Day trading pre-market open November 7

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


Outlook for the day: Mildly negative following a five-session winning run in the lead-up to today's RBA interest rate decision.

ASX futures: down 11 points or 0.16%


Overnight themes:

• US stocks take a breather following their best week in more than a year. The main indices finish modestly higher during a consolidation session ahead of addresses this week from various central bankers.
• “What we’re seeing is the market pausing to digest that very strong rally last week... You’re in a situation where the market’s just pausing to consolidate the recent move and wait for the next bullish catalyst to come out, and that could likely be one of the Fed heads, [Fed Chair] Powell or earnings” - Adam Sarhan, CEO of 50 Park Investments.
• Stock gains are kept in check by a rebound in treasury yields from last week's heavy falls. The yield on 10-year US treasuries bounces 14 basis points ahead of a US$112 billion bond auction this week.
• Markets will seek more guidance on the outlook for US rates this week as series of Fed board members deliver public addresses. The odds on the current rates pause continuing next month have risen to 90.4% from 74.4% a week ago, according to Reuters.
• Earnings season winds down this week with updates from Disney and Occidental Petroleum. More than four-fifths of the S&P 500 have already reported.
• Tech and health are the pick of the sectors, gaining more than 0.6%. Real estate, energy and materials are the biggest drags, shedding between 0.5% and 1.4%.
• Oil rebounds after Saudi Arabia and Russia reaffirm production cuts to the end of the year. The Saudis have produced a million barrels of crude less each day since July, capping output at nine million barrels a day.
• Copper climbs to a one-month high after China's Premier forecasts a more open economy with a sharp increase in imports. Also helping copper and other US dollar-denominated commodity prices: a sharp retreat in the greenback after weak US jobs data appeared to lower the odds on another rate hike this year. Iron ore finishes little changed in China.
• The Reserve Bank meets this morning and is widely expected to raise the target cash rate this afternoon by 25 basis points to 4.35% to quell "sticky" inflation.

Key events today:

• Interest rate decision - 2.30 pm AEDT (previous: 4.1%; expected: 4.35%)
• Public holiday in Victoria

S&P 500: up 8 points or 0.18%

Dow: up 35 points or 0.1%

Nasdaq: up 41 points or 0.3%

Dollar: down 0.4% to 64.89 US cents

Iron ore (Dalian): flat at US$127

Brent crude: up US$1.21 or 1.4% to US$86.10

Gold: down US$10.60 or 0.53% to US$1,988.60

NYSE Arca Gold Bugs: down 1.15%

Bitcoin: up 1.1% to US$35,019

Copper (LME): up 0.87% to US$8,247

Nickel (LME): up 1.24% to US$18,420

Lithium carbonate (China spot): down 0.93% to US$22,290

Global X Lithium & Battery Tech ETF: up 0.91%

BHP: down 0.19% (US); down 0.36% (UK)

Rio Tinto: up 0.69% (US); up 0.09% (UK)