Day trading pre-market open May 8

Morning traders. Thanks loungers, especially @Ravgnome.


Outlook for the day: Positive after mining stocks outperform in a mixed US market.

ASX futures: up 14 points or 0.18%


Overnight themes:

• US stocks finish mostly higher as treasury yields continue to back off this year's highs in expectation that the Federal Reserve will lower benchmark rates later this year.
• The Dow edges to a fifth straight gain, its longest winning run since December. The S&P 500 logs a fourth straight higher close. The Nasdaq eases 0.1% as tech stocks drag.
• The yield on 10-year US treasuries declines for a fifth day to 4.42%, the lowest in nearly a month, as traders adjust to last week's soft jobs data and a warning from Fed Chair Powell that another rate hike was "unlikely".
• Stocks rise and bond yields fall despite a warning from Minneapolis Fed President Neel Kashkari that stubborn inflation and housing market strength may keep rates on hold for the rest of the year. The market has priced in cuts of 46 basis points this year.
• The Dow shrugs off a 9.51% plunge in Disney following a decline in TV revenues and profits. Disney's slide is offset by gains across two-thirds of the average's 30 component companies.
• Nvidia and Tesla are among the drags on the Nasdaq. The chip-maker declines following reports that Apple is developing its own chip to run AI data centre software. Tesla is hit by news of lower sales last month.
• Materials is the pick of the sectors, rising 1.17%. Also strong: utilities +1.12%, consumer staples +1.09% and real estate +1.07%.
• Three S&P sectors finish lower: consumer discretionary -0.56%, tech -0.53% and energy -0.14%.
• The Australian dollar drops nearly 0.4% from a four-week high after the Reserve Bank yesterday resisted calls for another interest rate hike and indicated both increases and cuts were possible this year.
• Copper regains US$10,000 a metric ton as trade resumes on the London Metal Exchange after Monday's UK public holiday. Prices touched a two-year high at US$10,208 last week amid signs of tightening supply as Chinese buyers returned after Labour Day holidays.
• Iron ore consolidates Monday's strong gain following last week's China holiday. Benchmark ore prices on the Dalian Commodity Exchange ease less than 0.1%, a day after jumping 2.63%.

Key events today:

• US crude oil inventories - tonight

S&P 500: up 7 points or 0.13%

Dow: up 32 points or 0.08%

Nasdaq: down 17 points or 0.1%

Dollar: down 0.38% to 65.98 US cents

Iron ore (Dalian): down 0.06% to US$122.88

Brent crude: down 17 US cents or 0.2% to US$83.16

Gold: down US$7 or 0.3% to US$2,324.20

NYSE Arca Gold Bugs: down 0.05%

Bitcoin: down 1.08% to US$63,193

Copper (LME): up 1% to US$10,009.50

Nickel (LME): down 0.73% to US$19,100

Uranium (spot price): up 1.35% to US$94.25

Lithium carbonate (China spot): up 0.16% to US$15,514

Global X Lithium & Battery Tech ETF: down 0.56%

BHP: up 1.07% (US); up 2.37% (UK)

Rio Tinto: up 0.32% (US); up 2.27% (UK)