Day trading pre-market open November 14

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


Outlook for the day: Positive as iron ore touches its highest in more than two years and oil, gold, uranium and other commodities advance.

ASX futures: up 68 points or 0.98%


Overnight themes:

• US stocks largely overcome early weakness ahead of tonight's crucial inflation report. The Dow nudges into positive territory. The S&P 500 and Nasdaq close narrowly in the red, but well off session lows.
• The major indices struggle for direction following a near two-week rally as investors hold off ahead of an inflation report that could push the Federal Reserve towards - or away from - another rate hike.
• "Everyone's kind of in a holding pattern waiting to see what happens with the inflation data [tomorrow] morning" - Michael O’Rourke, chief market strategist at JonesTrading.
• Dulling buying interest: ratings agency Moody's cuts its credit rating outlook for the US government to "negative" from "stable", citing the scale of the fiscal deficit, the rising cost of debt and partisan gridlock in Washington DC. The cut comes as the federal government once again faces a potential shutdown as soon as this weekend.
• Energy is the pick of the sectors, gaining 0.71% as oil rebounds from three weeks of selling. Crude prices rise after the Organization of the Petroleum Exporting Countries lifts its forecast for increased demand this year. The cartel now expects additional demand of 2.5 million barrels a day for 2023, up from an October projection of 2.4 million bpd. OPEC expects demand next year to increase by 2.2 million bpd.
• Other sectors to see gains include health +0.57%, consumer staples +0.37% and consumer discretionary +0.29%. Utilities, real estate and tech are the biggest drags.
• Boeing is the biggest contributor to the Dow's advance, rising 4.01% after Emirates orders 95 airplanes. Disney and Merck are also strong. Nike, Apple and Intel drag.
• Tesla is among the Nasdaq's leaders, adding 4.22%. Nvidia also gains.
• Iron ore rallies for a fourth session after China's Minister for Housing and Urban-Rural Development says the government will implement policies to meet housing demand. China ore prices trade at their highest since August 2021.

Key events today:

• November consumer sentiment - 10.30 am AEDT
• October business confidence - 11.30 am
• US CPI (consumer inflation) - tonight

S&P 500: down four points or 0.08%

Dow: up 55 points or 0.16%

Nasdaq: down 30 points or 0.22%

Dollar: up 0.24% to 63.79 US cents

Iron ore (Dalian): up 1.68% to US$132.46

Brent crude: up US$1.09 or 1.34% to US$82.52

Gold: up US$12.50 or 0.65% to US$1,950.20

NYSE Arca Gold Bugs: down 0.84%

Bitcoin: down 1.03% to US$36,800

Copper (LME): up 1.6% to US$8,166

Nickel (LME): up 0.8% to US$17,390

Uranium: up 1.2% to US$74.50

Lithium carbonate (China spot): down 0.65% to US$21,179

Global X Lithium & Battery Tech ETF: up 0.8%

BHP: up 0.57% (US); up 0.83% (UK)

Rio Tinto: up 0.2% (US); up 0.78% (UK)