AU Morning Wrap: ASX slips; energy stocks fall on lower oil price

Wall Street Summary
US stocks fell as treasury yields hit a three-year high, a headwind for stocks whose valuations depend more on their future profit outlooks than current earnings.

The $Nasdaq Composite Index (.IXIC.US)$ led the selling with a loss of 299 points or 2.18 per cent. The $S&P 500 Index (.SPX.US)$ dropped 76 points or 1.69 per cent. The $Dow Jones Industrial Average (.DJI.US)$ gave up 413 points or 1.19 per cent.

AU Market Watch
Australia's S&P/ASX 200 looks set for a weaker start as investors weigh a range of concerns including the potential for tighter monetary policy. ASX futures are down 0.3%, suggesting the benchmark index will move lower after yesterday's almost flat close.

Australia shares opened lower this morning. The $S&P/ASX 200 (.XJO.AU)$ lost 0.08 per cent to 7480 as of 10:12 pm.

Consumer confidence gained 1.3 per cent last week in response to falling petrol prices, according to an ANZ-Roy Morgan survey.

Stocks to Watch
$Pendal Group Ltd (PDL.AU)$: Pendal Group intends to commence an on-market share buyback of up to $100 million following the release of its financial results for the six months to March 31, scheduled for May 10.

$Lynas Rare Earths Ltd (LYC.AU)$: Rare earths company Lynas Corp has reported a record quarter for the period ending March 31.Lynas delivered record sales revenue of $327.2 million, up from $202.7 million in the prior corresponding period. The company reported record sales receipts of $262 million, up from $151 million in the pcp.

$IRESS Ltd (IRE.AU)$: Iress has decided not to proceed with the divestment of its UK mortgage business. The company was considering the divestment as part of a board-led strategy review in 2021, but said that the best outcome for its shareholders, clients and people was to retain the business.

Ex-dividend Companies: $Duratec Ltd (DUR.AU)$, $Seven Group Holdings Ltd (SVW.AU)$

Dividends Paid Companies: $Blackmores Ltd (BKL.AU)$, $Chorus Ltd (CNU.AU)$, $Cyclopharm Ltd (CYC.AU)$, $Hearts And Minds Investments Ltd (HM1.AU)$, $QBE Insurance Group Ltd (QBE.AU)$, $Reece Ltd (REH.AU)$,

Commodities
• Iron ore prices continue to ease amid depressed market sentiment.
• Oil prices are now sub US$100.
• Gold prices briefly hit US$1,969.8 in the overnight session as growth concerns and a risk-off attitude led to positive flows for safe-havens.

Source: Dow Jones Newswires, Market Index