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

Morning traders. Thanks loungers, especially @Ravgnome.


Outlook for the day: Highly positive for the final session of the quarter. ASX futures imply the ASX 200 should hit fresh heights today.

ASX futures: up 61 points or 0.78%


Overnight themes:

• US stocks reset their highs as end-of-quarter inflows help offset any nerves about tomorrow's inflation data.
• The S&P 500 rallies 0.86% to a new record, ending a run of three straight losses. The Dow climbs 478 points, closing 240 points or around 1% from the 40,000 milestone. The Nasdaq trails with a gain of 0.51% as Nvidia retreats for a second session.
• Merck spearheads the Dow's rally, rising almost 5% after the US health regulator greenlights a treatment for a lung condition. Intel, Boeing and Caterpillar are also notably strong. Just three of the blue-chip average's thirty component companies sit out the rally.
• Rate-sensitive sectors outperform as treasury yields decline. Utilities gain 2.75% and real estate 2.42% as all 11 S&P sectors advance.
• The major benchmarks are on track for their best first quarters in several years, according to CNBC. The S&P 500's 9.9% gain so far would be its strongest since 2019. The Dow is on track for a rise of 5.4%, its best result since 2021. All three benchmarks are set for a fifth straight positive month.
• Tuesday's reversal in iron ore continues in China. Benchmark prices on the Dalian Commodity Exchange slide 3.53% following a downbeat steel production forecast from Mysteel. The consultancy expects hot metal output to be lower than the same time last year.
• "A weak steel price and thin steel margins, coupled with high ore shipments, have suppressed ore demand and prices" - Cheng Peng, Beijing-based analyst at Sinosteel Futures (per Reuters).
• Gold settles at a new high. The yellow metal climbs 0.6% to US$2,212.70 an ounce. The NYSE Arca Gold BUGS Index logs its strongest close of the year.
• Oil declines for a second session following an unexpected increase in US stockpiles. Brent crude dips 0.2% to US$86.09 a barrel.
• Wall Street will trade twice before the ASX reopens on Tuesday. US markets do not recognise Monday as a public holiday.

Key events today:

• Retail sales, private-sector credit - 11.30 am AEDT
• US GDP, consumer sentiment, house sales - tonight

S&P 500: up 45 points or 0.86%

Dow: up 478 points or 1.22%

Nasdaq: up 84 points or 0.51%

Dollar: down 0.09% to 65.32 US cents

Iron ore (Dalian): down 3.53% to US$111.45

Brent crude: down 16 US cents or 0.2% to US$86.09

Gold: up US$13.50 or 0.6% to US$2,212.70

NYSE Arca Gold Bugs: up 3.74%

Bitcoin: down 1.27% to US$68,556

Copper (LME): up 0.06% to US$8,867.50

Nickel (LME): down 0.27% to US$16,610

Uranium (spot price): steady at US$91

Lithium carbonate (China spot): down 0.75% to US$15,167

Global X Lithium & Battery Tech ETF: up 1.57%

BHP: up 1.72% (US); up 1.05% (UK)

Rio Tinto: up 2.07% (US); up 1.21% (UK)