Day trading pre-market open April 3

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

A reminder to anyone in Queensland, WA or the NT that daylight saving ended in other states over the weekend, so the market will open an hour later (? please check!) for you this morning.

Outlook for the day: Positive. The ASX will shoot for a sixth straight gain.

ASX futures: up 45 points or 0.63%

Friday/weekend themes:

·US stocks climb as slowdowns in consumer spending and inflation sharpen hopes of a rates pause. Nasdaq caps best quarter since June 2020 with a rise of 1.74%.

·Consumer spending increases 0.2% in February, compared to 2% in January and below expectations of 0.3% growth. Adjusted for inflation, “real” spending dipped 0.1%.

·Inflation as measured by the personal consumption expenditures price index rose 0.3%,compared to 0.6% in January. Year-on-year, prices were up 5%, compared to 5.3% in January.
"The equity market seems to be delighted with the slight tick lower in inflation… It underscores that the Fed's campaign is, in fact, working, albeit slowly," Quincy Krosby, chief global strategist at LPL Financial, said.

·All 11 US sectors rally. Rate-sensitive sectors (real estate, growth) outperform. Mining also strong.

• Late energy news: OPEC+ cut oil production by one million barrels overnight.

Key events this week:

·Australian interest rate decision – Tuesday

·Speech by RBA chief Philip Lowe to the National Press Club – Wednesday

·US monthly jobs report – Friday

S&P 500: up 58 points or 1.44%

Dow: up 415 points or 1.26%

Nasdaq: up 208 points or 1.74%

Dollar: up 0.03% to 66.88 US cents

Iron ore (Dalian): up 1.2% to US$132.13

Brent crude: up 50 US cents or 0.6% to US$79.77 (But note: OPEC + cut output overnight)

Gold: down US$11.50 or 0.6% to US$1,986.20

NYSE Arca Gold Bugs: down 0.62%

Copper (LME): down 0.1% to US$8,993

Nickel (LME): up 2.75% to US$23,838

Global X Lithium & Battery Tech ETF: up 0.75% (3.5 week high)

BHP: up 0.83% (US); up1.31% (UK)

Rio Tinto: up 0.72% (US); up 0.72% (UK)