Day trading pre-market open June 21

Morning traders. Thanks loungers, especially @Ravgnome.


Outlook for the day: Neutral/moderately positive after most US sectors advanced during a mixed night on Wall Street

ASX futures: up 6 points or 0.08%


Overnight themes:

• US stocks finished mixed as rate-cut hopes lifted the Dow, while a reversal in Nvidia weighed on the Nasdaq and S&P 500.
• The Dow rallied 300 points or 0.77% as weak economic data sharpened expectations that the Federal Reserve may lower benchmark rates later this year.
• A 3.54% decline in Nvidia - currently the world's biggest company by market capitalisation - helped drag the S&P 500 down 0.25% and the Nasdaq Composite down 0.79%.
• The Nasdaq's decline was its first in eight sessions, ending a strong run paced by Nvidia's ascent to overtake Microsoft and Apple in market value.The AI chip-maker's shares have gained more than 160% this year.
• The S&P 500 briefly broke above 5,500 in early trade before fading to 5,473. Many brokers have 5,500 as a year-end target for the index, according to Reuters.
• “Seasonally adjusted, it’s a low volume period for markets and there doesn’t seem to be a whole lot driving things on a day-to-day basis. You’re starting to see some signs of getting a little bit overextended, but there’s been an incredible amount of momentum which has continued this week” Nathan Kotler, head of trading at GenTrust (per CNBC).
• The night's economic news underlined the impact of higher rates on the economy. Housing starts slumped 5.2% last month. Building permits declined 3.8%. A manufacturing gauge for the greater Philadelphia area also missed expectations. Continuing claims for unemployment benefits climbed 15,000 to !.828 million.
• The S&P 500 fell despite eight of eleven sectors advancing. The index's decline highlighted the significance of the tech sector, which dropped 1.6%. The only other losses were real estate -0.25% and consumer staples -0.21%.
• Energy was the pick of the sectors, gaining 1.86% as the first drop in US crude inventories in three weeks helped oil settle at a seven-week high. Brent crude climbed 64 cents or 0.75% to US$85.71 a barrel, its highest since April 30.
• Other strong sectors overnight included utilities +0.89% and financials +0.56%. The materials sector edged up 0.11%.
• Gold and silver logged their highest settlements in two weeks as soft economic data bolstered the case for rate cuts. Gold put on US$22.10 or 0.9% at US$2,369 an ounce on Comex. Silver added US$1.26 or 4.4% at US$30.82 an ounce.
• Global X's exchange traded fund of US battery metal miners slumped 2.69% to its weakest since early February as a year-long long rot in lithium prices continued.

Key events today:

• Flash manufacturing and services PMIs - 9 am AEST
• US flash manufacturing and services PMIs - tonight

S&P 500: down 14 points or 0.25%

Dow: up 300 points or 0.77%

Nasdaq: down 141 points or 0.79%

Dollar: down 0.24% to 66.58 US cents

Iron ore (Dalian): down 0.36% to US$113.56

Brent crude: up 64 US cents or 0.75% to US$85.71

Natural gas (US futures): down 6.3% to US$2.73

Gold: up US$22.10 or 0.9% to US$2,369

Silver: up US$1.26 or 4.4% to US$30.82

NYSE Arca Gold Bugs: up 2.5%

Bitcoin: up 0.23% to US$64,959

Copper (LME): up 1% to US$9,883.50

Nickel (LME): up 0.29% to US$17,375

Uranium (spot price): steady at US$86

Lithium carbonate (China spot): down 0.58% to US$13,051

Global X Lithium & Battery Tech ETF: down 2.69%

BHP: up 0.97% (US); up 0.99% (UK)

Rio Tinto: up 1% (US); up 0.67% (UK)