Market Wraps

Morning Wrap: ASX 200 to rise + US stocks hit 9-month high on debt ceiling optimism

Fri 02 Jun 23, 8:29am (AEST)

ASX 200 futures are trading 47 points higher, up 0.66% as of 8:20 am AEDT.

S&P 500 and Nasdaq close near highest levels since August on optimism over the debt ceiling bill, VIX marks its lowest close in 18 months, oil prices bounce but traders on alert for OPEC+ meeting on Sunday, a data dump of economic figures from major economies and Charts of the Week.

Let's dive in.

Overnight Summary

Fri 02 Jun 23, 8:29am (AEDT)

Name Value Chg %
Major Indices
S&P 500 4,221 +0.99%
Dow Jones 33,062 +0.47%
NASDAQ Comp 13,101 +1.28%
Russell 2000 1,768 +1.05%
Country Indices
Canada 19,672 +0.51%
China 3,205 +0.00%
Germany 15,854 +1.21%
Hong Kong 18,217 -0.10%
India 62,429 -0.31%
Japan 31,148 +0.84%
United Kingdom 7,490 +0.59%
Name Value Chg %
Commodities (USD)
Gold 1,994.30 -0.06%
Iron Ore 104.50 -
Copper 3.712 +0.01%
WTI Oil 70.19 +0.13%
AUD/USD 0.6572 0.00%
Bitcoin (AUD) 40,884 -0.87%
Ethereum (AUD) 2,842 +0.13%
US 10 Yr T-bond 3.608 -0.80%
VIX 16 -12.76%

US Sectors

Fri 02 Jun 23, 8:29am (AEDT)

Sector Chg %
Information Technology +1.33%
Industrials +1.26%
Materials +1.24%
Energy +1.23%
Consumer Discretionary +1.22%
Communication Services +1.15%
Financials +1.09%
Health Care +0.67%
Real Estate +0.03%
Consumer Staples -0.09%
Utilities -0.78%


S&P 500 Intraday
S&P 500 trends higher and closes near session highs (Source: TradingView)


  • S&P 500 higher and closed near best levels

  • 10 largest S&P 500 stocks rose 8.9% in May while the other 490 fell 4.3%

  • VIX at 15.64 or the lowest close in 18 months

  • Oil rallies on US debt ceiling progress (Reuters)

  • US dollar stumbles as signs point to Fed skipping June rate hike (Reuters)

  • Fed officials signal support for rate pause in June but retaining option to hike again in coming months (Bloomberg)


  • Meta (+3.0%) reveals latest VR device ahead of Apple's launch (FT)

  • Microsoft (+1.3%) to spend billions over the next few years on cloud infrastructure startup CoreWeave (CNBC)

  • CrowdStrike (-1.6%) results flag slowing revenue growth

  • Lucid (-16.2%) said it plans to raise US$3bn plus US$1.8bn more via private placement with one of its largest shareholders

  • Okta (-17.8%) lifted guidance but management flagged that “macroeconomic pressures are increasing”

  • Dollar General (-20%) posts double miss, slashes full-year outlook


  • US manufacturing slumps further in May, employment picks up (Reuters)

  • Eurozone inflation cools in May but won't stop ECB hike (Bloomberg)

  • China's manufacturing PMI unexpectedly back to expansion (Reuters)

  • Eurozone manufacturing downturn deepens in May (Reuters)

  • UK manufacturing activity declines for third straight month (Reuters)

  • Japan manufacturing expands for first time in seven months (Reuters)

  • South Korean exports contract at slowest pace since October (Bloomberg)

  • Bank of America says US consumer remains very healthy (Reuters)

  • US House of Representatives passes debt ceiling legislation (Reuters)

Industry ETFs

Fri 02 Jun 23, 8:29am (AEDT)

Description Last Chg %
Uranium 21.1 +6.08%
Nickel 28.465 +3.83%
Copper Miners 35.8 +3.47%
Strategic Metals 80.76 +1.96%
Steel 56.7234 +1.94%
Silver 21.95 +1.57%
Aluminum 47.56 +1.42%
Gold 183.76 +0.79%
Lithium & Battery Tech 61.3 +0.76%
Aerospace & Defense 110.16 +1.38%
Global Jets 18.31 +0.16%
Biotechnology 126.77 +0.39%
Cannabis 7.24 -0.69%
Description Last Chg %
Bitcoin 15.02 -0.48%
CleanTech 14.62 +2.74%
Hydrogen 8.94 +2.64%
Solar 71.48 +2.14%
Video Games/eSports 53.64 +2.25%
Robotics & AI 27.82 +1.98%
Electric Vehicles 23.84 +1.84%
Semiconductor 484.9 +1.72%
E-commerce 16.81 +1.69%
Sports Betting/Gaming 16.68 +1.24%
FinTech 20.93 +0.87%
Cloud Computing 18.61 +0.32%
Cybersecurity 24.01 -1.36%

Deeper Dive: Charts of the Week

This segment of the morning wrap brings you weekly technical commentary on the ASX 200 and some of the more interesting charts in the market. These are not meant as recommendations. They are for illustrative purposes only. Any discussion of past performance is for educational purposes only. Past performance is not a reliable indicator of future return. Always do your own research.

ASX 200 – No man’s land

ASX 200 chart (Source: Commsec)

Once again, there really hasn’t been a lot happening on the ASX, from a technical perspective at least, since the last update. We saw a pretty big selloff a couple of sessions ago and that may end up being the catalyst for a more significant move lower, but at this stage it remains to be seen. I’ve highlighted a wedge pattern on the chart, showing the narrowing of the trading range over time, which is symptomatic of a market that can’t make up its mind. So, we remain in no man’s land at the index level, waiting for both a sentiment change and a technical break in order to figure out what we do next.

Boral (BLD) – Building nicely

image (1)
Boral chart (Source: Commsec)

Since January BLD has rallied from around $3 to $4, making for one of the better-looking charts on the ASX. Right now, the price action is consolidating around the $4 round number, just as it did around $3 and, to a lesser extent, $3.50. Ultimately the bulls ended up driving the stock price higher off those levels and one might expect them to do the same in this instance. Keep an eye out for a big buying day, on increased volumes, as a trigger to start a new leg higher. (CAR) – Driving higher

image (2)
Boral chart (Source: Commsec)

Whilst the Carsales price action hasn’t been particularly explosive, and has been grinding higher, with more and more traders willing to bid up the lows. That is evidenced by the ever-shallower pullback seen through the run from September last year, highlighted by the uptrend support line. There is now clear resistance at $24 and an ascending triangle has formed. If the bulls can overcome $24, it could lead to a sharp move higher.

Key Events

ASX corporate actions occurring today:

  • Trading ex-div: None

  • Dividends paid: Evolution Mining (EVN) – $0.02 

  • Listing: None

Economic calendar (AEST):

  • 10:30 am: Australia Home Loans

  • 10:30 pm: US Unemployment Rate

Written By

Chris Conway

Managing Editor

Chris is the Managing Editor at Livewire Markets and Market Index. His passion is equity research, portfolio construction, and investment education. He is also very keen on the powerful processes that can help all investors identify great opportunities and outperform the market, and wants to bring them to life and share them with you.

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