ASX Market Open: Deeper red for Week 36 as US gets started a day late | Sep 3

Wall Street got started on its Week 36 trading after a Labour Day-sized pause, and it’s immediately impacted Australian shares: ASX 200 futures are pointing to a -0.32% loss at open, extending what’s been a red week.

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Big tech was one of the post-Labour Day victims, with Nvidia, Amazon, and Apple all contributing to a -0.8% drop for the Nasdaq composite.

The S&P 500 and Dow Jones fared similarly, shaving as much as -0.7% today.

The U.S. isn’t the only bourse weight, though – Oz is getting GDP Q2 data today, too.

While analysts have been pointing to a +0.5% gain there for some days now, Australian traders seem happy to hold fire up that 11.30am data release.

That hesitancy tracks how many across the globe appear to be feeling; traders in North America, Europe, and Down Under seem eager to find reasons to keep powder dry as indexes keep smashing all-time highs.

Another chance to preach caution will come tonight, too, with RBA governor Michel Bullock giving a lecture in Western Australia at 6pm this evening.

And, companies are regathering after a volatile earnings run – let’s get into that.

ASX stocks to watch

First up, Commonwealth Bank (ASX:CBA) is closely watching Swedish buy-now, pay-later giant Klarna’s U.S. public offering; the Oz big four bank holds a 5.5% stake in the company after investing US$300M up to 2020.

Several consumer stocks went ex-dividend this week, too, including Wesfarmers (ASX:WES) and Woolworths (ASX:WOW). Both dropped as much as -3%, leaving Oz investors pondering whether to buy in.

Early action on the HotCopper forums includes excitement around Advance Metals (ASX:AVM) and its grand plan to target JORC Resources across its silver portfolio and Ardea Resources’ (ASX:ARL) heritage agreement for Goongarrie.

And, smallcap Somerset Resources (ASX:SMM) is spruiking its latest finds: Widespread, thick, high-grade copper at Jura in Canada.

Buck and ore

Now – in forex, the Aussie dollar buys 65.1 US cents.

And to commodities, all in the greenback,

Iron Ore is up +0.8%, selling at $102.50 a tonne in Singapore,

Brent Crude is at $69.06,

Gold has kept climbing to today sell at as much as $3,542 per ounce, and,

US natgas futures are mixed, at $2.97 per gigajoule.

That’s HotCopper’s ASX Market Open, I’m Isaac McIntyre – good luck, happy trading.

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