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

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


Outlook for the day: Negative as commodity price weakness outweighs skinny gains for the S&P 500 and Nasdaq.

ASX futures: down 55 points or 0.69%


Overnight themes:

• US stocks finished mixed but little changed ahead of a string of market-moving "risk events" this week, including an interest rate decision, monthly employment data and trading updates from four of the Magnificent Seven group of market leaders.
• The S&P 500 eked out a gain of 0.08% in choppy trade. The Nasdaq also rose, adding 0.07%. The Dow finished 0.12% lower after trading both sides of break-even.
• "Markets are largely in wait-and-see mode. We have big economic news this week, both the Fed meeting Wednesday and the jobs report on Friday. We also have huge earnings reports coming out of mega cap technology" - Mona Mahajan, principal and senior investment strategist at Edward Jones (per Reuters).
• While the Fed is expected to leave benchmark rates unchanged on Wednesday night, investors are hopeful the central bank will signal it is preparing to lower rates in September.
• Microsoft reports Q2 earnings tonight, followed by Meta on Wednesday and Apple and Amazon on Thursday. Also reporting this week: Boeing, Afterpay owner Block, Intel and Chevron and Exxon Mobil.
• The Russell 2000 index of small caps shed 1.09% after advancing more than 10% in three weeks.
• The energy sector dropped 0.87% after Brent crude settled below US$80 a barrel for the first time in seven weeks. The decline came as investors weighed fears of an escalation between Israel and Hezbollah against China growth worries. Brent crude eased US$1.35 or 1.7% to US$79.78.
• Other S&P sectors to drag included tech -0.33%, financials -0.21% and industrials -0.16%. The night's best gains came in consumer discretionary +1.42%, communication services +0.87% and real estate +0.62%.
• Copper fell nearer to the US$9,000 level as rising inventories pointed to underwhelming demand. Inventories at London Metal Exchange warehouses have more than doubled since the start of last month, according to Reuters. Benchmark copper futures on the LME declined 0.94% overnight to US$9,025 a metric ton. Aluminium, tin, zinc and lead also declined. Nickel rose 0.54%.
• “Copper seems to be holding at the key level of $9,000 but there has been a lot of negative momentum” - Ole Hansen, head of commodities strategy at Saxo Bank (per Reuters).
• BHP and Rio Tinto retreated in overseas trade as the two major iron ore benchmarks finished mixed. China's ore benchmark overcame early weakness to finish less than 0.1% higher in daytime trade. The Singapore benchmark dropped 0.26% to US$101.90 a metric ton.

Key events today:

• June building approvals - 11.30 am AEST
• US consumer confidence - tonight
• US job openings - tonight

S&P 500: up 4 points or 0.08%

Dow: down 49 points or 0.12%

Nasdaq: up 12 points or 0.07%

Dollar: down 0.08% to 65.47 US cents

Iron ore (Dalian): up 0.06% to US$107.59

Brent crude: down US$1.35 or 1.7% to US$79.78

Gold: down US$2.40 or 0.1% to US$2,425.50

Silver: down 15 US cents or 0.53% to US$27.87

NYSE Arca Gold Bugs: up 0.99%

Bitcoin: down 1.08% to US$67,154

Copper (LME): down 0.94% to US$9,025

Nickel (LME): up 0.54% to US$15,910

Lithium carbonate (China futures): down 0.7% to US$11,542

Global X Lithium & Battery Tech ETF: down 1.41%

Uranium (spot): steady at US$83

BHP: down 0.67% (US); down 0.79% (UK)

Rio Tinto: down 0.55% (US); down 0.94% (UK)