Day trading pre-market open December 7

Morning traders. Thanks loungers, especially @Ravgnome and @Patterns.


Outlook for the day: Negative. The ASX 200 looks set to give back some of yesterday's 117-point surge after US stocks gave up early gains, finishing near session lows.

ASX futures: down 34 points or 0.47%


Overnight themes:

• Wall Street's main stock benchmarks fall away in late trade after a bright start. The Dow flips an opening 170-point advance into a loss of 70 points. The S&P 500 and Dow have now fallen for three straight sessions.
• Stocks open higher as November private payrolls increase less than expected - further evidence that higher interest rates are taking the heat out of the economy. The ADP report shows payrolls increased by 103,000 jobs last month. Economists had predicted gains of 130,000.
• “ADP’s payroll data shows the Fed’s anti-inflation treatment is now really taking effect” - David Russell, global head of market strategy at online investing platform TradeStation (per CNBC).
• The ADP data is a taster for Friday night's comprehensive government jobs report, which is expected to show the economy added around 190,000 jobs last month, up from 150,000 jobs in October. Unemployment claims data will also add to the picture.
• Treasury yields continue to retreat. The yield on 10-year US treasuries drops five basis points to its lowest since September 1.
• The odds on an interest rate cut by March rise to 60.2%, according to CME's FedWatch tool. Market pricing on a cut before March was 20.3% as recently as four weeks ago.
• Utilities, industrials and health are the only sectors to resist the market's late slide. Energy, tech and financials are the biggest drags.
• The energy sector drops 1.64% as oil slumps to its lowest since June. Crude prices slide as a sharper-than-expected increase in US fuel inventories points to softening demand. US gasoline stocks rose by 5.4 million barrels last week, five times as much as analysts expected. Brent crude skids 3.76% to US$74.30 a barrel. US crude closes below US$70 for the first time since June.
• Iron ore is boosted by a poll showing Chinese exports stabilised last month. China ore futures rally 1.9%.
• Gold rebounds from two days of profit-taking after Monday's all-time high. Gold for February delivery bounces 0.57%.

Key events today:

• Trade balance - 11.30 am AEDT

S&P 500: down 18 points or 0.39%

Dow: down 70 points or 0.19%

Nasdaq: down 83 points or 0.58%

Dollar: down 0.07% to 65.50 US cents

Iron ore (Dalian): up 1.9% to US$136.92

Brent crude: down US$2.90 or 3.76% to US$74.30

Gold: up US$11.60 or 0.57% to US$2,047.90

NYSE Arca Gold Bugs: down 0.04%

Bitcoin: down 0.63% to US$43,801

Copper (LME): down 1.05% to US$8,247

Nickel (LME): down 0.61% to US$16,180

Uranium: steady at US$82.25

Lithium carbonate (China spot): down 2.78% to US$17,113

Global X Lithium & Battery Tech ETF: up 2.64%

BHP: up 0.7% (US); up 1.82% (UK)

Rio Tinto: up 0.74% (US); up 1.33% (UK)