US markets backtracked overnight amid a lack of economic catalysts to propel the benchmark indices to fresh record highs.

With the Fed due to meet next week to discuss a reduction in stimulus, investors appeared to be in a profit-taking mood.

The S&P500 peeled back from a record high whilst the Dow settled below 16000 after finishing above this level in the past two sessions.

There were outsized gains in some of the major commodities.

Gold leapt over two percent, with safe have flows supporting the precious metal after yesterday's less-than-impressive economic numbers out of China.

Elsewhere, oil continued to rebound, settling at a six week high on expectations tonight's supply report will reveal a second consecutive drop in weekly US crude stockpiles.

In economic news, the Westpac Consumer Sentiment Survey is due for release at 10:30am, AEDT.

Morning Market Update: Bears In Control is a post from: Australian Stock Report Market Pulse Blog