Day trading pre-market open December 22

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


Outlook for the day: Positive heading into the final session before the Christmas break after US stocks rebound.

ASX futures: up 29 points or 0.39%


Overnight themes:

• Wall Street's "Santa Rally" resumes a day after the Street's worst setback in two months. The Dow and Nasdaq rise for the 10th time in 11 sessions.
• Stocks rise as economic data supports the narrative that a cooling economy will allow the Federal Reserve to start cutting rates in the first half of next year.
• A measure of third-quarter US growth is cut to 4.9% from an initial estimate of 5.2%. A sub-measure of consumer spending is slashed by around a quarter from the initial estimate.
• Jobless claims tick up by 2,000 to 205,000 last week. The Philly Fed Manufacturing Index, an important measure of regional business activity, falls deeper into contraction.
• "After a breather yesterday, the economic data further underscored investor confidence that the Fed is now on a rate cut track" - Greg Bassuk, chief executive officer at AXS Investments (per Reuters).
• A strong forecast from Micron Technology lifts chip-makers and the Nasdaq. The Philadelphia SE semiconductor index puts on 2.77% as Micron surges 8.63%.
• Tesla and other US electric vehicle-makers rally on reports that the White House is considering increasing tariffs on Chinese EV imports.
• All 11 sectors advance. Best: consumer discretionary +1.44%, health +1.2%, communication services +1.12%. Worst: utilities +0.13%. The materials sector adds 1.01%. Financials gain 0.87%.
• Iron ore has its strongest session in two weeks amid reports of tight inventories and restocking at Chinese steel mills. May ore rallies 3.5% on China's Dalian Commodity Exchange. Singapore ore rises for the first time in four sessions, adding 2.3%.
• Oil prices fall as Angola's decision to quit the Organization of the Petroleum Exporting Countries raises questions about tensions within the cartel. The African nation's oil minister says its leaving because it "does not gain anything by remaining in the organization". The decision follows a recent demand from OPEC leadership for voluntary production cuts to support prices. Brent crude drops 0.4%.
• "Angola had no clout, no authority among OPEC circles and was tired of bring told what to do... Its exit from OPEC symbolises its frustration and clash of personalities, rather than economics" - Manish Raj, MD at Velandera Energy Partners (per MarketWatch).
• The Australian dollar trades above 68 US cents for the first time since July as the US dollar drops. The Aussie rise 0.95% to 68.03 cents.

Key events today:

• November private-sector credit - 11.30 am AEDT
• US PCE Price Index (inflation data) - tonight
• US revised consumer sentiment - tonight

S&P 500: up 48 points or 1.03%

Dow: up 322 points or 0.87%

Nasdaq: up 186 points or 1.26%

Dollar: up 0.95% to 68.03 US cents

Iron ore (Dalian): up 3.5% to US$132.77

Brent crude: down 31 US cents or 0.39% to US$79.39

Gold: up US$3.60 or 0.18% to US$2,051.30

NYSE Arca Gold Bugs: up 1.36%

Bitcoin: up 0.55% to US$43,635

Copper (LME): up 0.27% to US$8,606

Nickel (LME): up 0.36% to US$16,835

Uranium: steady at US$91

Lithium carbonate (China spot): down 0.99% to US$14,000

Global X Lithium & Battery Tech ETF: up 2.31%

BHP: up 2.68% (US); up 1.06% (UK)

Rio Tinto: up 2.13% (US); up 0.5% (UK)