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

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

Outlook for the day: Positive following a "bad-economic-news-is-good-news-for-rates" rally in the US and gains in key commodities.

ASX futures: up 47 points or 0.66%

Overnight themes:

• US stocks surge as weak economic figures dampen fears of further interest rate hikes. The S&P 500 has its best night since June 2.
• Megacap growth stocks lead the advance. A retreat in treasury yields helps lift the S&P 500 and Nasdaq to two-week highs. Nvidia gains 4.16%. Tesla surges 7.69%.
• Job openings fall to a two-and-a-half year low as the labour market loses heat. Vacancies decline 338,000 in July to 8.83 million.
• Consumer confidence falls more than expected this month as inflationary pressures persist. The Conference Board's confidence index drops to 106.1 from 114 in June.
• "Consumers were once again preoccupied with rising prices in general, and for groceries and gasoline in particular" - Dana Peterson, chief economist at The Conference Board.
• The yield on two-year treasury notes skids 16 basis points as traders factor in an extended pause in official rates.
• All 11 US sectors advance, led 2%+ gains in the three sectors dominated by growth stocks: tech, consumer discretionary and communication services. Materials gains 1.68%.
• Oil rises as a hurricane menaces the Florida coast.
• “Little impact to crude production is expected this far east in the Gulf, but local disruptions to demand are expected for refined products markets” - StoneX energy team.
• Gold logs a three-week high as weak US economic data undermines the greenback and treasury yields. Global X's fund of lithium and battery metal suppliers surges more than 4%.

Key events today:

• July Consumer Price Index - 11.30 am AEST
• Building approvals, construction work - 11.30
• US preliminary GDP - tonight
• US private payroll data - tonight

S&P 500: up 64 points or 1.45%

Dow: up 293 points or 0.85%

Nasdaq: up 239 points or 1.74%

Dollar: up 0.78% to 64.78 US cents

Iron ore (Dalian): down 1.04% to US$111.22

Brent crude: up US$1.07 or 1.3% to US$85.49

Gold: up US$18.30 or 0.9% to US$1,965.10

NYSE Arca Gold Bugs: up 1.42%

Copper (LME): up 1.19% to US$8,455

Nickel (LME): down 0.41% to US$20,685

Lithium carbonate (China spot): down 2.5% to US$29,853

Global X Lithium & Battery Tech ETF: up 4.06%

BHP: up 2.18% (US); up 3% (UK)

Rio Tinto: up 0.99% (US); up 1.65% (UK)