Day trading pre-market open May 22

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

Outlook for the day: Futures indicate mild down-pressure following a soft end to the US trading week as debt limit talks stutter. However, weekend news that negotiations will resume tonight may sweeten the start to the week.

ASX futures: down 11 points or 0.15%

Friday themes:

· US stocks retreat after debt ceiling negotiations stall. Republican negotiators temporarily abandon talks, citing Democrat intransigence on spending plans. Reports this morning indicate President Biden will resume face-to-face negotiations tonight upon his return from Asia following a "productive" phone call to Republican House Speaker McCarthy.

· "The market seemed to be going into this weekend thinking that the talks were going to move toward the framework for an agreement... but what you're seeing now is the Republicans saying, no, this is not acceptable," - Quincy Krosby, chief global strategist at LPL Financial.

· The S&P 500 and Nasdaq reverse off nine-month highs, but finish ahead for the week. S&P 500 +1.65%, Nasdaq +3.04% and Dow +0.38%.

· Regional banks decline after Treasury Secretary Janet Yellen reportedly tells banking chiefs more mergers may be necessary following a string of bank collapses.

· Resource stocks and healthcare providers resist the sell-off.

Key events this week:

· Manufacturing/services sector data here and overseas - Tuesday

· US GDP - Thursday

· Retail sales - Friday

· US inflation data - Friday

S&P 500: down six points or 0.14%

Dow: down 109 points or 0.33%

Nasdaq: down 31 points or 0.24%

Dollar: up 0.27% to 66.52 US cents

Iron ore (Dalian): down 1.4% to US$106.48

Brent crude: down 28 US cents or 0.37% to US$75.58

Gold: up US$21.80 or 1.1% to US$1,981.60

NYSE Arca Gold Bugs: up 0.51%

Copper (LME): up 0.97% to US$8,251.50

Nickel (LME): up 1.64% to US$21,278

Global X Lithium & Battery Tech ETF: down 0.16%

BHP: up 0.07% (US); down 0.11% (UK)

Rio Tinto: up 0.48% (US); up 0.25% (UK)