Day trading pre-market May 5

Morning traders. Thanks loungers, especially the indefatigable @Ravgnome.

Outlook for the day: Negative following a fourth straight setback on Wall Street and a five-month low in iron ore.

ASX futures: down 29 points or 0.4%

Overnight themes:

• US stocks decline for a fourth night as a rolling banking crisis threatens to engulf another lender. The Dow Jones Industrial Average turns negative for 2023.
• Banks fall after PacWest Bancorp says it was considering strategic options, including a sale. Shares in the California lender plunge 50.62%. Other regional lenders also hit hard.
• “While many thought JPM's purchase of FRC out of receivership would stop the 'Who's next?' conversations, investors are clearly continuing to focus on remaining players that are deemed the weakest” - UBS.
• Wall Street's "fear gauge", the VIX, climbs to its highest since late March. Trading volumes are above average.
• Financial sector falls 1.29%. Real estate and utility stocks offer a haven from the sell-off.
• Iron ore hits a five-month low following a contraction in Chinese factory output. The Caixin manufacturing purchasing managers' index declined to 49.5 last month from 50 in March. (Readings below 50 indicate reduced activity.)

Key events today:

• Quarterly RBA Monetary Policy Statement - 11.30 am AEDT
• China services-sector data - 11.45 am AEDT
• US April jobs data - tonight

S&P 500: down 30 points or 0.72%

Dow: down 287 points or 0.86%

Nasdaq: down 59 points or 0.49%

Dollar: up 0.77% to 66.92 US cents

Iron ore (Dalian): down 2.31% to US$101.14 (2023 low)

Brent crude: up 17 US cents or 0.24% to US$72.50

Gold: US$18.70 or 0.9% to US$2,055.70

NYSE Arca Gold Bugs: up 2.82% (touches 2-month high)

Copper (LME): up 0.79% to US$8,535

Nickel (LME): down 2.44% to US$24,000

Global X Lithium & Battery Tech ETF: up 0.1%

BHP: down 0.03% (US); down 1.03% (UK)

Rio Tinto: down 0.85% (US); down 1.71% (UK)