As the Dow hits an all time high, the gold price is tumbling. Here's what you need to know today.

Peter's morning market minute

Elevator Pitch: what you need to know to start your day

• PM Albanese's Trump-whispering has gone down a treat in the local media overnight, but we're here to ask the bigger questions: what happens next for our market and our economy? And we got proof of life from Ambassador Kevin Rudd who had strips torn from him during the meeting with Trump. 
• After Amazon's outage that took down half the internet on Monday evening, you'd expect its shares to tumble precipitously. But in fact, it was quite the opposite. What gives?
• Regional carrier ReX (or Regional Express) is looking for a backer, and it may have found one in the US. [SMH]
• Wild weather is set for the nation today as NSW swelters, while VIC and SA will cop cyclonic winds. If the BOM is on the money, we'd better get used to it for summer. [ABC]

Overnight markets and ASX outlook

• In markets, the Dow cranked itself to a new record high just shy of 47,000, up 0.47%; the S&P500 didn't fare as favourable, closing basically flat at 6735. The NASDAQ and the EUROSTOXX50E posted similar flat-ish results, down 0.1%. To Asia and the Nikkei closed 0.27% up, while the Hang Seng put on 0.65%. And in keeping with the theme, ASX futures are off 0.32% this morning.

In the diary: today's data

Monday 22 October

Nothing in the diary today. Enjoy the peace and quiet?

Today’s big number

38C: The forecast high temperature for Sydney today. In October.