Morning Report 1 May 24: ASX to drop as hot US labour data sinks Wall Street

US stocks faced downward pressure overnight due to reinvigorated inflation concerns, leading to expectations of a similar trend in Aussie shares, anticipated to start May on a negative note after experiencing their worst month since October. Stronger wages data in the US fuelled fears of inflation and prompted a downturn in the stock market, which could result in a hawkish pivot by the US Federal Reserve at tonight's meeting. Tom and Ryan also discuss developments in commodity markets, such as fluctuations in oil and gold prices, along with Australian home price data and the ongoing BHP-Anglo American deal.

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