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

Morning traders. Thanks loungers, especially @Ravgnome.


Outlook for the day: Negative despite another round of record closes on Wall Street.

ASX futures: down 14 points or 0.18%


Overnight themes:

• US stocks log a second night of record closes as chip stocks rally and investors look to rate cuts later in the year.
• The Dow leads a rally that lifts all three major benchmarks to new highs. Stocks surged on Wednesday after the Federal Reserve reassured investors it still sees three interest rate cuts by the end of the year. The odds on a June cut jump to 70%.
• An unexpected quarterly profit and a strong earnings forecast lift Micron Technology 14.13% and send other chip-makers higher. A broker upgrade raises Broadcom 5.77%. Nvidia gains 1.23%.
• Most of the Magnificent Seven group of market giants advance. Apple is an exception, falling 4.13% after the US Justice Department files an anti-trust suit, accusing the iPhone maker of operating a monopoly that exploited anti-competitive practices.
• Reddit soars 48.35% as it debuts upon the boards.
• "Earnings results are keeping semiconductors as market leaders but more broadly a risk on mode has stemmed from the dovish Fed on Wednesday." - Matthew Miskin, Co-Chief Investment Strategist at John Hancock Investment Management (per Reuters).
• The night's economic data underscores the strength of the US economy. House sales have their biggest increase in a year. First-time claims for unemployment benefits fall, defying expectations.
• Industrials, financials and energy are the pick of the sectors, gaining between 0.54% and 1%. The night's only laggards are communication services -0.17% and utilities -0.21%.
• Iron ore rises for a third session in China after the People's Bank of China said it has plenty of room to cut bank lending requirements to boost the economy. The most active ore contract on the Dalian Commodity Exchange climbs 2.72% in daytime trade. Prices in Singapore jump 3.81%.
• Gold rises, but finishes well off record levels logged during yesterday's Australian session. The futures prices settles 1.1% ahead at US$2,184.70 an ounce after trading as high as US$2,222.39.

Key events today:

• RBA Financial Stability Review - 11.30 am AEDT
• Federal Reserve Chair Jerome Powell delivers opening remarks at a Fed Listens event - tonight

S&P 500: up 17 points or 0.32%

Dow: up 269 points or 0.68%

Nasdaq: up 32 points or 0.2%

Dollar: down 0.44% to 65.69 US cents

Iron ore (Dalian): up 2.72% to US$118

Brent crude: down 17 US cents or 0.2% to US$85.78

Gold: up US$23.70 or 1.1% to US$2,184.70

NYSE Arca Gold Bugs: down 0.32%

Bitcoin: down 0.49% to US$65,373

Copper (LME): up 0.4% to US$8,963.50

Nickel (LME): down 0.11% to US$17,550

Uranium (spot price): up 1.4% to US$90

Lithium carbonate (China spot): steady at US$15,622

Global X Lithium & Battery Tech ETF: down 1.26%

BHP: up 0.19% (US); up 2.3% (UK)

Rio Tinto: up 0.41% (US); up 2.18% (UK)