to -0.69%, finishing at its high for the session. The Dow gave up 249 points or 0.55%. The Nasdaq Composite lost 0.82% as Nvidia fell for a fourth day. ​
• Bond yields rallied after an appeals court ruled most of President Donald Trump's tariffs on trading partners were illegal. The US Court of Appeals voted 7-4 that only Congress has the power to levy such duties. However, the court said the tariffs could remain in place until October 14 to allow the White House time to appeal the decision. Trump told reporters his administration would file an appeal with the Supreme Court as soon as tonight and request an expedited ruling on the issue. ​
• Bond yields rose amid concerns that the US might have to repay billions of dollars harvested from tariffs, increasing pressure on the federal budget and forcing the government to issue more debt. The 10-year yield climbed 3.6 points to 4.269%. The 30-year yield neared 5%, topping 4.97%. The rally came as European bond yields surged overnight to multi-year highs amid concerns about government debt and political instability. ​
• “A 30-year Treasury of 5% is a headwind, no doubt about it,” Ross Mayfield, investment strategist at Baird Private Wealth Management, told CNBC. “I think it’ll continue to be a thorn in the side of equities that are trading at fairly stretched valuations.”​
• September is historically the worst month for US stocks. The S&P 500 has an average September loss of 2% over the last 10 years, and 4.2% over the last five. ​
• "It's too early to call this the beginning of a great correction," Oliver Pursche, senior vice president and adviser for Wealthspire Advisors, told Reuters. "At the end of the day, we all know that August-September tend to be more volatile and a little more challenging for investors before we get into the fourth quarter, which tends to be a pretty solid one."​
• Eight of eleven S&P sectors declined. Hardest hit were rate-sensitive real estate -1.74%, industrials -1.06% and tech -0.97%. Three sectors resisted the sinking tide: energy +0.23%, health +0.07% and consumer staples +0.07%. ​
• US gold miners touched their highest level in more than a decade after the yellow metal broke new ground. US gold futures settled US$76.10 or 2.2% ahead at a record US$3,592.20 an ounce this morning as buyers bet on a September rate cut and hedged against future cuts as the White House ramped up pressure on the Federal Reserve to lower rates. Spot gold climbed US$56.10 or 1.61% to US$3,532.80. The NYSE Arca Gold BUGS index of miners rallied 2.18% to a level last tested in 2012. Precious metal prices have surged since President Donald Trump attempted to remove Fed Governor Lisa Cook as part of a push to increase his influence over the central bank. Cook has been accused of committing mortgage fraud. "The accusations against Cook are a clear warning to other FOMC members to bow to government pressure for substantial rate cuts... This makes gold investments more attractive in such an environment," Commerzbank said in a note quoted by Reuters. ​
• Iron ore steadied at a one-week low on the eve of a military parade today in Beijing that prompted Chinese authorities to suspend steel production in the surrounding area to improve air quality. Ore demand was expected to rebound when production resumes, analysts at Zijin Tianfeng Futures told Reuters. Benchmark ore on the Dalian Commodity Exchange edged up 0.06% to US$107.86 a metric ton. Singapore ore futures firmed 0.69% to US$102.35. ​
• Copper punched back above US$10,000 a metric ton on the London Metal Exchange as signs of a pick-up in Chinese factory activity outweighed a rising greenback. A private survey published on Monday showed Chinese factory activity expanded last month at the fastest pace in five months as new orders increased. Benchmark LME copper rallied 1.31% to US$10,013.50 a metric ton. ​
• Oil rallied as Ukraine enjoyed some success in closing Russian energy infrastructure. Reuters reported that drone attacks had shut down around 17% of Russian refining capacity. Ukraine President Zelenskyy promised more attacks. Brent crude settled 99 US cents or 1.45% higher at US$69.14 a barrel.​

Key events today: ​

• Q4 GDP - 11.30 am AEST​
• China services PMI - 11.45 am​
• Speech in Perth by RBA Governor Bullock - 6pm AEST ​
• US job openings - tonight ​

S&P 500: down 45 points or 0.69%

Dow: down 249 points or 0.55%

Nasdaq: down 176 points or 0.82%

VIX: up 11.78% to 17.17

US 10-year treasury yield: up 3.6 points to 4.269%

Dollar: down 0.62% to 65.16 US cents

Iron ore (Dalian): up 0.06% to US$107.86

Brent crude: up 99 US cents or 1.45% to US$69.14

Gold (futures): up US$76.10 or 2.2% to US$3,592.20

Gold (spot): up US$56.10 or 1.61% to US$3,532.80

Silver (spot): up 15 US cents or 0.36% to US$40.88

Palladium (spot): down US$9 or 0.79% to US$1,136.50

Antimony (China ore): down 0.09% to US$19,540

NYSE Arca Gold Bugs: up 2.18%

Bitcoin: up 2.77% to US$111,521

Copper (LME): up 1.31% to US$10,013.50

Nickel (LME): down 1.52% to US$15,240

Lithium carbonate (China spot battery grade): down 1.17% to US$9,584

Global X Lithium & Battery Tech ETF: down 1.37%

Uranium (spot): steady at US$76.03

Global X Uranium ETF (URA): down 0.12%

BHP: down 0.18% (US); up 0.29% (UK)

Rio Tinto: down 1.32% (US); down 0.46% (UK) ​