Day trading pre-market open August 11

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


Outlook for the day: Cautious at the start of a week that brings a possible rate rise tomorrow and trading updates from CBA, Telstra and other market heavyweights.

ASX futures: up 5 points or 0.06%


Friday/weekend themes: ​

• US stocks wrapped up a positive week with further gains on Friday as the prospect of rate cuts outweighed questions about the impact of tariffs amid signs the economy may be losing momentum. ​
• The S&P 500 rallied 0.78% as the tech sector set the pace. The Nasdaq Composite climbed 0.98% to a second-straight record close. The Dow gained 207 points or 0.47%.​
• Apple rounded off its best week since 2020 with a rise of 4.24%. The iPhone maker's share price jumped 13.3% last week after the company announced plans to invest a total US$600 billion in the US over four years, soothing relations with the White House. ​
• The odds on a rate cut next month hovered around 90% following a recent run of soft economic signals. "There are certainly investors who think if the Fed is going to cut rates then the overarching theme is, don't fight the Fed on lower rates," Rick Meckler, partner at Cherry Lane Investments, told Reuters. "The other side of the equation has really been the tariffs, and how the tariffs turn out remains uncertain."​
• Apple's charge helped the S&P tech sector to a gain of 1.22%. Also strong: communication services +0.94%, financials +0.91% and health +0.9%. Three sectors missed the upswing: industrials -0.01%, utilities -0.45% and real estate -0.82%. ​
• Friday's gain extended the S&P 500's advance for the week to 2.4%. The Nasdaq put on 3.9% for the week and the Dow added 1.4%.​
• Gold fell from record levels amid confusion about whether the US has imposed a tariff on imported gold bars. US gold futures hit a new peak at US$3,543.10 per ounce on Friday after US Customs appeared to rule that 100-ounce and 1kg gold bars would be subject to a 39% tariff. Prices reversed after the White House said it would issue an executive order to clarify “misinformation about the tariffing of gold bars and other specialty products.” No timeline was given. US gold futures ended the session US$33.10 or 0.95% lower at US$3,458.20. Spot gold finished little changed, ahead US$2.04 or 0.06% at US$3,397.28. The NYSE Arca Gold BUGS index of US miners fell for the first time in seven sessions, declining 0.4% from a near 13-year high. ​
• Copper extended its recovery from last week's three-week low after Thursday data showed China exported more goods during July than economists expected. Benchmark copper on the London Metal Exchange climbed 0.8% to US$9,762 per metric ton. "The weaker dollar has been a key driver in August," Dan Smith at Commodity Market Analytics told Reuters. "You've got dollar weakness and China looking like it's in good shape. So the fundamental side feels like it's quite positive for the time being."​
• Iron ore trimmed its gain for a week that brought news of record China steel exports and low ore inventories. Steel exports lifted 1.7% in July from the previous month to their highest since record-keeping began in 1990. Benchmark ore on the Dalian Commodity Exchange eased 0.19% to US$109.99 a metric ton. For the week, the most-traded futures contract gained 0.7%. ​
• Oil posted its first gain in seven sessions as prices arrested their fall ahead of a possible summit between US President Donald Trump and Russian President Vladimir Putin. Brent crude settled 16 US cents or 0.2% higher at US$66.60 a barrel. The international oil benchmark slumped more than 4% last week amid concerns that the White House will impose additional sanctions on Russian oil if Moscow does not move towards a ceasefire with Ukraine. ​
• While the latest US earnings season is winding down, the domestic season moves up a gear this week with updates from Commonwealth Bank, Telstra, AGL, Origin Energy, insurers IAG and Suncorp and Cochlear (details below). ​

Key events this week: ​

• Earnings season: JB Hi-Fi, Iress, Car Group, Temple & Webster, Charter Hall Social Infrastructure REIT (today); Life360, Seven West Media, SGH Ltd (Tuesday); CBA, AGL, IAG, Evolution Mining, Computershare, Treasury Wine Estates (Wednesday); Telstra, Origin Energy, Suncorp, Amcor, Pro Medicus, Orora, HomeCo Daily Needs REIT, Ventia, Growthpoint, Articore (Thursday); and Cochlear, Mirvac, HealthCo Healthcare & Wellness REIT and Baby Bunting (Friday). (Source: CommSec)​
• RBA interest rate decision - Tuesday ​
• Business confidence - Tuesday​
• US consumer inflation (CPI) - Tuesday​
• Wage price index - Wednesday​
• July employment report - Thursday​
• US wholesale inflation (PPI) - Thursday​
• China factory activity, retail sales - Friday​
• US retail sales - Friday​
• US consumer sentiment - Friday ​

S&P 500: up 49 points or 0.78%

Dow: up 207 points or 0.47%

Nasdaq: up 207 points or 0.98%

VIX: down 8.57% to 15.15

US 10-year treasury yield: 4.286%

Dollar: down 0.05% to 65.21 US cents

Iron ore (Dalian): down 0.19% to US$109.99

Brent crude: up 16 US cents or 0.2% to US$66.60

Gold (futures): down US$33.10 or 0.95% to US$3,458.20

Gold (spot): up US$2.04 or 0.06% to US$3,397.28

Silver (spot): up 6 US cents or 0.14% to US$38.34

Palladium (spot): down US$38.50 or 3.33% to US$1,118

Antimony (China ore): up 0.01% to US$19,786

NYSE Arca Gold Bugs: down 0.4%

Bitcoin: up 1.56% to US$118,417

Copper (LME): up 0.8% to US$9,762

Nickel (LME): up 0.25% to US$15,156

Lithium carbonate (China spot battery grade): up 1.13% to 8,836 yuan

Global X Lithium & Battery Tech ETF: up 2.42%

Uranium (spot): steady at US$72

Global X Uranium ETF (URA): down 1.58%

BHP: up 1.44% (US); up 1.55% (UK)

Rio Tinto: up 1.79% (US); up 1.64% (UK) ​