The Dow Jones lost 293 points (-0.70%) and the S&P 500 retreated 0.19% pulling back from recent record highs. The NASDAQ eked out a small 0.04% gain, while small caps underperformed, Russell 2000 falling 1.19%. Meta unveiled Orion, its first augmented reality glasses prototype and the market responded positively, shares rose 0.9% closing at a record high. Losses in Amgen -5.45% weighed on the Dow after the company reported mixed data on two drugs raising concerns over heightened competition. US treasuries rose across the board. 10Y yield rose 5.9bps and has advanced in five of the last seven sessions, while the 2Y yield gained 2.1bps. USD Index up 0.46%, AUD flat, and Bitcoin slid 0.90%. The probability of a 50bps cut a the next FOMC meeting at 59.2% according to CME FedWatch.

ASX to rise. SPI Futures up 17 points (+0.21%)

COMMODITIES

• US Steel says arbitration board rules in favour of Nippon Steel's $14.9bn buyout deal.
• Copper steadies after hitting 10-week high.
• Gold smashes record peaks propelled by rate-cut momentum.
• US oil inventories fall more than forecast, crude at 2-1/2-year low, EIA says.
• Oil falls on easing Libya supply concerns, lingering China demand worries.

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