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

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


Outlook for the day: Negative after the dollar rose and the sectors that matter most here played little role in a tech-led US rally. Futures traders may also be anticipating some end-of-month profit-taking on the last trading day of August.

ASX futures: down 30 points or 0.33%


Overnight themes: ​

• US stocks closed at fresh highs after a trading update from Nvidia reassured investors that the boom in Artificial Intelligence was intact. ​
• The S&P 500 and Dow Jones Industrial Average finished the night at records, gaining 0.32% and 0.16%, respectively. The Nasdaq Composite advanced 0.53%. ​
• Shares in AI poster child Nvidia slipped 0.79% following a mixed quarterly report, but traders found enough in the result to boost other winners from this year's boom in AI-related stocks. Broadcom, Amazon and Alphabet all rose. ​
• "Nvidia is such an outlier that to say it was a disappointing print is only against the bar of borderline impossible expectations," Ross Mayfield, investment strategy analyst at Baird, told Reuters. "It's clear that the primary structural driver of this market, which is AI, is not going anywhere or cooling down." ​
• Nvidia - currently the world's largest company by market cap - reported revenue growth of 56% and beat analysts' expectations for both profit and revenue. The share price was marked down amid questions about China sales due to trade uncertainties, and following guidance that disappointed some investors. “They didn’t include China in their guide, and some people were hoping there were some China sales in there, maybe a little firmer stance that China sales could get going,” Ben Reitzes, head of technology research at Melius, told CNBC.​
• Also driving last night's buying: an upward revision to economic growth in the second quarter. The Commerce Department lifted its measure of Q2 gross domestic product from an initial estimate of 3% to 3.3%. Other reports showed a rebound in Q2 corporate profits, and lower-than-expected weekly claims for unemployment benefits. ​
• Seven of eleven S&P sectors advanced, led by energy and the three sectors dominated by Big Tech (I.T., communication services and consumer discretionary). Financials edged up 0.18%. Materials closed near flat. The night's drags were utilities -0.87%, consumer staples -0.46%, health -0.42% and real estate -0.26%. ​
• Safe-haven inflows and dollar weakness helped power gold to a five-week high amid speculation that a Trump-controlled Federal Reserve would slash interest rates, reigniting inflation and devaluing other stores of wealth. Trump announced this week he was firing Fed Governor Lisa Cook as part of an apparent strategy to gain control over the central bank's decision making. Cook has refused to go, setting the scene for a legal showdown that may also encourage gold hedging. "Gold has been climbing quietly but steadily higher for over a week due in part to rising concerns about Fed independence. Trump's pressure... is spurring unease that the FOMC could cut rates more quickly and keep them lower for longer, which is good for gold," independent metals trader Tai Wong told Reuters. Spot gold rallied US$17.98 or 0.53% to US$3,415.84 an ounce. US gold futures settled US$17.50 or 0.5% higher at US$3,466.10. ​
• Iron ore rallied to a two-week high as traders anticipated a pick-up in demand when a partial China steel production pause ends next week. Steelmakers in the key Tangshan region have been ordered to halt production temporarily to improve air quality in Beijing ahead of a military parade on September 3 to mark the 80th anniversary of the end of World War Two. Buyers were also encouraged by reports Beijing plans to reduce overcapacity in the steel sector, a move that could potentially lift profits and capacity to absorb higher ore prices. "Hot metal output will likely climb after this round of production control ends. The anticipation of the U.S. Federal Reserve cutting interest rate in September also lent some support to ore prices," Qingwei Xie, analyst at consultancy Shanghai Metals Market, told Reuters. Benchmark ore on the Dalian Commodity Exchange advanced 1.74% to US$110.51 a metric ton. ​
• Copper rebounded from its first loss in five sessions as the US dollar retreated and Nvidia's trading update reassured traders that the AI boom remained intact. "The main driver today is probably stronger risk appetite following the Nvidia results last night," Ole Hansen, head of commodity strategy at Saxo Bank, told Reuters. "It just highlights the importance that this whole AI craze currently has on the market and also wider investment appetite." Benchmark copper firmed 0.86% on the London Metal Exchange to US$9,839.50 a metric ton. ​

Key events today: ​

• Earnings season: Pexa, Coventry Group, Enoro, Steadfast (source: CommSec) ​
• July private sector credit - 11.30 am AEST​
• US consumer inflation (PCE) - tonight​
• US revised consumer sentiment - tonight ​

S&P 500: up 20 points or 0.32%

Dow: up 72 points or 0.16%

Nasdaq: up 115 points or 0.53%

VIX: down 2.83% to 14.43

US 10-year treasury yield: down 3.2 points to 4.207%

Dollar: up 0.3% to 65.32 US cents

Iron ore (Dalian): up 1.74% to US$110.51

Brent crude: up 57 US cents or 0.84% to US$68.62

Gold (futures): up US$17.50 or 0.5% to US$3,466.10

Gold (spot): up US$17.98 or 0.53% to US$3,415.84

Silver (spot): up 47 US cents or 1.22% to US$39.06

Palladium (spot): up US$12 or 1.1% to US$1,103.50

Antimony (China ore): down 0.04% to US$19,505

NYSE Arca Gold Bugs: down 0.34%

Bitcoin: down 0.42% to US$111,906

Copper (LME): up 0.86% to US$9,839.50

Nickel (LME): up 0.72% to US$15,300

Lithium carbonate (China spot battery grade): down 2% to US$9,876

Global X Lithium & Battery Tech ETF: down 0.09%

Uranium (spot): steady at US$74.50

Global X Uranium ETF (URA): up 3.28%

BHP: up 0.45% (US); up 0.63% (UK)

Rio Tinto: up 1.24% (US); up 1.47% (UK) ​