Day trading pre-market open June 27

Morning traders. Thanks loungers, especially @Ravgnome.


Outlook for the day: Negative for a second day as rate-hike worries following yesterday's grim inflation data overshadow slim gains on Wall Street and improvements in iron ore and copper. The ASX 200 dropped 0.71% yesterday after a spike in annual headline inflation sharpened fears the next move in rates will be upwards.

ASX futures: down 85 points or 1.09%


Overnight themes:

• Megacap tech stocks steered Wall Street's benchmarks higher despite weakness in most sectors as investors await inflation data and a presidential debate later this week.
• A late rally in Nvidia helped the Nasdaq outperform with a gain of 0.49%. Amazon, Tesla and Apple all gained at least 2%.
• The S&P 500 advanced 0.16% to a second straight gain despite only three sectors of eleven lifting - the three dominated by the "Magnificent 7" group of megacaps.
• The Dow trailed with a gain of 0.04% as more than half its component companies declined. Amazon and Apple were the best performers.
• Without major economic data to offer direction, trading was choppy until a modest late surge.
• "Investors are sitting on their hands, waiting for tomorrow's presidential debate and for additional economic news in particular this Friday's PCE [inflation report]" - Sam Stovall, chief investment strategist at CFRA (per Reuters).
• Bank stocks retreated ahead of the regulator's annual stress tests. The financial sector dropped 0.47%.
• The energy sector fell 0.86% despite a rise in crude prices.
• Amazon joined Nvidia, Apple, Microsoft and Alphabet in the US$2 trillion club with a rise of 3.9% to a new record.
• Iron ore rallied for a second day amid reports of buyers betting on fresh Chinese stimulus measures next month. "Some investors are trading on expectations of possible stimulus in July," according to Cheng Peng, a Beijing-based analyst at Sinosteel Futures quoted by Reuters. Benchmark ore climbed 3.4% in China.
• A fund of battery metal miners rebounded in the US after slumping on Tuesday to its lowest since 2020. The Global X Lithium & Battery Tech exchange traded fund bounced 3.03%.

Key events today:

• Inflation expectations - 11 am AEST
• US final GDP - tonight
• US durable goods - tonight
• US pending home sales - tonight

S&P 500: up 9 points or 0.16%

Dow: up 16 points or 0.04%

Nasdaq: up 88 points or 0.49%

Dollar: down 0.06% to 66.5 US cents

Iron ore (Dalian): up 3.4% to US$113.67

Brent crude: up 24 US cents or 0.28% to US$85.25

Natural gas (US futures): down 4.35% to US$2.74

Gold: down US$17.60 or 0.76% to US$2,313.20

Silver: down 11 US cents or 0.38% to US$28.76

NYSE Arca Gold Bugs: up 0.22%

Bitcoin: down 1.44% to US$60,999

Copper (LME): up 0.25% to US$9,595

Nickel (LME): down 0.58% to US$17,135

Uranium (spot price): up 0.87% to US$85

Lithium carbonate (China spot): down 0.18% to US$12,600

Global X Lithium & Battery Tech ETF: up 3.03%

BHP: up 0.63% (US); up 0.85% (UK)

Rio Tinto: up 0.42% (US); up 0.53% (UK)