Day trading pre-market open June 5

Morning traders. Thanks loungers, especially @Ravgnome.


Outlook for the day: Neutral/mildly negative ahead of GDP data this morning as commodity weakness offsets slender gains on Wall Street.

ASX futures: down 4 points or 0.05%


Overnight themes:

• US stocks edged higher as soft employment data helped firm up rate cut expectations while also keeping gains in check as growth worries fuelled rotation out of cyclical stocks.
• The Dow led with a rise of 140 points or 0.36%. More than two-thirds of companies rose, offsetting selling pressure on cyclicals such as Dow Inc, 3M and Caterpillar.
• The S&P 500 firmed 0.15% as treasury yields retreated. The Nasdaq edged up 0.17%.
• The night's key economic report showed job openings contracted in April to the lowest in more than three years - a positive for inflation and rate cut hopes but negative for the growth outlook. The report was the latest in a recent string that suggest higher rates are finally starting to slow the economy, clearing the way for a fall in inflation and possible rate cuts later this year.
• The odds on a September rate cut climbed to 65% after the jobs data from around 36% last week. May employment figures are due on Friday night.
• The market's gains were kept in check by declines in resource stocks and other cyclicals. The materials sector was the biggest drag, losing 11.22%. Energy gave up 0.97%, financials 0.44% and industrials 0.23%.
• The night's best-performing sectors were real estate +0.95%, consumer staples +0.93% and tech +0.41%.
• Oil declined for a fifth night after OPEC+'s weekend decision to unwind production cuts from September added to worries about excess supplies. Brent crude fell 1.1% to US$77.52 a barrel, its lowest close since early February.
• Copper fell back under US$10,000 a metric ton for the first time in three weeks after soft US manufacturing data added to global demand concerns. Benchmark copper on the London Metal Exchange declined 2.12% to US$9,928. Other metals also felt the heat from a recovery in the greenback. Nickel shed almost 3.7%.
• Iron ore hit a new six-week low in China, but edged higher in Singapore trade as hopes for US interest rate cuts helped counter worries about US growth. Benchmark ore on the Dalian Commodity Exchange eased 0.94% to US$116.48 a metric ton. Singapore ore firmed 0.18% to US$110.85.
• An index of US precious metal miners skidded more than 4.2% after a rebound in the US dollar helped drag the yellow metal down 0.92% and knocked roughly 4% off silver.

Key events today:

• Q3 GDP - 11.30 am AEST
• US private payrolls - tonight
• US services PMI - tonight

S&P 500: up 8 points or 0.15%

Dow: up 140 points or 0.36%

Nasdaq: up 28 points or 0.17%

Dollar: down 0.61% to 66.49 US cents

Iron ore (Dalian): down 0.94% to US$116.48

Brent crude: down 84 US cents or 1.07% to US$77.52

Natural gas (US futures): down 5.12% to US$2.61

Gold: down US$21.90 or 0.92% to US$2,347.40

Silver: down US$1.23 or 4% to US$29.50

NYSE Arca Gold Bugs: down 4.22%

Bitcoin: up 1.43% to US$70,493

Copper (LME): down 2.12% to US$9,928

Nickel (LME): down 3.68% to US$18,860

Uranium (spot price): steady at US$90.25

Lithium carbonate (China spot): down 0.84% to US$14,324

Global X Lithium & Battery Tech ETF: up 0.11%

BHP: down 2.21% (US); down 1.91% (UK)

Rio Tinto: down 1.6% (US); Down 1.51% (UK)