Day trading pre-market open November 10

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


Outlook for the day: Mildly negative as a 16-month high in iron ore helps offset the S&P 500's first loss in nine sessions.

ASX futures: down 5 points or 0.07%


Overnight themes:

• Wall Street's best run in two years ends after Federal Reserve Chair Jerome Powell says central bank officials "are not confident" they have done enough to tame inflation. Stocks sink as treasury yields rebound.
• The S&P 500's win run halts at eight following a loss of 0.81%. The Nasdaq drops 0.94%, breaking a nine-session streak. The Dow eases for a second day.
• The major indices hit overnight lows after Powell warns the central bank may not be done with rate rises. “The Federal Open Market Committee is committed to achieving a stance of monetary policy that is sufficiently restrictive to bring inflation down to 2 percent over time; we are not confident that we have achieved such a stance,” he told an International Monetary Fund audience this morning.
• Inflation remains "well above" the bank's target, Powell added. “My colleagues and I are gratified by this progress but expect that the process of getting inflation sustainably down to 2 percent has a long way to go,” he said.
• The yield on 10-year US treasuries surges 12 basis points to 4.626%. Yields were already on the rise following weak demand for an auction of 30-year US treasuries.
• First-time claims for unemployment benefits dip last week in a sign of enduring strength in the labour market.
• Walt Disney jumps 6.86% after reporting earnings and as the major studios reaches a tentative deal with striking actors.
• All 11 US sectors decline. Consumer discretionary and health fare worst, both losing more than 1.8%. Energy eases 0.27% despite a rebound in crude oil.
• Iron ore hits a 16-month high after China property stocks rally on reports of assistance for embattled developer Country Garden. Also helping ore prices: possible supply disruption from Brazil following a fire on a cargo train carrying Vale ore.

Key events today:

• Quarterly RBA Monetary Policy Statement - 11.30 am AEDT
• US consumer sentiment - tonight

S&P 500: down 35 points or 0.81%

Dow: down 220 points or 0.65%

Nasdaq: down 129 points or 0.94%

Dollar: down 0.63% to 63.67 US cents

Iron ore (Dalian): up 1.79% to US$128.89

Brent crude: up 47 US cents or 0.59% to US$80.01

Gold: up US$12 or 0.61% to US$1,969.80

NYSE Arca Gold Bugs: down 0.44%

Bitcoin: up 2.15% to US$36,363

Copper (LME): down 0.3% to US$8,117.50

Nickel (LME): down 1.22% to US$17,790

Uranium: steady at US$56.60

Lithium carbonate (China spot): down 0.96% to US$21,596

Global X Lithium & Battery Tech ETF: down 1.69%

BHP: up 0.42% (US); up 1.96% (UK)

Rio Tinto: down 0.19% (US); up 1.13% (UK)