Market Open: Red Friday for Wall Street implies pain at home. So do US inflation jitters

Good Morning and welcome to HotCopper’s Market Open, I’m Jon Davidson and the ASX is set for more pain on Monday with futures implying a drop of -0.3%.

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That lacklustre sentiment follows a red close on Wall Street on the Friday session with a mix of profit taking, and nerves, sending the US indexes lower.

Another wave in the AI rally led to fresh records for Wall Street last week which turned into profit taking on Friday, but in the background, the Trump-Xi meeting failed to reach any kind of outcome for the Strait of Hormuz, which has helped oil prices stay at US$110/bbl.

Add that in with climbing US PPI data, where we learned wholesale inflation for the twelve months to April was at +6%, and a resulting bond sell-off, long story short, the picture doesn’t look great.

When America coughs the world catches a cold, though we get NVIDIA earnings later this week, which could help save the day.

Looking around the traps on Monday, not much in way of big ASX news but energy darling Elixir Enegy catching eyes pre-market as it released a mix bag of affairs: a new gas well in Queensland is flaring at Diona-1, however, the company’s having a hard time getting frack fluid out of the well, with that operation less than 50% complete.

The Aussie is still fetching around 72 US cents, and looking at commodities which are in the greenback:

Brent commanding US$110/bbl,

Gold still suppressed at under US$4,550/oz,

Iron Ore fetching US$109/tn in Singapore, and,

Copper is fetching US$6.25/lb.

That’s Market Open, good luck and we’ll update you later for ASX Today.

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