Day trading pre-market open June 5

Morning traders. Thanks loungers, especially @Ravgnome and @Patterns.

Outlook for the day: Highly positive as the local market plays catch-up with strong Friday gains in the US.

ASX futures: up 76 points or 1.06%

Friday/weekend themes:

· The Dow has its best day since January as investors welcome the end of the debt ceiling stand-off and embrace signs the Federal Reserve may leave interest rates on hold this month.

· The blue-chip average jumps more than 2%. The Nasdaq touches a 13-month high en route to a sixth straight week of gains. The S&P 500 climbs to within ten points of exiting its bear market.

· Stocks rally after the Senate passes a bill to raise the debt ceiling, averting a catastrophic default. President Biden later signs the bill into law.

· Investors welcome data showing wages grew less than expected last month, even as employment grew more than anticipated. The unemployment rate ticked higher in a sign the jobs boom may finally be waning, easing pressure on inflation.

· "The wage rate is not increasing as fast. That is a softening effect and is this the mythical soft landing? Looks like that." - Kim Forrest, CIO at Bokeh Capital Partners.
· Miners lead gains in the US. The materials sector jumps 3.13%. Industrials, energy, consumer discretionary, financials and real estate all add at least 2%.
· Over the weekend, Saudi Arabia announces it will slash oil production by a million barrels a day next month to around nine million barrels per day. In addition, the OPEC+ oil cartel announced it will retain previously-announced production caps until the end of next year to support prices.

Key events this week:

·Job ads, company operating profits - 11.30 am AEST today

·RBA interest rate decision - tomorrow

·Speech by RBA chief Lowe - Wednesday

·Quarterly GDP - Wednesday

·China inflation - Friday

S&P 500: up 61 points or 1.45%

Dow: up 701 points or 2.12%

Nasdaq: up 140 points or 1.07%

Dollar: down 0.11% to 66.11 US cents

Iron ore (Dalian): up 2.9% to US$107.85 (+7.4% for week)

Brent crude: up US$1.85 or 2.5% to US$76.13 (-1.1% for week)

Gold: down US$25.90 or 1.3% to US$1,969.60 (+1.3% for week)

NYSE Arca Gold Bugs: down 1.32%

Copper (LME): down 0.02% to US$8,235

Nickel (LME): up 0.88% to US$21,195

Global X Lithium & Battery Tech ETF: up 3.33%

BHP: up 4.13% (US); up4.59% (UK)

Rio Tinto: up 3.49% (US); up 3.77% (UK)