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

Morning traders. Thanks loungers, especially @Ravgnome.

Outlook for the day: Negative for a third session following solid losses for US stocks and many commodities.

ASX futures: down 90 points or 1.26%

Overnight themes:

• US stocks wilt as a surge in private payrolls points to further interest rate hikes. The Dow suffers its biggest single-day loss in two months. The S&P 500's decline is the index's largest in six weeks.
• Private payrolls jump 497,000 last month, more than twice as much as economists expected. The report sharpens the risk of a blowout June jobs report tonight sealing a rate rise this month. The odds on another quarter-point hike rise to 92%.
• “Because it was more than double expectations, that really ratchets up the fear factor that the Fed would have to be more aggressive” - John Lynch, chief investment officer at Comerica Wealth Management
• A separate report shows the services sector expanded in June for a sixth straight month and by more than expected. The Institute of Supply Management's gauge of business conditions rises to 53.9% from 50.3% in May.
• Bond yields turn higher, pressuring equities. The two-year treasury yield touches its highest level in 16 years. The ten-year yield edges above 4% for the first time since March.
• All 11 US sectors decline, led by energy, consumer discretionary and utilities.
• Twenty-eight of the Dow's thirty component companies retreat. Apple and Microsoft cushion the index from a deeper loss.

Key events today:

• US June jobs report - tonight

S&P 500: down 35 points or 0.79%

Dow: down 366 points or 1.07%

Nasdaq: down 113 points or 0.82%

Dollar: down 0.54% to 66.19 US cents

Iron ore (Dalian): up 1% to US$114.52

Brent crude: down 13 US cents or 0.2% to US$76.52

Gold: down US$11.70 or 0.6% to US$1,915.40 (3-month low)

NYSE Arca Gold Bugs: down 2.23%

Copper (LME): down 0.5% to US$8,277

Nickel (LME): down 0.14% to US$21,160

Global X Lithium & Battery Tech ETF: down 1.8%

BHP: down 2.73% (US); down 3.43% (UK)

Rio Tinto: down 1.67% (US); down 2.41% (UK)