Day trading pre-market open February 16

Morning traders. Thanks loungers, especially @Ravgnome.


Outlook for the day: Positive after Wall Street rises for a second night and a falling greenback lifts commodity prices.

ASX futures: up 72 points or 0.95%


Overnight themes:

• US stocks continue to claw back Tuesday's heavy losses as a sharp decline in retail sales boosts hopes for interest rate cuts.
• The major US stock indices gain between 0.3% and 0.91%. The S&P 500 closes at a record high.
• Retail sales contract 0.8% in January, the biggest fall in ten months as severe winter weather keeps shoppers away from malls. Economists had been expecting a more modest decline of 0.3%. December sales are also revised lower in another sign that higher rates and inflation may be undermining Americans' willingness to spend.
• Treasury yields fall as traders factor in the possibility that interest rate cuts may start sooner than previously priced in. (Yields jumped on Tuesday after January consumer inflation data (CPI) came in much stronger than expected.) Market pricing on a June cut rises to 79%.
• "Investors are cheering the fact that we got a weaker-than-anticipated retail report. Maybe the consumer is slowing, maybe this negates the higher CPI number we saw a couple of days ago" - Neville Javeri, portfolio manager at Allspring Global Investments (per Reuters).
• Ten of eleven sectors advance. Energy leads as crude prices reverse weakness earlier this week. Also notably strong are real estate +2.36%, materials +1.88% and financials +1.66%.
• The tech sector drops 0.44% as Warren Buffett reduces his stake in Apple. Nvidia and Microsoft also fall.
• The Russell 2000 index of small caps jumps 2.32% and has now completely regained Tuesday's 4.18% loss.
• A decline in the US dollar helps lift gold, copper and other metals. Copper has its best session in three weeks.
• Nickel retreats after Indonesia elects Defence Minister Prabowo Subianto as president. The president-elect has pledged to transform the economy by tapping into the nation's vast natural resources. Nickel prices have fallen sharply in recent years as low-cost Indonesian production flooded the market.

Key events today:

• Earnings season: IAG, QBE, ASX, Inghams, Cleanaway Waste, GQG Partners, Deterra Royalties, Charter Hall Retail REIT, HomeCo Daily Needs REIT, Centuria Office REIT (source: CommSec).
• US wholesale inflation (PPI), consumer sentiment - tonight

S&P 500: up 29 points or 0.58%

Dow: up 349 points or 0.91%

Nasdaq: up 47 points or 0.3%

Dollar: up 0.36% to 65.22 US cents

Iron ore (Singapore): up 0.3% to US$129.45

Brent crude: up US$1.26 or 1.54% to US$82.86

Gold: up US$10.60 or 0.5% to US$2,014.90

NYSE Arca Gold Bugs: up 3.27%

Bitcoin: up 0.67% to US$52,057

Copper (LME): up 1.53% to US$8,322.50

Nickel (LME): down 0.67% to US$16,210

Uranium (spot price): down 0.77% to US$103.50

Lithium carbonate (China spot): steady at US$13,461 (Lunar New Year holiday)

Global X Lithium & Battery Tech ETF: up 1.34%

BHP: down 0.4% (US); down 0.67% (UK)

Rio Tinto: up 0.69% (US); up 0.36% (UK)