Day trading pre-market open March 13

Morning traders. Thanks loungers, especially @Ravgnome.


Outlook for the day: Positive as strong Wall Street gains help offset a five-month low in iron ore.

ASX futures: up 14 points or 0.18%


Overnight themes:

• US stocks glide to fresh highs as investors shrug off inflation figures showing consumer prices increased slightly more than expected last month.
• The S&P 500 climbs 1.12% to a record close. The Nasdaq gains 1.54% as Nvidia and other AI chip-makers break a two-session losing streak and Oracle hits an all-time high. Boeing's woes limit the Dow's gain to 0.61%.
• The Consumer Price Index increases by 0.4% last month, up from 0.3% in January and in line with expectations. However, the annual increase of 3.2% is hotter than the 3.1% predicted by economists. Core inflation also comes in ahead of expectations: core prices increase 0.4% for the month, versus forecasts of 0.3%.
• The odds on a June rate cut moderate a fraction to 70% from 71% before the report, according to CME's FedWatch tool.
• "Investors have gotten comfortable with the notion that it's not about when the Fed will lower rates but rather by how much, and a delay - whether it happens in May like many were initially hoping or in September - ultimately doesn't matter" - Oliver Pursche, senior vice president and advisor for Wealthspire Advisors (per Reuters).
• Gold falls from record levels as sellers bet sticky inflation could delay US interest rate cuts. (Lower interest rates increase the relative appeal of precious metals.) Gold futures decline around 1%.
• The tech sector surges 2.54% as Nvidia bounces 7.16%, Oracle 11.75% and Microsoft 2.66%. Besides growth sectors, consumer staples gains 0.63%, health 0.48% and financials 0.45%. Drags include utilities -0.99%, real estate -0.37% and materials -0.06%.
• Iron ore sinks to a five-month low as increases in steel stockpiles signal demand weakness. China-traded ore futures finish daytime trade 2.23% in the red, but off earlier session lows.
• "Steel stocks have been piling up to a level higher than the same period a year before; lower output and higher stocks mirrored weak downstream demand" - analysts at GF Futures (per Reuters).

Key events today:

• US bond auction - tonight

S&P 500: up 57 points or 1.12%

Dow: up 236 points or 0.61%

Nasdaq: up 246 points or 1.54%

Dollar: down 0.13% to 66.06 US cents

Iron ore (Dalian): down 2.23% to US$115.88

Brent crude: down 29 US cents or 0.4% to US$81.92

Gold: down US$22.50 or 1.03% to US$2,166.10

NYSE Arca Gold Bugs: down 2.03%

Bitcoin: down 0.86% to US$71,403

Copper (LME): down 0.05% to US$8,648.50

Nickel (LME): up 1.34% to US$18,520

Uranium (spot price): down 1.1% to US$91

Lithium carbonate (China spot): up 0.83% to US$15,312

Global X Lithium & Battery Tech ETF: up 0.85%

BHP: down 0.23% (US); up 0.57% (UK)

Rio Tinto: up 1.16% (US); up 2.17% (UK)