Day trading pre-market open August 17

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

Outlook for the day: Negative. Futures action indicates a fresh four-week low following losses on Wall Street as the Federal Reserve weighs more rate hikes.

ASX futures: down 23 points or 0.32%

Overnight themes:

• US stocks fall for a second night after the minutes from last month's Fed meeting show most central bankers believe higher rates may be needed to contain inflation.
• “With inflation still well above the Committee’s longer-run goal and the labor market remaining tight, most participants continued to see significant upside risks to inflation, which could require further tightening of monetary policy,” the minutes say.
• Growth stocks retreat as treasury yields rally. The 10-year yield closes at its highest in 15 years.
• Banks sink for a second day. The S&P 500 bank index sheds 0.9%.
• A week of trading updates from retailers starts well with a profit beat from Target. Shares in the retailer gain 2.96%.
• Gold falls for an eighth straight session, the metal's worst losing run in six years. Prices have been crunched by a strengthening greenback and higher bond yields.
• "Gold has been drifting lower this month, stuck below a short-term downtrend line as the forceful rally in real yields and the dollar’s revival have taken the shine out of the precious metal” - Marios Hadjikyriacos, XM senior investment analyst.
• Other commodities are mixed as traders balance grim Chinese economic data against hopes for more stimulus out of Beijing. Iron ore and nickel rise. Oil and copper decline.

Key events today:

• July jobs report - 11.30 am AEST
• US unemployment claims - tonight

S&P 500: down 34 points or 0.76%

Dow: down 181 points or 0.52%

Nasdaq: down 156 points or 1.15%

Dollar: down 0.53% to 64.23 US cents

Iron ore (Dalian): up 0.8% to US$101.23

Brent crude: down US$1.44 or 1.7% to US$83.45

Gold: down US$6.90 or 0.4% to US$1,928.30 (8th straight loss)

NYSE Arca Gold Bugs: down 1.06%

Copper (LME): down 0.32% to US$8,173

Nickel (LME): up 0.51% to US$19,870

Lithium carbonate (China spot): down 1.71% to US$31,951

Global X Lithium & Battery Tech ETF: down 1.23% (7-month low)

BHP: down 1.84% (US); down 1.76% (UK)

Rio Tinto: down 0.65% (US); down 0.61% (UK)