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

Morning traders. Thanks loungers, especially @Ravgnome.


Outlook for the day: Negative for a fourth session following another night of heavy selling in the US as rising rates and geopolitical tensions drive risk-aversion.

ASX futures: down 63 points or 0.81%


Overnight themes:

• US stocks finish firmly lower after surging treasury yields and fears of a wider conflict in the Middle Easter strip away early gains.
• The S&P 500 shed 1.2%. The fall extended the index's two-session loss to 2.64%, its heaviest back-to-back decline in more than a year.
• The rate-sensitive Nasdaq Composite gave up 1.79% as the US 10-year treasury yield climbed to the highest since November. The Dow lost 0.66%.
• The market opened higher after a 0.7% jump in retail sales last month underscored the health of the American consumer. The increase was more than twice the sales growth anticipated by economists.
• The stock rally began to lose heat as bond markets interpreted the retail sales report as another argument against rate cuts. The yield on 10-year US treasuries broke above 4.6% for the first time since November.
• "All the geopolitical stuff is going to cause tension and anxiety in the market, the realization that rates are not going down anytime soon has got to be finally hitting home, that's what the bond market is telling you, that rates are going to go higher" - Ken Polcari, managing parnter at Kace Capital Advisors (per Reuters).
• Tech stocks spearheaded selling for a second session. The sector gave up 1.99%. Other rate-sensitive sectors were also belted: real estate -1.77%, communication services -1.63%, consumer discretionary -1.62% and utilities -0.91%. Healthcare was the pick of the sectors in a falling market, losing a relatively modest 0.19%.
• Wall Street's "fear gauge", the VIX or volatility index, climbed to its highest since October as investors await Israel's response to a weekend drone and missile attack by Iran. Oil prices drifted lower.
• Corporate earnings were largely overshadowed by other events. Goldman Sachs popped 2.92% after beating Q1 profit estimates. Charles Schwab and M&T Bank also rose after reporting. Major drags overnight included Apple, Salesforce and Tesla.
• Copper, nickel and aluminium rallied after the US and UK introduced new restrictions on trading Russian-produced metals on the London Metal Exchange and Chicago Mercantile Exchange. The ban applies to copper, nickel and aluminium produced in Russia after April 12. Copper gained 1.17% on the LME, nickel 1.44% and aluminium 2.19%.
• Iron ore logged a three-week high following a sharp decline in shipments from Australian and Brazil last week. Shipments from the two major suppliers slumped 28.8% from the week before, according to Mysteel. Benchmark ore on the Dalian Commodity Exchange firmed 2.18% to US$116.80 a metric ton, the strongest price since March 26.
• US gold miners declined, even as gold continued to attract haven-buying. The NYSE Arca Gold Bugs Index lost 1.37%. Gold futures gained 0.4%.

Key events today:

• China GDP, industrial production, retail sales - 1pm AEST
• US building permits, housing starts - tonight
• "Fireside chat" with US Federal Reserve Chair Jerome Powell - tonight

S&P 500: down 62 points or 1.2%

Dow: down 249 points or 0.66%

Nasdaq: down 290 points or 1.79%

Dollar: down 0.48% to 64.43 US cents

Iron ore (Dalian): up 2.18% to US$116.80

Brent crude: down 35 US cents or 0.4% to US$90.10

Gold: up US$8.90 or 0.4% to US$2,383

NYSE Arca Gold Bugs: down 1.37%

Bitcoin: down 0.95% to US$62,765

Copper (LME): up 1.17% to US$9,568

Nickel (LME): up 1.44% to US$17,955

Uranium (spot price): steady at US$91

Lithium carbonate (China spot): down 0.15% to US$15,537

Global X Lithium & Battery Tech ETF: down 0.11%

BHP: up 0.85% (US); down 0.25% (UK)

Rio Tinto: up 1.18% (US); up 0.65% (UK)