Day trading pre-market open March 23

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

Outlook for the day: Negative. Wall Street sinks after Fed hikes.

ASX futures: down 52 points or 0.74%

Overnight themes:

• US stocks slide after Federal Reserve raises benchmark rates by 25 basis points and hints at a pause after one more hike. An initial rally fades after Chair Powell says a rate cut this is year is unlikely and Treasury Secretary Yellen says the government has no plans to guarantee bank deposits above US$250,000.
• Powell says central bank discussed a rates pause, but decided inflation was too high. The Fed's "dot plot" implies just one more hike this year, indicating a terminal rate of 5 - 5.25%.
• Regional banking index falls 5.27%. All 11 US sectors fall. Real estate sheds 3.64%, financials 2.37% and materials 1.76%.
• Iron ore hit by reports of Chinese plans to reduce steel production by 2.5%. Gold rallies after Fed announcement.

S&P 500: down 66 points or 1.65%

Dow: down 530 points or 1.63%

Nasdaq: down 190 points or 1.6%

Dollar: up 0.12% to 66.86 US cents

Iron ore: down 2.15% to US$125.64

Brent crude: up US$1.37 or 1.8% to US$76.69 in regular trade. Reverses 68 cents to US$76.17 in recent action.

Gold: up US$8.50 or 0.4% in regular trade to US$1.949.60. Adds to gain after Fed announcement: now up 1.9% to US$1,977.60

NYSE Arca Gold Bugs: up 1.67%

Copper (LME): up 1.95% to US$8,928.50

Global X Lithium & Battery Tech ETF: down 1.03%

BHP: down 1.19% (US); down 0.29% (UK)

Rio Tinto: down 1.42% (US); down 0.39% (UK)