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

Morning traders. Thanks loungers, especially @Ravgnome.


Outlook for the day: Highly positive after resource stocks shone during a holiday-shortened session in the US.

ASX futures: up 73 points or 0.94%


Overnight themes:

• The S&P 500 and Nasdaq Composite posted record closes after soft economic data bolstered hopes for interest rate cuts as soon as September.
• Tech and mining stocks led as the S&P 500 rallied 0.51% and the Nasdaq gained 0.88%. The Dow was held back by a drop in UnitedHealth, finishing 0.06% in the red.
• Buying interest was stoked by a decline in treasury yields and the US dollar following disappointing jobs, services and factory data.
• The odds on a September cut climbed above 70% after growth in private payrolls increased less than expected last month, sharpening expectations that Friday's non-farm payrolls report will confirm the labour market is losing heat. Payrolls increased by 150,000, versus 160,000 forecast by economists. First-time and continuing claims for unemployment benefits also crept higher.
• Services sector activity contracted last month. The Institute of Supply Management's non-manufacturing purchasing managers' index sank to a four-year low of 48.8 from 53.8 in May. A separate report showed factory orders unexpectedly shrank 0.5%.
• Megacap tech stocks did much of the heavy lifting. Tesla soared 6.54% to its seventh straight gain. Nvidia added 4.57%.
• Trade finished early ahead of tonight's Independence Day holiday. While trade resumes on Friday for a thinly-attended shortened session, traditionally many traders take the opportunity for a long weekend.
• BHP gained more than 3% in both US and UK trade as a fourth day of gains swept iron ore to a four-week high in China. Benchmark ore prices on the Dalian Commodity Exchange firmed 2.6% to US$118.79 a metric ton. Market sentiment was improved this week following signs that recent government stimulus measures have had an impact on China's floundering property sector. Market-watchers also anticipate more stimulus news from this month's government plenum.
• “While the stabilizing macroeconomic outlook provided some support, the market still expects more policy support in the upcoming Third Plenum meeting to revive the property sector,” ANZ analysts wrote.
• Falling treasury yields and a weaker dollar boosted dollar-denominated commodity prices. Gold had its best session since early April, rising 1.5% to its strongest close since June 6. Silver surged 4%. Copper gained 1.86% during a positive session on the London Metal Exchange.
• The Australian dollar rose to its highest in seven weeks. The Aussie was lately up 0.58% at 67.07 US cents.
• Oil settled at its highest since late April after weekly US data showed a drawdown in crude inventories. Brent crude climbed 1.3.% to US$87.34 a barrel.
• Battery metal miners rallied in the US as nickel bounced more than 2%. The Global X Lithium and Battery Tech ETF jumped 3.82% to a two-week high. Among lithium miners, SQM gained 4.19% and Albemarle added 3.12%.

Key events today:

• Trade balance - 11.30 am AEST
• US Independence Day holiday - tonight

S&P 500: up 28 points or 0.51%

Dow: down 24 points or 0.06%

Nasdaq: up 160 points or 0.88%

Dollar: up 0.58% to 67.07 US cents

Iron ore (Dalian): up 2.86% to US$118.79

Brent crude: up US$1.10 or 1.3% to US$87.34

Natural gas (US futures): down 0.67% to US$2.42

Gold: up US$36 or 1.5% to US$2,369.40

Silver: up US$1.18 or 4% to US$30.84

NYSE Arca Gold Bugs: up 3.59%

Bitcoin: down 3.4% to US$59,807

Copper (LME): up 1.86% to US$9,852

Nickel (LME): up 2.14% to US$17,440

Uranium (spot price): steady at US$86.50

Lithium carbonate (China spot): down 0.35% to US$12,410

Global X Lithium & Battery Tech ETF: up 3.82%

BHP: up 3.1% (US); up 3.35% (UK)

Rio Tinto: up 2.86% (US); up 3.08% (UK)