To the scoreboard:
Dow: 23,273.96 -54.67 (-0.23%)
S&P 500: 2,564.98 -10.23 (-0.40%)
AUD/USD: 0.7805 -0.0013 (-0.17%)
ASX200 SPI futures (December contracts): 5,895 (+5)
1. S&P500 hits the brakes, closes lower: It was only the fourth negative session in October, as US earning season hits full swing with around 200 companies set to report this week. US stocks just broke another low-volatility record, and with a key hurdle for US company tax cuts cleared on the weekend there’s now an exchange traded fund focused solely on stocks poised to benefit from tax reform.
2. USD gains traction: The US dollar index closed higher despite a small fall in bond yields, as the greenback climbed against the Euro with political tensions in Spain still lingering. The Yen gained back ground overnight after falling in the wake of the Japanese election, but USD/YEN still remains elevated above 113 for the first time since July.
3. Australia today: Futures traders think the local index is unlikely to make another push above 5,900, following a relatively quiet lead from global markets to start the week. The Aussie dollar was relatively unchanged overnight and is likely to have another quiet session today, with no key data releases scheduled ahead of tomorrow’s CPI figures.
4. Dalio fires another warning: Billionaire hedge fund manager Ray Dalio has issued a “brutal” assessment of the US economy in his latest note to investors, detailing how the bottom 60% of US citizens are struggling and warning that hawkish monetary policy by the US Fed could exacerbate the problem.
5. Crypto sell-off: Money moved back out of the major cryptocurrencies overnight, led by falls in Ripple and Ethereum. Bitcoin is off its recent highs above $US6,000 but is holding above $US5,900. Here’s the overnight scoreboard for the world’s biggest cryptocurrencies by market capitalisation:
6. Commodities wrap: Iron ore dipped slightly as choppy trade continues, while base metals climbed as copper (+0.62%), zinc (+1.1%) and nickel (+1.4%) all finished higher. Gold traded flat at around $US1,280 an ounce, while oil continues to fluctuate amid competing supply and demand forces, with benchmark crude closing down 0.6% at $US57.42 a barrel.
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