Day trading pre-market open August 7

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


Outlook for the day: Negative after mining stocks sat out a tech-led rally in the US.

ASX futures: down 27 points or 0.31%


Overnight themes: ​

• US stocks rose as upbeat earnings and positive news on Apple helped offset another tariff hike. ​
• The S&P 500 rallied 0.73% to only its second gain in seven sessions. The Nasdaq Composite jumped 1.21% as Apple gained more than 5%. The Dow firmed 81 points or 0.18%. ​
• Apple surged 5.09% after a White House official announced the iPhone maker will increase its US manufacturing by US$100 billion. The announcement eases political pressure on the company as President Donald Trump attempts to strong-arm American companies into bringing manufacturing jobs back to the US. Tariffs on imports cost Apple around US$800 million last quarter, according to Reuters. "The stock is up on the news, likely a relief rally that (Apple CEO Tim) Cook, who has been largely mute in response to the attacks on the company, is extending an olive branch," Nancy Tengler, CEO and CIO of Laffer Tengler Investments, told Reuters. ​
• Earnings season rolled on with well-received updates from McDonald's and Arista Networks. More than 80% of S&P 500 companies that have reported this season have beaten analyst expectations, according to FactSet. On the flipside, AMD and Snap both fell after missing estimates.​
• The odds on a September rate cut continued to creep higher following a run of soft economic data. CME Group's FedWatch tool now sees the likelihood of a cut at 93.2%, almost double where it was a week ago. ​
• The market shrugged off the latest tariff news. President Trump signed an executive order doubling the duty on imports from India from 25% to 50% as punishment for buying Russian oil. “I find that the Government of India is currently directly or indirectly importing Russian Federation oil,” Trump wrote in the executive order. “Accordingly, and as consistent with applicable law, articles of India imported into the customs territory of the United States shall be subject to an additional ad valorem rate of duty of 25 percent.” ​
• The three sectors dominated by the Magnificent Seven group of market leaders gained between 0.72% and 2.51%. Consumer staples was another standout, adding 1.73%. A split market saw declines for health -1.52%, energy -0.91%, utilities -0.9%, real estate -0.81% and materials -0.79%. ​
• Gold retreated for the first time in four sessions as a two-week high and a lack of fresh catalysts encouraged traders to book some profits. Spot gold declined US$12.64 or 0.37% to US$3,368.49 an ounce. US gold futures settled little changed, down US$1.30 or 0.04% to US$3,433.40. "We view this as a bit of a pullback... a little profit-taking from the recent move higher in the midst of a quieter time on the economic front, and a little lesser need for that safe-haven demand," David Meger, director of metals trading at High Ridge Futures, told Reuters.​
• Iron ore swung to a late gain in Chinese trade as buyers took advantage of early pricing weakness amid caution about potential environmental curbs on steel production ahead of an event to mark the 80th anniversary of the end of World War Two. (China has a track record of pausing environmentally-damaging industries to "clear the air" before major events.) The most-traded contract on the Dalian Commodity Exchange closed 0.76% higher at US$110.05 per metric ton. A rally in coke and coking coal continued. ​
• Copper edged higher following the suspension of production at a major Chilean mine and as buyers looked ahead to US rate cuts. "With U.S. rate cut bets intensifying, the market is looking past Donald Trump’s latest tariff threats and weaker than expected U.S. economic data," Ewa Manthey, commodities strategist at ING, told Reuters. Benchmark copper on the London Metal Exchange firmed 0.37% to US$9,674 per metric ton. Nickel, aluminum, zinc and lead also rose. ​
• Oil declined for a fifth session after the US imposed an additional tariff on India for buying Russian oil. President Donald Trump announced he was doubling the tariff on Indian goods entering the US from 25% to 50%. Brent crude settled 75 US cents or 1.11% lower at US$66.89 per barrel. ​

Key events today: ​

• Earnings season: AMP (source: CommSec)​
• Trade balance - 11.30 am AEST​
• US unemployment claims - tonight​

S&P 500: up 46 points or 0.73%

Dow: up 81 points or 0.18%

Nasdaq: up 253 points or 1.21%

VIX: down 6.05% to 16.77

US 10-year treasury yield: up 1.4 points to 4.232%

Dollar: up 0.49% to 65.03 US cents

Iron ore (Dalian): up 0.76% to US$110.05

Brent crude: down 75 US cents or 1.11% to US$66.89

Gold (futures): down US$1.30 or 0.04% to US$3,433.40

Gold (spot): down US$12.64 or 0.37% to US$3,368.49

Silver (spot): up 1 US cent or 0.04% to US$37.83

Palladium (spot): down US$34.50 or 2.94% to US$1,138

Antimony (China ore): down 0.15% to US$19,769

NYSE Arca Gold Bugs: up 1.78%

Bitcoin: up 1.26% to US$115,143

Copper (LME): up 0.37% to US$9,674

Nickel (LME): up 0.5% to US$15,130

Lithium carbonate (China spot battery grade): down 0.5% to 8,712 yuan

Global X Lithium & Battery Tech ETF: up 0.02%

Uranium (spot): steady at US$72

Global X Uranium ETF (URA): up 1.88%

BHP: up 0.8% (US); unchanged (UK)

Rio Tinto: up 0.65% (US); up 0.33% (UK) ​