Day trading pre-market open February 19

Morning traders. Thanks loungers, especially @Ravgnome.


Outlook for the day: Tentatively positive as commodity price gains help offset a negative end to a losing week for US stocks heading into a long weekend.

ASX futures: up 8 points or 0.11%


Friday themes:

• US stocks retreat as a hotter-than-expected hike in wholesale inflation clouds the outlook for near-term interest rate cuts. Wall Street's main indices break five-week win runs.
• Treasury yields spike and the odds on a June rate cut drifts out as increased producer prices add to selling pressure triggered earlier in the week by increased consumer prices. The 2-year treasury yield touches the highest since December.
• The producer price index rises 0.3% in January, the biggest hike since August. Economists expected a more modest increase of 0.1%. Core PPI jumps 0.5%, smashing expectations for a gain of 0.1%.
• "The Fed isn't losing the inflation fight, but they aren't winning either" - Christopher Rupkey, chief economist at FWDBONDS (per Reuters).
• Stocks fall as traders once again revise the timing of the first rate cut this year. Stock prices gyrated all of last week as the market mood swung between pessimism and optimism.
• "It’s looking more likely that the Fed will delay [cutting rates] until the second half” - Greg Bassuk, chief executive officer at AXS Investments (per CNBC).
• Federal Reserve officials warn they have not seen enough progress against inflation to lower benchmark rates yet. Atlanta Fed President Raphael Bostic says he needs more evidence that pricing pressures are waning. San Francisco Fed President Mary Daly says progress has been "remarkable", but "there is more work to do".
• Mining stocks outperform in a falling market. Materials is one of only three S&P sectors to advance, gaining 0.51%. Health and consumer staples also close higher.
• Rate-sensitive sectors cop the worst of the selling. Real estate loses 0.99%. Tech sheds 0.79%.
• For the week, the S&P 500 loses 0.42%, the Dow 0.11% and the Nasdaq 1.34%.
• US oil logs its highest close of the year. West Texas Intermediate crude rallies 1.5% to US$79.19, its highest finish since November 6. The global benchmark, Brent crude, climbs 0.7% to its best finish since Australia Day.
• US financial markets are closed tonight for the President's Day public holiday. Trade resumes on Tuesday.

Key events this week:

• Huge week of earnings. Highlights include: BHP (Tuesday); Rio Tinto, Santos, Woolworths (Wednesday); Qantas, Fortescue Metals, Mineral Resources, Pilbara Minerals (Thursday); and Brambles (Friday). Today's reports include: Cochlear, Ampol, Bendigo Bank, Bluescope Steel, A2 Milk, GPT Group, Lendlease, Nujix, Orora, Reliance Worldwide and GWA Group. (Source for all listings: CommSec)
• Wall Street closed for President's Day - tonight
• Minutes from this month's RBA monetary policy meeting - Tuesday
• China rates decision - Tuesday
• Q2 wage price index - Wednesday
• Minutes from this month's US Federal Reserve meeting - Wednesday
• Flash manufacturing/non-manufacturing PMIs - Thursday
• China new home prices - Friday

S&P 500: down 24 points or 0.48%

Dow: down 145 points or 0.37%

Nasdaq: down 131 points or 0.82%

Dollar: up 1.24% to 65.32 US cents

Iron ore (Singapore): up 0.1% to US$129.29

Brent crude: up 61 US cents or 0.7% to US$83.47

Gold: up US$9.20 or 0.5% to US$2,024.10

NYSE Arca Gold Bugs: up 0.14%

Bitcoin: up 0.23% to US$51,649

Copper (LME): up 2.1% to US$8,489

Nickel (LME): up 0.6% to US$16,356

Uranium (spot price): down 0.68% to US$103

Lithium carbonate (China spot): up 0.07% to US$13,471

Global X Lithium & Battery Tech ETF: up 2.71%

BHP: up 1.22% (US); up 2.06% (UK)

Rio Tinto: up 2.34% (US); up 3.51% (UK)