Day trading pre-market open June 7

Morning traders. Thanks loungers, especially @Ravgnome.


Outlook for the day: Positive as commodity price gains help offset a mixed night on Wall Street ahead of tonight's monthly jobs report.

ASX futures: up 18 points or 0.23%


Overnight themes:

• Wall Street's main benchmarks finished mixed as a record-setting rally paused ahead of tonight's May non-farm payrolls data.
• The Dow advanced 0.2% in choppy trade.
• The S&P 500 inched to an all-time high before losing momentum, finishing with a loss of 0.02%.
• The Nasdaq Composite also hit a new intraday high before easing 0.09%. Drags on the index included Nvidia, which surrendered its claim to be the world's second-most valuable listed company with a dip of 1.18%, a day after briefly surpassing Apple's valuation.
• A mixed market saw gains in consumer stocks, energy, healthcare, real estate and materials largely cancelled out by declines in utilities, industrials and tech.
• The pick of the sector gains were consumer discretionary +0.97%, energy +0.55% and consumer staples +0.33%. The utilities sector lost 1.03%, industrials 0.6% and tech 0.47%.
• "It's a little bit of a pause before non-farm. It's not unusual. We had a big day yesterday and today people are getting their positions where they want to be before the payroll number" - Bill Strazzullo, chief market strategist at Bell Curve Trading (per Reuters).
• Tonight's May non-farm employment report follows a string of labour market indicators this week that have pointed to slower growth, sharpening hopes that that Federal Reserve may still lower rates this year. The odds on a September cut have doubled to 68% in recent days.
• Earlier, European stocks kicked higher after the European Central Bank followed the Bank of Canada in cutting benchmark rates. The ECB lowered the deposit rate to 3.75% from 4%, as widely foreshadowed last month. The cut was the bank's first since 2019. It followed a sharp decline in euro-zone inflation from 10% two years ago to just above 2%.
• GameStop surged 47.45% after stock influencer Roaring Kitty posted he will hold a livestream tonight.
• Iron ore, copper and other base metals bounced amid optimism interest rate cuts will aid global growth, boosting demand for raw materials. Benchmark ore prices gained in China for the first time in six sessions, advancing 0.96% in daytime trade. Analysts attributed some of the rally to restocking ahead of the Dragon Boat Festival long weekend. Copper rallied 2.22% on the London Metal Exchange to US$10,145.50 a metric ton.

Key events today:

• "Fireside chat" about the economy involving RBA Deputy Governor Andrew Hauser - 1 pm AEST
• US May employment report (non-farm employment change) - tonight

S&P 500: down 1 point or 0.02%

Dow: up 75 points or 0.19%

Nasdaq: down 15 points or 0.09%

Dollar: up 0.17% to 66.67 US cents

Iron ore (Dalian): up 0.96% to US$115.87

Brent crude: up US$1.46 or 1.86% to US$79.87

Natural gas (US futures): up 1.88% to US$2.81

Gold: up US$15.40 or 0.21% to US$2,390.90

Silver: up US$1.30 or 4.34% to US$31.31

NYSE Arca Gold Bugs: up 3.52%

Bitcoin: down 0.85% to US$70,653

Copper (LME): up 2.22% to US$10,145.50

Nickel (LME): down 0.19% to US$18,565

Uranium (spot price): steady at US$88.75

Lithium carbonate (China spot): down 0.73% to US$13,983

Global X Lithium & Battery Tech ETF: down 0.39%

BHP: up 1.84% (US); up 1.93% (UK)

Rio Tinto: up 1.65% (US); up 1.85% (UK)