Day trading pre-market open April 2

Morning traders. Thanks loungers, especially @Ravgnome.


Outlook for the day: Uncertain. At time of writing, ASX SPI200 index futures have not traded since Thursday. Overnight, US stocks finish mixed but mostly lower.

ASX futures: unchanged (no trade).


Overnight/weekend themes:

• Wall Street's main stock benchmarks close mixed as unexpectedly strong manufacturing data boosts treasury yields and Federal Reserve Chair Jerome Powell warns the central bank is in no hurry to cut interest rates.
• The Nasdaq edges up 0.11% as growth stocks resist a broader downtrend. The Dow loses 0.6%. The S&P 500 gives up 0.2%.
• The Institute of Supply Management's manufacturing PMI climbs to 50.3 in March from 47.8 in February. Readings above 50 indicate expanding activity. Last month's result is the first above 50 since September 2022.
• Treasury yields rise to two-week highs, undermining interest in traditional stock alternatives to treasuries. The real estate sector drops 1.77%. Utilities shed 0.64%.
• "If the economy is still somewhat strong and now that PMI data is starting to move up, that just suggests there could be some upside pressure in yields" - Keith Lerner, chief market strategist at Truist Wealth (per Reuters).
• The odds on a June rate cut fall to 58% from roughly 64% a week ago after comments from Fed Chair Powell. "We don't need to be in a hurry to cut," Powell told a radio program on Friday, citing the strength of the economy and stubborn inflation.
• A report on Friday shows inflation increased by 2.8% in February on an annual basis, in line with expectations but above the central bank's target.
• Three sectors finish positive this morning: communication services +1.46%, energy +0.79% and tech +0.23%.
• Wall Street has traded twice since the ASX closed on Thursday. US stocks finished mixed on Thursday night. The S&P 500 gained 0.11%. The Dow added 0.12%. The Nasdaq dipped 0.12%.
• Gold hits a second-straight all-time high as buyers bet on global rate cuts and demand from China and central banks. Gold futures trade as high as US$2,286.40 an ounce overnight before settling 0.9% ahead at US$2,236.50.
• Oil trades near a five-month high after a weekend report shows Chinese manufacturing expanded last month for the first time in six months. China's official manufacturing purchasing managers index swung from 49.1 in February to 50.8 in March. Readings above 50 indicate increased activity. Brent crude firms 0.5% overnight.
• Iron ore remains under pressure, falling 0.85% in China despite positive factory data. Singapore ore slumped 4.3% on Monday.

Key events this week:

• Speech/Q&A with RBA Assistant Governor (Financial Markets) Christopher Kent - 9.10 am AEDT
• Minutes from last month's RBA monetary policy meeting - 11.30 am
• March job ads - 11.30 am
• US job openings - tonight
• US private payrolls - Wednesday
• Address by Federal Reserve Chair Jerome Powell - Wednesday
• February building approvals - Thursday
• Goods trade balance - Friday
• US March employment report - Friday

S&P 500: down 17 points or 0.2%

Dow: down 241 points or 0.6%

Nasdaq: up 17 points or 0.11%

Dollar: down 0.69% to 64.88 US cents

Iron ore (Dalian): down 0.85% to US$104.83

Brent crude: up 42 US cents or 0.5% to US$87.42

Gold: up US$19.10 or 0.9% to US$2,236.50

NYSE Arca Gold Bugs: up 1.96%

Bitcoin: down 2.22% to US$69,444

Copper (LME): up 0.2% to US$8,867

Nickel (LME): down 0.78% to US$16,749

Uranium (spot price): down 1.15% to US$87.50

Lithium carbonate (China spot): up 0.07% to US$15,156

Global X Lithium & Battery Tech ETF: up 0.73%

BHP: up 1.14% (US); up 0.8% (UK)

Rio Tinto: up 0.67% (US); up 0.78% (UK)