Day trading pre-market open February 29

Morning traders. Thanks loungers, especially @Ravgnome.


Outlook for the day: Mildly negative after US stocks retreated further from record levels before tonight's January inflation report.

ASX futures: down 11 points or 0.14%


Overnight themes:

• US stocks declined ahead of inflation data tonight that could reset interest rate expectations.
• Tech and communication services were among the biggest drags as the Nasdaq dropped 0.55%. The S&P 500 lost 0.17%. UnitedHealth helped pull the Dow down 0.06%.
• “The market is clearly just treading water ahead of the PCE report” - Jay Hatfield, CEO at Infrastructure Capital Advisors (per CNBC).
• US stocks have struggled for traction this week as investors await tonight's Personal Consumption Expenditures (PCE) price index. Economists anticipate the inflation gauge will show prices increased by 0.3% last month. However, the risk of a negative surprise has been reflected by the odds on a May rate cut drifting out following a string of unexpectedly strong economic reports and recent signs that inflation has become "sticky".
• "Any embers or symptoms of resurgence in pockets, or in aggregate, of inflation will definitely be taken pretty harshly by the markets" - Keith Buchanan, senior portfolio manager at GLOBALT Investments (per Reuters).
• Healthcare conglomerate and Dow component company UnitedHealth skidded 2.91% after the US Department of Justice announced an antitrust investigation into the company.
• Real estate was the best of the sectors, rising 1.28%. Other gains were more modest: financials +0.35%, consumer discretionary +0.32% and materials +0.22%. At the other end, communication services dropped 0.92%, tech 0.55% and health 0.51%.
• Iron ore rose for a second session, spurred by evidence of revived buying interest as construction activity resumed after the Chinese Lunar New Year. China-traded ore rallied 1.08%.
• "Domestic construction sites have reopened following the Lunar New Year holiday and are looking to take advantage of the better margins following iron ore's recent decline" - ANZ Bank analysts (per Reuters).
• Bitcoin briefly soared as high as US$64,000 a coin as buying FOMO kicked in ahead of a "halving event". The crypto touched levels last seen in November 2021. The overnight peak of US$64,037 brought the coin within reach of its all-time high of US$68,990.
• The domestic earnings season reaches its unofficial conclusion today with the end of the month. Harvey Norman and Ramsey Health Care are among the last to report. More below.

Key events today:

• Earnings season: Harvey Norman, Ramsey Health Care, Karoon Energy, Nickel Industries, Star Entertainment, Atlas Arteria, Southern Cross Media, Cromwell Property Group (source: CommSec).
• Monthly retail sales - 11.30 am AEDT
• Monthly private-sector credit - 11.30 am
• Quarterly private capital expenditure - 11.30 am
• January US inflation report (PCE) - tonight

S&P 500: down 8 points or 0.17%

Dow: down 23 points or 0.06%

Nasdaq: down 88 points or 0.55%

Dollar: down 0.72% to 64.96 US cents

Iron ore (Dalian): up 1.08% to US$123.49

Brent crude: up 3 US cents or 0.04% to US$83.68

Gold: down US$1.40 or 0.1% to US$2,042.70

NYSE Arca Gold Bugs: down 1.48%

Bitcoin: up 5.23% to US$59,970

Copper (LME): down 0.22% to US$8,455

Nickel (LME): up 0.85% to US$17,695

Uranium (spot price): down 1.32% to US$95.50

Lithium carbonate (China spot): up 0.92% to US$13,602

Global X Lithium & Battery Tech ETF: up 0.5%

BHP: down 1.13% (US); down1.51% (UK)

Rio Tinto: down 1.57% (US); down 1.37% (UK)