Day trading pre-market open February 2

Morning traders. Thanks loungers, especially @Ravgnome.


Outlook for the day: Positive after US stocks rebound from their worst session since September.

ASX futures: up 30 points or 0.4%


Overnight themes:

• US stocks rebound as a generally supportive earnings season helps investors move past Wednesday's bloodbath when the Federal Reserve dashed hopes of a March rate cut.
• The major indices claw back much of Wednesday's losses ahead of after-hours earnings this morning from Apple, Amazon and Meta. The S&P 500 bounces 1.25% (Wednesday loss: 1.61%).
• Stocks are boosted by a drop in treasury yields. The US 10-year yield slides more than five basis points to its lowest this year.
• The fourth-quarter earnings season continues overnight. Of the 208 S&P 500 companies that have reported so far, 80% have beaten consensus on earnings, according to LSEG. Earnings are now expected to have grown by 6.4% year-on-year, an improvement on the 4.7% growth expected at the start of this month.
• Regional banks drag after trouble in New York Community Bancorp's commercial property portfolio revives worries about the strength of regional lenders. The KBW Regional Banking Index loses 2.29%.
• Consumer stocks outperform. The S&P consumer discretionary sector gains 1.98%. Consumer staples rallies 1.97%. Also strong: utilities +1.89%, real estate +1.75% and industrials +1.7%. Energy loses 0.06%.
• Stocks plunged on Wednesday after the Fed pushed back against rate-cut expectations. Chair Jerome Powell said it was unlikely the central bank would cut in March.
• Iron ore and industrial metals decline as weak factory data, property sector struggles and looming Lunar New Year holidays weigh on demand. China-traded ore eases 0.36%. Steel prices also fall. However, ore prices bounce 1.09% in Singapore.
• Oil falls back under US$80 a barrel as speculation about a ceasefire agreement between Israel and Hamas grows. Hamas has given provisional approval to a hostage deal and ceasefire, an Israeli newspaper reported overnight.
• "If it is true, will we see a reduction of tensions between Iran and the US” - Phil Flynn, senior market analyst at The Price Futures Group (per MarketWatch).

Key events today:

• Q2 Producer Price Index (wholesale inflation) - 11.30 am AEDT
• US non-farm employment change (January jobs report) - tonight

S&P 500: up 61 points or 1.25%

Dow: up 370 points or 0.97%

Nasdaq: up 198 points or 1.3%

Dollar: up 0.15% to 65.73 US cents

Iron ore (Dalian): down 0.36% to US$134.79

Brent crude: down US$1.85 or 2.3% to US$78.70

Gold: up US$3.70 or 0.2% to US$2,071.10

NYSE Arca Gold Bugs: up 3.67%

Bitcoin: up 1.83% to US$43,201

Copper (LME): down 0.98% to US$8,524.50

Nickel (LME): down 0.12% to US$16,230

Uranium (spot price): up 5.48% to US$108

Lithium carbonate (China spot): up 0.38% to US$13,519

Global X Lithium & Battery Tech ETF: up 1.04%

BHP: up 1.23% (US); down 0.37% (UK)

Rio Tinto: up 1.25% (US); down 0.29% (UK)