Day trading pre-market open May 12

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

Outlook for the day: Mildly negative as sharp declines in commodity prices weigh on resource stocks.

ASX futures: down eight points or 0.11%

Overnight themes:

• Wall Street's main indices finish mixed as investors weigh regional bank worries, weak earnings from Disney and a slowing labour market.
• The banking crisis rears again after PacWest Bancorp reports a sharp decline in deposits. Shares in the bank plunge 22.7%. The KBW regional bank index drops 2.4%.
• Disney weighs on the Dow, falling 8.73% after reporting a drop in Disney+ subscriber numbers.
• First-time claims for unemployment benefits climb to an 18-month high, signalling a slowdown in the labour market as interest rate rises bite. Initial claims rise by 22,000 to 264,000 last week.
• Wholesale inflation cools in line with expectations. The annual rate declines to 2.3% in April from 2.7% in March.
• Industrial metals slump after weak China inflation data raise questions about the strength of the economy. Copper, nickel and aluminium hit multi-month lows. Iron ore falls 3.5%. Oil also declines.

Key events today:

US consumer sentiment - tonight

S&P 500: down seven points or 0.17%

Dow: down 222 points or 0.66%

Nasdaq: up 22 points or 0.18%

Dollar: down 1.17% to 67.02 US cents

Iron ore (Dalian): down 3.5% to US$101.05

Brent crude: down US$1.43 or 1.87% to US$74.98

Gold: down US$16.60 or 0.8% to US$2,020.50

NYSE Arca Gold Bugs: down 3.59%

Copper (LME): down 3.38% to US$8,188.50

Nickel (LME): down 2.63% to US$21,870 (lowest since October)

Global X Lithium & Battery Tech ETF: up 0.7% (3-week high)

BHP: down 3.32% (US); down 1.8% (UK)

Rio Tinto: down 2.85% (US); down 2.05% (UK)