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

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


Outlook for the day: Negative amid risk aversion ahead of July inflation data this morning that will affect the outlook for interest rates.

ASX futures: down 29 points or 0.36%


Overnight themes:

• US stocks edged higher during a news-lite session ahead of earnings from Nvidia tonight and economic data later this week.
• The Dow crept up 10 points or 0.02% to a new record close.
• The S&P 500 and Nasdaq both gained 0.16% as Nvidia bounced ahead of tonight's quarterly trading update, due after the close of regular trade.
• Nvidia was the night's most-traded stock, rising 1.46% as traders took advantage of a 2.25% drop the session before. Tonight's update is seen as crucial for determining whether this year's Artificial Intelligence rally will resume after recent volatility.
• "There's a really, really high bar to clear for not just Nvidia's earnings and guidance, but the story they tell about the state of AI that kind of lifts the tech sector out of its recent funk" - Ross Mayfield, investment strategy analyst at Baird (per Reuters).
• The market took in its stride news that Americans were growing more optimistic about the economic outlook as inflation subsided. The Conference Boar's measure of consumer confidence rose to its highest in six months this month, surpassing expectations. Inflation data on Friday should offer clues to the size of next month's rate cut.
• Tech and financials were the best of the S&P sectors, gaining 0.63% and 0.48%, respectively. Real estate and consumer staples were the only other sectors to post gains of any note. Energy and utilities were the biggest drags.
• Iron ore traded near its highest in three weeks as demand improved ahead of China's peak building season. Benchmark ore on the Dalian Commodity Exchange climbed 3.34% to US$106.38 a metric ton. "Some steelmakers started to stockpile iron ore to meet production needs for September when steel demand will likely improve, providing some support to ore prices," Pei Hao, a Shanghai-based analyst at international brokerage Freight Investor Services told Reuters.
• Nickel jumped 2.78% on the London Metal Exchange after Russian giant Nornickel reported a decline in sales due to better enforcement of western sanctions on Russian exports, and shipping restrictions in the Red Sea. The company also reported a 1% drop in first-half production. Copper and other industrial metals also rose as trade resumed after a UK bank holiday on Monday.
• Gold futures were this morning trading above previous closing highs after settling 0.1% lower earlier. Gold for December delivery was lately trading at US$2,560.50 an ounce, surpassing the yellow metal's record close of US$2,555.60 set last week.
• Oil slid for the first time in four sessions, retreating from a two-week high following a pause in hostilities between Israel and Hezbollah. Brent crude declined 2.3% to US$79.55 a barrel.
• July inflation figures at 11.30 am AEST are expected to show year-on-year consumer price growth eased for a second month after running up earlier this year from 3.4% to 4%. The median forecast among economists is for annual headline inflation to return to 3.4% from 3.8% in June. As always, a weaker or stronger result would have implications for rates, and therefore stocks.

Key events today:

• Corporate earnings: Fortescue Metals, Woolworths, Nine Entertainment, Tabcorp, Karoon Energy, APA, Adairs, Kelsian Group, Smartgroup (source: CommSec)
• July inflation report (CPI) - 11.30 am AEST
• Q4 construction work done - 11.30 am
• Nvidia quarterly earnings - tonight

S&P 500: up 9 points or 0.16%

Dow: up 10 points or 0.02%

Nasdaq: up 29 points or 0.16%

Dollar: up 0.29% to 67.92 US cents

Iron ore (Dalian): up 3.34% to US$106.38

Brent crude: down US$1.88 or 2.3% to US$79.55

Gold (futures): down US$3 or 0.1% to US$2,552.90

Gold (spot): up US$7.86 or 0.31% to US$2,523.32

Silver: up 10 US cents or 0.34% to US$29.97

NYSE Arca Gold Bugs: down 0.29%

Bitcoin: down 2.58% to US$61,480

Copper (LME): up 1.41% to US$9,419.50

Nickel (LME): up 2.78% to US$17,165

Lithium carbonate (China): up 0.13% to 74,300 yuan

Global X Lithium & Battery Tech ETF: down 0.51%

Uranium (spot): steady at US$79.50

BHP: up 0.29% (US); up 0.77% (UK)

Rio Tinto: up 0.44% (US); up 1.1% (UK)