Day trading pre-market open August 13

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


Outlook for the day: Positive following a record close on Wall Street as mild inflation figures kept a US September rate cut in sight.

ASX futures: up 14 points or 0.16%


Overnight themes: ​

• The S&P 500 and Nasdaq Composite closed at fresh heights after in-line July inflation data kept a September rate cut within reach. ​
• A broad rally lifted the S&P 500 index 1.13% as the dollar retreated. The Nasdaq Composite rallied 1.39%. The Dow Jones Industrial Average put on 484 points or 1.1%.​
• Stocks kicked higher after consumer prices increased 0.2% last month for an annual rate of 2.7% - below the 2.8% annual growth rate forecast by economists. Core annual inflation (minus volatile food and energy prices) increased by a slightly hotter-than-expected 3.1%. Economists had forecast core growth of 3%. ​
• "The CPI data [Consumer Price Index] is supportive for equities overall, getting some good news with the Fed looking more on track to cut in September and potentially more transitory inflation," Katherine Bordlemay, co-head of client portfolio management, fundamental equities at Goldman Sachs Asset Management, told Reuters.​
• The US dollar index dropped almost 0.5% as the odds on a September rate cut edged up to 88.8%. The 10-year treasury yield dipped before resettling little changed. ​
• Small caps outperformed. The Russell 2000 index jumped 2.99%. Other stand-outs included airlines and banks.​
• All 11 S&P sectors rose. Materials, financials, tech, industrials and communication services all gained at least 1%. Defensive sectors filled the bottom slots. ​
• A dip in weekly shipments to China from Australia and Brazil helped lift iron ore. Total ore shipments from the two major producers were 1.5% lower last week than the week before, according to Chinese consultancy Mysteel. Benchmark ore on the Dalian Commodity Exchange climbed 1.94% in daytime trade to US$109.90 per metric ton. ​
• Gold turned higher as cooler-than-expected US inflation bolstered the case for more interest rate cuts, pressuring the greenback. "Inflation numbers appear mixed but are supportive of rate cuts," RJO Futures market strategist Bob Haberkorn told Reuters. Spot gold was lately up US$6.72 or 0.2% at US$3,349.69 an ounce. Earlier, US gold futures settled US$5.70 or 0.2% lower at US$3,399. ​
• Copper scaled a two-week high as the US dollar declined and the US and China extended their tariff truce. Washington and Beijing confirmed yesterday they will hold off on higher tariffs for another 90 days while negotiations continue towards a more permanent trade deal. Benchmark copper rallied 1.11% on the London Metal Exchange to US$9,840 per metric ton during a positive session for all industrial metals. ​
• Oil extended its recent weakness after the US Energy Information Administration forecast the price of Brent crude will average less than US$60 per barrel by the final three months of the year, and nearer US$50 next year. The decline in prices will come as growth in global supply exceeds growth in demand, according to the statistical arm of the US Department of Energy. "In the past, we have seen significant drops in oil prices when inventories grow as quickly as we are expecting in the coming months," said EIA Acting Administrator Steve Nalley. Brent crude settled 51 US cents or 0.77% lower at US$66.12 a barrel. ​

Key events today: ​

• Earnings season: CBA, AGL, IAG, Evolution Mining, Computershare, Treasury Wine Estates (source: CommSec)​
• Q4 wage price index - 11.30 am AEST ​

S&P 500: up 72 points or 1.13%

Dow: up 484 points or 1.1%

Nasdaq: up 297 points or 1.39%

VIX: down 9.35% to 14.73

US 10-year treasury yield: steady at 4.29%

Dollar: up 0.25% to 65.29 US cents

Iron ore (Dalian): up 1.94% to US$109.90

Brent crude: down 51 US cents or 0.77% to US$66.12

Gold (futures): down US$5.70 or 0.2% to US$3,399

Gold (spot): up US$6.72 or 0.2% to US$3,349.69

Silver (spot): up 30 US cents or 0.79% to US$37.92

Palladium (spot): down US$20 or 1.76% to US$1,117.50

Antimony (China ore): down 0.04% to US$19,776

NYSE Arca Gold Bugs: up 0.63%

Bitcoin: up 0.89% to US$119,931

Copper (LME): up 1.11% to US$9,840

Nickel (LME): up 0.23% to US$15,360

Lithium carbonate (China spot battery grade): up 4.65% to 9,581 yuan

Global X Lithium & Battery Tech ETF: down 0.47%

Uranium (spot): up 0.69% to US$72.50

Global X Uranium ETF (URA): up 1.97%

BHP: up 1.37% (US); up 1.12% (UK)

Rio Tinto: up 1.54% (US); up 1.44% (UK) ​