Day trading pre-market open June 9

Morning traders. Thanks loungers, especially @Ravgnome.

Outlook for the day: Positive after the S&P 500 exits its bear market and iron ore rises to a seven-week high.

ASX futures: up 29 points or 0.41%

Overnight themes:

• Tech stocks lead a Wall Street rebound as volatility measures fall to a post-pandemic low.
• The S&P 500 exits its bear market, closing at its highest level of the year. The broadest of the major US indices has bounced more than 20% from its October low last year.
• Tech stocks are boosted by a retreat in treasury yields ahead of next week's Federal Reserve rates decision. Tesla rises for a 10th straight session. The decline in yields comes as a rise in first-time claims for unemployment benefits to the highest since October 2021 underlines the impact of rate hikes on the economy.
• The odds on a rate hike next week tick lower. Markets are pricing in a 72% chance of a pause.
• “The S&P 500 hit that magic number, and takes us out of the bear market. The hope is the Fed is going to skip raising rate next week" - Peter Cardillo, chief market economist, Spartan Capital Securities.
• Consumer and tech stocks lead the rally. Materials and financials both finish modestly lower, alongside energy and real estate.
  

Key event today:

• China inflation data - 11.30 am AEST

S&P 500: up 26 points or 0.62%

Dow: up 169 points or 0.5%

Nasdaq: up 134 points or 1.02%

Dollar: up 0.85% to 67.15 US cents

Iron ore (Dalian): up 2.7% to US$110.91 (7-week high)

Brent crude: down 99 US cents or 1.3% to US$75.96

Gold: up US$20.20 or 1% to US$1,978.60

NYSE Arca Gold Bugs: up 1.21%

Copper (LME): up 0.95% to US$8,372

Nickel (LME): down 2.12% to US$21,050

Global X Lithium & Battery Tech ETF: up 0.49%

BHP: up 2.18% (US); up 0.81% (UK)

Rio Tinto: up 1.44% (US); up 0.47% (UK)