Day trading pre-market open August 25

Morning traders. Thanks loungers, especially @Ravgnome.

Outlook for the day: Negative following a sharp sell-off on Wall Street ahead of a potentially hawkish speech tonight from Federal Reserve Chair Jerome Powell.

ASX futures: down 91 points or 1.28%

Overnight themes:

• Early gains on Wall Street evaporate as investors look past a record quarter from Nvidia to the threat of Fed Chair Powell flagging more rate hikes tonight.
• The Dow finishes with its worst loss since March. Declines on the S&P 500 and Nasdaq are the biggest in three weeks.
• Nvidia closes just 0.1% higher after opening almost 7% ahead at an all-time high. The chipmaker forecast a surge in revenue this quarter as buyers snap up graphics processing units for AI projects.
• Treasury yields rise ahead of Powell's speech tonight. The Fed Chair is due to address the annual Jackson Hole economic symposium shortly after midnight tonight AEST.
• "As much as investors want to focus on Nvidia and want to focus on tech - and it's been a good year so far - this is still a market that is Fed obsessed. This is still all about what is Jay Powell going to say [tonight] to mess things up... that may lead investors to be sellers instead of buyers" - Jake Dollarhide, CEO of Longbow Asset Management.
• All 11 US sectors sink, led by rate-sensitive growth stocks. Tech slumps 2.15%. Financials, real estate and materials fare least worst with declines of between 0.24% and 0.43%.
• A two-week rally in iron ore ends with a first loss in 11 sessions. Ore prices had risen roughly 7% back towards a two-year peak before profit-taking set in.

Key events today:

• Earnings from Wesfarmers, Mayne Pharma, Michael Hill, Ardent Leisure, Coventry Group, others
• Speech by Fed Chair Powell at the Jackson Hole Symposium - tonight
• US consumer sentiment - tonight

S&P 500: down 60 points or 1.35%

Dow: down 374 points or 1.08%

Nasdaq: down 257 points or 1.87%

Dollar: down 0.98% to 64.17 US cents

Iron ore (Dalian): down 0.9% to US$111.39 (1st fall in 11 sessions)

Brent crude: up 15 US cents or 0.2% to US$83.36

Gold: down US$1 or 0.1% to US$1,947.10

NYSE Arca Gold Bugs: down 0.42%

Copper (LME): down 1.08% to US$8,361

Nickel (LME): down 0.81% to US$20,810

Lithium carbonate (China spot): steady for a 4th day at US$31,230

Global X Lithium & Battery Tech ETF: down 1.07%

BHP: down 2.83% (US); down 1.48% (UK)

Rio Tinto: down 1.46% (US); down 0.17% (UK)