Morningtraders. Thanks loungers, especially @Ravgnome and @Patterns.
One weekdown, I am on the home run lol … hope highlandlad is enjoying a well-deserved break.
A request: Ifanyone 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: Probably neutral as US markets made small overnightgains and with the RBA due to announce the latest Australian interest ratedecision today, which is expected to hold steady.
ASX futures: down 8 or -0.10% to 8197 (7.05am 24/9)
US futures: DOW (+0.08%), S&P (0+0.20%), NAS(+0.16%%) as at 7.06am 24/9
Overnight themes:
- All major US indexes made small gains, including the DJT (Dow Transports) sub-index which closed up +0.82%, clawing back about a quarter of the previous day’s loss. In DOW theory, DJT is often the harbinger of things to come in wider markets, although there can be periods of divergence. Three talking Fed Heads seemed to have a positive/calming effect on twitchy markets.
- The S&P 500 ended the session up 0.28%, at a new ATH of 5,718.57
- The Nasdaq closed up 0.14%, about 3.7% below its ATH
- The Dow closed up 0.15% at another ATH of 42,125, its third consecutive close above 42,000. The advance/decline ratio was an unconvincing 0.57. Top gainers included Visa, Boeing, Caterpillar, MacDonalds and top decliners included Salesforce, United Health and Apple
- Services PMI was unchanged at 55.4 which met consensus estimates, Manufacturing PMI was 47, down from the previous month and down from the consensus estimate of 48.4 suggesting (I think) falling input prices. Fed Heads Kashkari, Bostic and Goolsbee all had market moving comments to make (google their names for comments)
- Healthcare and communications rose modestly, technology and financial services were effectively flat, all other sectors closed up (finance.yahoo.com)
- Iron ore for Fri 19/9 closed up 1.50% (SGX 62% Fe Fines) to $US90.80 (barchart.com)
- Crude retreated again overnight Monday, with Brent/WTI down 0.45%/0.65% 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 (Bowman for Tuesday, correction Kashkari/Bostic/Goolsbee on Monday) (marketwatch.com). Given the recent 0.5% rate cut, and market perceptions on this still divergent, Fed Head utterings this week have potential to move markets. 20 Cities Home Price Index and Consumer Confidence out after US markets open
- Australia: RBA interest rate decision 2.30pm AEST, RBA press conference 3.30pm AEST (tradingeconomics.com)
- China: None for Tuesday (tradingeconomics.com)
S&P 500: up 16.02 or + 0.28% to 5719
Dow: up 61.29 or +0.15% to 42,125
Nasdaq: up 25.95 or 0.14% to 17,974
CBOE VolatilityIndex (VIX): down 0.31(1.92%) to 15.85, still in relatively benign territory
Dollar: up 0.47% to 68.395 US cents (6.40am Tue 24/9)
Iron ore (Dalian): US$91.93, down 0.11% (markets.ft.com and investing.com,last updated 20/9 … I think this is Dalian, but I give up trying to find aprice more current!)
Iron Ore (SGX62% Fe Fines): up 1.50%to $US90.80 (6.42am 24/9, barchart.com)
Brent crude: down US$0.33 or - 0.45% to US$73.36
WTI crude: down US$0.46 or - 0.65% to US$70.54
Gold (futures): up US$5.70 or 0.22%% to US$2,651.90 (6.35am 24/9, marketwatch.com)
Gold (spot): up US$7.50 or 0.29% to US$2,627.72 (silverprice.org)
Silver (futures): down US$052 or -1.65% to US$30.985 (6.35am 24/9, marketwatch.com)
Silver (spot): down US$0.42 or -1.35%US$30.68 (silverprice.org)
NYSE Arca Gold Bugs: HUI Gold Index: 328.75, up +5.61 or +1.74% (closed 20/9)
Bitcoin: up 0.82% to US$63,364 (trades 24/7, price 6.38am Tue 24/9 cf Mon close)
Copper (LME): up 0.69% to US$9542.00 (23/9 lme.com)
Nickel (LME): up 0.49% to US$16,550 (23/9 lme.com)
Lithium carbonate (China): down 200 yuan or -0.27% to 74,200 yuan (highlandlad recommended site – updated 23/9)
Lithium: 72,500 yuan (6.01am 24/9marketindex.com)
Global X Lithium & Battery Tech ETF: 37.26, up 0.49 or 1.33%
Uranium (spot): unchanged at US$79.45 (marketindex.com, last 6.03am 24/9)
BHP: 1.49% (US); up 0.59% (UK)
Rio Tinto: up 1.59% (US); up 0.56% (UK)
FMG: up 2.11% (US … FSUGY ADR)
