ASX poised to slip, US futures drift lower
Local shares are poised for a modest fall at the open while global markets were mostly sidelined by the US Thanksgiving break. The S&P/ASX 200 is on track to close out the week with a solid 2 per cent gain.
US markets were closed overnight, and they are set for a 1pm close on Saturday AEDT. Futures trading was muted. The S&P 500 is 1.1 per cent below its record high and the volatility index is at a three-week low.
The probability of a quarter point rate cut by Federal Reserve policymakers next month reached 86.9 per cent.
“The near-term trend for US equities has turned back to positive,” Fundstrat Global’s technical head Mark Newton said, with expectations that policymakers will cut interest rates when they meet next month.
“I am a bit more constructive on the prospects for a positive December, given the sharp rally this week, which has helped market breadth to begin to rebound after a difficult early part of November,” Newton also said.
Newton said he’s expecting Nvidia, which has had a rough month, to rally sharply from mid-December into early February. He said the decline in tech stocks overall from late October “looks complete”.
Market highlights
ASX 200 futures are pointing down 33 points or 0.4 per cent to 8596.
All US prices near 1.15pm New York time.
- AUD +0.2% to US65.31¢
- Bitcoin +1.3% to $US91,391
- Futures: Dow -0.03% S&P flat Nasdaq -0.00%
- Gold -0.1% to $US4157.22 an ounce
- Brent oil +0.4% to $US63.35 a barrel
- Iron ore -0.2% to $US103.10 a tonne
- 10-year yield: US 3.99% Australia 4.49%
Today’s agenda
Private sector credit data for October is scheduled to be released at 11.30am on Friday. In NZ, November consumer confidence is on deck.
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