Day trading pre-market open August 13

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


Outlook for the day: Neutral after last week's Wall Street rebound stalled ahead of inflation data this week.

ASX futures: unchanged

Overnight themes:

• US stocks finished mixed and little changed ahead of inflation reports that will throw light on the health of the US economy and either further or detract from the case for several rate cuts this year.
• The S&P 500, broadest of the three major benchmarks, finished flat.
• The Nasdaq ground out a gain of 0.21%, thanks to gains in Nvidia, Apple and Microsoft.
• The Dow declined 0.36% as more than two-thirds of its component companies declined. Boeing, Procter & Gamble and Intel were the heaviest drags.
• The market recovered strongly for much of last week from a recession scare that briefly pulled the major benchmarks to multi-week lows. The recovery paused overnight ahead of wholesale inflation data tonight and consumer inflation data on Wednesday. Retail sales data and trading updates this week from major retailers are also likely to drive sentiment.
• "One thing that could be a significant disappointment to the market is if the CPI [consumer price index] number comes out higher than consensus... Retail earnings are another indication on the health of the consumer particularly in light of the unemployment rate ticking up in the most recent report" - James Abate, chief investment officer at Centre Asset Management (per Reuters).
• Just three S&P sectors booked gains: tech +0.92%, energy +0.49% and utilities +0.16%. At the other end, real estate dropped 0.64%, communication services 0.62% and consumer staples 0.5%.
• Gold neared record levels ahead of US inflation reports over the next two nights that could seal several rate cuts this year. Gold for December delivery was lately trading at US$2,511.70 an ounce, within US$11 of last week's intraday peak of US$2,522.50.
• Oil moved sharply higher as traders braced for Iran's retaliation against the assassination of a Hamas leader by Israel in Tehran. Brent crude jumped 3.3% to its highest in two and a half weeks.
• “Rising tensions could pose a significant threat to global oil supplies. The risk of attacks on oil infrastructure is a major concern for traders, as such disruptions could sharply reduce crude availability, driving prices higher” - George Pavel, general manager at Capex.com Middle East (per MarketWatch).
• Iron ore turned lower amid reports of robust supply meeting soft demand. Everbright Futures said shipments had increased, but bonds issued in China to fund infrastructure projects were sluggish. Benchmark ore in China eased 1.08% to US$102.30 a metric ton.

Key events today:

• Earnings reports: CSL, Challenger, James Hardie, SEEK, Netweatlh, Stanmore Resources, Temple & Webster, Lifestyle Communities, Charter Hall Social Infrastructure REIT.
• August consumer sentiment - 10.30 am AEST
• July business confidence - 11.30 am
• Q4 wage price index - 11.30 am
• US wholesale inflation (PPI) - tonight

S&P 500: unchanged

Dow: down 141 points or 0.36%

Nasdaq: up 35 points or 0.21%

Dollar: up 0.29% to 65.86 US cents

Iron ore (Dalian): down 1.08% to US$102.30

Brent crude: up US$2.64 or 3.3% to US$82.30

Gold: up US$30.60 or 1.2% to US$2,504

Silver: up 47 US cents or 1.71% to US$28.06

NYSE Arca Gold Bugs: up 3.71%

Bitcoin: down 0.02% to US$58,736

Copper (LME): up 1.82% to US$9,028

Nickel (LME): up 0.03% to US$16,305

Lithium carbonate (China futures): down 2.62% to US$10,863

Global X Lithium & Battery Tech ETF: down 1.77%

Uranium (spot): steady at US$82

BHP: down 0.37% (US); down 0.14% (UK)

Rio Tinto: up 0.11% (US); up 0.56% (UK)