Day trading pre-market open April 17

Morning traders. Thanks loungers, especially @Ravgnome.


Outlook for the day: Negative for a fifth session after resource and banking stocks under-perform in a mixed US market, and the dollar hits a five-month low.

ASX futures: down 23 points or 0.3%


Overnight themes:

• US stocks finish mixed but mostly lower in choppy trade after the head of the Federal Reserve warns interest rates may have to stay elevated for longer.
• The Dow nudges up 0.16%, breaking a six-session losing run. The blue-chip average is lifted by a Q1 revenue beat from UnitedHealth.
• The S&P 500 and Nasdaq Composite finish in the red as rate-sensitive sectors continue to slide.
• Fed Chair Jerome Powell says there has been a lack of progress towards lowering inflation this year, pushing out the likely start of interest rate cuts. The central bank needs "greater confidence" that inflation is falling towards target before lowering rates.
• “The recent data have clearly not given us greater confidence and instead indicate that it’s likely to take longer than expected to achieve that confidence” Powell says during a "fireside chat" sponsored by the Wilson Center.
• US treasury yields climb to their highest since November, pressuring stock sectors that are most sensitive to borrowing costs. The US 10-year yield nears 4.7% for the first time since mid-November.
• “Powell moved more decidedly in a hawkish direction. This was unfriendly for equity markets, but markets got the message” - Quincy Krosby, chief global strategist for LPL Financial (per CNBC).
• Real estate and utilities are the night's worst performing sectors, dropped 1.53% and 1.36%, respectively. Also notably weak are energy -0.87%, materials -0.74% and financials -0.62%.
• Three sectors finish higher: tech +0.23%, consumer staples +0.07% and health +0.02%.
• The Australian dollar trades below 64 US cents for the first time this year as the greenback continues to rally in expectation of a prolonged period of higher rates. The Aussie falls as low as 63.89 US cents, a level last seen in mid-November, before paring its fall at 64.01 US cents.
• The rapid recent recovery in iron ore prices stalls after unexpectedly strong Chinese economic growth figures undermine hopes of further stimulus measures. A report yesterday showed China's gross domestic product expanded by 5.3% across the first three months of the year, smashing economists' expectations for growth of 4.6%. Benchmark ore on the Dalian Commodity Exchange drops 1.49%.
• Gold settles above US2,400 an ounce for the first time. The yellow metal climbs US$24.80 or 1% to US$2,407.80, boosted by geopolitical tensions in the Middle East and central bank buying.

Key events today:

• US earnings season - tonight
• Federal Reserve's "Beige Book" of economic conditions - tonight

S&P 500: down 10 points or 0.21%

Dow: up 64 points or 0.17%

Nasdaq: down 20 points or 0.12%

Dollar: down 0.62% to 64.01 US cents

Iron ore (Dalian): down 1.49% to US$114.13

Brent crude: down 8 US cents or 0.1% to US$90.02

Gold: up US$24.80 or 1% to US$2,407.80

NYSE Arca Gold Bugs: down 1.4%

Bitcoin: up 1.3% to US$63,571

Copper (LME): down 1.06% to US$9,474.50

Nickel (LME): down 0.61% to US$17,845

Uranium (spot price): steady at US$91

Lithium carbonate (China spot): down 1.04% to US$15,376

Global X Lithium & Battery Tech ETF: down 2.93%

BHP: down 3.56% (US); down 4.03% (UK)

Rio Tinto: down 1.62% (US); down 2.88% (UK)