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

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


Outlook for the day: Negative after Wall Street's eight-session winning streak ended.

ASX futures: down 44 points or 0.55%


Overnight themes:

• US stocks eased for the first time in nine sessions as traders reduced risk ahead of the minutes from this month's Federal Reserve policy meeting tonight and a speech by Fed Chair Powell on Friday.
• Eight-session winning runs for the S&P 50 and Nasdaq Composite were broken by reversals of 0.2% and 0.33%, respectively. The Dow dropped 0.15% to its first loss in six sessions.
• The S&P 500 and Nasdaq were coming off their best weeks of the year. The major indices spent most of the session underwater after an opening sally faltered.
• "I don’t think today is indicative of a trend change. Investors are taking a pause and they’re sleepy now after feasting for the last couple weeks" - Chuck Carlson, chief executive officer at Horizon Investment Services (per Reuters).
• The spotlight swings back to the Fed tonight and on Friday, with traders keen to assess the likelihood of a double-sized 50-basis point rate cut next month.
• "The question is, is the rate cut going to be 25 or 50 basis points, and I think that's where a lot of the reading between the lines is going to happen, trying to see how aggressive that first cut is going to be" - Chuck Carlson again.
• Resource and banking stocks led the retreat. The S&P energy sector declined 2.65%, materials 0.38% and financials 0.33%.
• Traditional defensives fared best. Consumer staples gained 0.53%, healthcare 0.37% and real estate 0.06%.
• Gold's record run continued as the US dollar index sagged to a seven-month low. Gold futures set a new intraday record high at US$2,570.40 an ounce and a new closing peak of US$2,550.60.
• "The primary drivers of the gold price move are financial investment demand, particularly with ETF buying improving and overall improved sentiment as the expectations of Fed easing cycle to begin in September" - Aakash Doshi, head of commodities, North America at Citi Research (per Reuters).
• BHP and Rio Tinto fell in overseas trade despite a second straight lift in iron ore prices in China. Benchmark ore firmed 1.21% to US$99.45 a metric ton on the Dalian Commodity Exchange as steel prices continued this week's improvement. Steel rebar gained 1.93% on the Shanghai Futures Exchange. Hot-rolled coil firmed 1.967%.
• Copper backed off a two-and-a-half-week high in London amid reports of exhaustion in a short-covering rally. A decline in open bidding interest for copper pointed to weak demand, according to a Hong Kong-based analyst quoted by Reuters. "The recent price increase is from short-covering," analyst Matt Huang at broker BANDS Financial said, adding that he was "not seeing any new long positions opened. The market needs to see stronger signs of demand recovery in China." Benchmark copper dropped 0.76% on the London Metal Exchange.
• Oil slid to a two-week low as ceasefire talks between Israel and Hamas lumbered on, and China demand worries lingered. Brent crude dropped 0.6% to US$77.20 a barrel.

Key events today:

• Corporate earnings: Santos, IAG, Brambles, Domino's Pizza, Bapcor, Breville, Corporate Travel Management, Iluka, Fletcher Building, Data#3, Cleanaway, AUB, Scentre Group, The Lottery Corporation, WiseTech, Ventia, Pexa and Healius (source: CommSec)
• Minutes from this month's Federal Reserve policy meeting - tonight

S&P 500: down 11 points or 0.2%

Dow: down 62 points or 0.15%

Nasdaq: down 60 points or 0.33%

Dollar: up 0.17% to 67.45 US cents

Iron ore (Dalian): up 1.21% to US$99.45

Brent crude: down 46 US cents or 0.6% to US$77.20

Gold (futures): up US$9.30 or 0.37% to US$2,550.60

Gold (spot): up US$9.30 or 0.37% to US$2,512.97

Silver: up three US cents or 0.1% to US$29.43

NYSE Arca Gold Bugs: up 0.88%

Bitcoin: down 0.14% to US$59,046

Copper (LME): down 0.76% to US$9,181.50

Nickel (LME): up 0.42% to US$16,865

Lithium carbonate (China futures): steady at US$10,458

Global X Lithium & Battery Tech ETF: down 0.65%

Uranium (spot): down 0.65% to US$80.75

BHP: down 0.59% (US); down 0.67% (UK)

Rio Tinto: down 0.77% (US); down 0.98% (UK)