Morning traders. Thanks loungers, especially @Ravgnome. Outlook...

Morning traders. Thanks loungers, especially @Ravgnome.


Outlook for the day: Positive as resource stocks shine during a broadly positive night on Wall Street, fuelling rebound hopes following the ASX's biggest loss in three weeks. The ASX 200 slumped 1.34% yesterday.

ASX futures: up 26 points or 0.33%


Overnight themes:

• US stocks overcome a late wobble to finish mostly higher after the Federal Reserve reassures investors it still foresees interest rate cuts this year despite sticky inflation data.
• The S&P 500 and Nasdaq eke out gains of 0.11% and 0.23%, respectively. The Dow drops 0.11% to a third straight loss as Intel slumps 8.22%.
• Fed Chair Powell says the central bank needs more confidence that inflation is falling towards target before cutting benchmark rates. However, recent data have not "materially changed" the overall picture and he still expects rates to fall "later this year", he says in a speech.
• Powell's colleague, Atlanta Fed President Raphael Bostic, takes a more cautious line, warning he only sees one rate cut this year and not until the fourth quarter.
• "We've seen inflation kind of become much more bumpy. If the economy evolves as I expect, and that's going to be seeing continued robustness in GDP and employment, and a slow decline in inflation over the course of the year, I think it will be appropriate for us to start moving down at the end of this year, the fourth quarter," Bostic tells CNBC.
• The session's key economic report shows growth in services sector activity moderated for a second month. The Institute for Supply Management's non-manufacturing PMI eases to 51.4 last month from 52.6 in February. Readings above 50 indicate expanding activity.
• The best of the sector gains in a mixed market are communication services +0.71%, energy +0.66% and materials +0.63%. The night's biggest drags are consumer staples -1.1% and utilities -0.42%.
• Copper hits nine-month highs in London and Shanghai as strong US housing data adds to tailwinds following a rebound in Chinese manufacturing last month. The "metal with the degree in economics" gains 3.38% in London trade and 4.2% in Shanghai. Other metals also advance on the London Metal Exchange. Nickel puts on 1.5%, zinc 3%, aluminium 2.5%, lead 3.2% and tin 2.2%.
• Iron ore pares its gain for the week as trading wraps up for two days of holidays in China. The most-traded ore contract on the Dalian Commodity Change loses 2.5%. For the week, prices improved 2.5%. The exchange is closed for the rest of the week.
• Gold continues to rip higher, logging a fourth-straight record. Prices took off after Fed Chair Powell reiterated that recent economic and inflation data have not changed the central bank's expectations for rates policy. Prices have gained 11% this year.
• "Gold surged to yet another historic high on elevated trading volume after Powell stresses that 'bumps' in the road don't change the overall rosy picture" - Tai Wong, independent US metals trader (per Reuters).

Key events today:

• February building approvals - 11.30 am AEDT
• China market holiday (next two days)
• US unemployment claims - tonight

S&P 500: up six points or 0.11%

Dow: down 43 points or 0.11%

Nasdaq: up 37 points or 0.23%

Dollar: up 0.77% to 65.63 US cents

Iron ore (Dalian): down 2.5% to US$103.52

Brent crude: up 43 US cents or 0.5% to US$89.35

Gold: up US$33.20 or 1.5% to US$2,315

NYSE Arca Gold Bugs: up 2.25%

Bitcoin: down 0.35% to US$65,847

Copper (LME): up 3.38% to US$9,295

Nickel (LME): up 1.5% to US$17,280

Uranium (spot price): up 1.12% to US$90

Lithium carbonate (China spot): up 0.27% to US$15,325

Global X Lithium & Battery Tech ETF: up 0.93%

BHP: down 0.54% (US); down 0.3% (UK)

Rio Tinto: down 0.75% (US); down 0.76% (UK)