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

Morning traders. Thanks loungers, especially @Ravgnome.


Outlook for the day: Positive as institutional investors use the last session of the month, quarter and financial year to put the best possible spin on portfolios.

ASX futures: up 26 points or 0.34%


Overnight themes:

• US stocks edged higher ahead of tonight's presidential debate and May inflation report after soft economic data sharpened hopes for rate cuts before year-end.
• The S&P 500 and Dow both gained 0.09% at the end of a directionless session where the major benchmarks traded in and out of positive territory.
• The Nasdaq put on 0.3%. Strength in Amazon, Meta and Alphabet helped offset weakness in AI chip stocks and retailer Walgreens.
• "The market is in a bit of a holding pattern here for the PCE (inflation data) because there hasn't been a lot of big catalysts" - Ross Mayfield, investment strategy analyst at Baird (per Reuters).
• Treasury yields declined after separate reports showed orders for US-manufactured goods and core durable goods shrank last month, another sign that the US economy is slowing.
• Falling yields helped lift megacap tech stocks. However, Nvidia's recent turbulent run continued with a fall of 1.91% after Micron's revenue forecast missed expectations.
• A profit downgrade and plans to close stores smashed Walgreens Boots Alliance down 22.16%.
• Real estate, consumer discretionary and communication services were the pick of the sectors, gaining between 0.77% and 0.93%. Energy, utilities and industrials wre also positive. The night's drags included consumer staples -0.5%, materials -0.32% and financials -0.25%.
• Oil added to its first monthly gain since March amid signs Israel's conflict with Hamas could broaden into a confrontation with Iran-backed Hezbollah fighters on its border with Lebanon. Brent crude rallied 1.34% overnight US$86.39 a barrel. Brent futures have gained more than US$4 since the start of the month.
• Iron ore lifted for a third session in China, but declined in Singapore as traders weighed steps in Beijing to support China's floundering property market against concerns about rising portside inventories. Benchmark ore in China gained 1.2%. Singapore ore rolled over to a loss of 0.9%.

Key events today:

• May private sector credit - 11.30 am AEST
• US monthly inflation report (PCE) - tonight

S&P 500: up 5 points or 0.09%

Dow: up 36 points or 0.09%

Nasdaq: up 53 points or 0.3%

Dollar: up 0.02% to 66.46 US cents

Iron ore (Dalian): up 1.2% to US$112.67

Brent crude: up US$1.14 or 1.34% to US$86.39

Natural gas (US futures): down 1.76% to US$2.70

Gold: up US$23.40 or 1% to US$2,336.60

Silver: up 26 US cents or 0.9% to US$28.97

NYSE Arca Gold Bugs: up 1.16%

Bitcoin: up 0.9% to US$61,460

Copper (LME): down 0.27% to US$9,514

Nickel (LME): up 0.73% to US$17,260

Uranium (spot price): up 0.44% to US$85

Lithium carbonate (China spot): down 0.08% to US$12,590

Global X Lithium & Battery Tech ETF: down 1.2%

BHP: down 1.03% (US); down 1.06% (UK)

Rio Tinto: down 1.47% (US); down 1.73% (UK)