Day trading pre-market open November 9

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


Outlook for the day: Positive as a rebound in iron ore helps offset a mixed close on Wall Street.

ASX futures: up 28 points or 0.4%


Overnight themes:

• US stocks finish mixed but little changed at the end of a low-key consolidation session as investors weigh earnings reports and comments from central bankers.
• The S&P 500 inches to an eighth straight gain. The broadest of the major benchmarks has gained 6.3% during its best run in two years. The Nasdaq's win streak extends to nine sessions for the first time since 2020. The Dow eases as Walgreens and Intel weigh.
• Buying interest is supported by an on-going recovery on bond markets. The yield on 10-year US treasuries eases almost five points to 4.52%. Stocks slumped last month when the 10-year yield broke briefly above 5%.
• “Stocks may well pause for breath as investors balance the hope for rate cuts with building financial stresses in the economy. And it wouldn’t be the first time it the current cycle of elevated interest rates that the market has been wrong about the timing of the Fed pivot” - Derren Nathan, head of equity research at Hargreaves Lansdown.
• Federal Reserve Chair Jerome Powell avoids discussing monetary policy during a conference appearance. However, Fed Governor Michelle Bowman warns further rate hikes are possible. She says she expects higher rates from future meetings.
• Warner Bros Discovery sinks 19.04% as Hollywood strikes dull its earnings outlook. Earnings season is nearing an end, with almost 90% of companies having reported.
• Gains in real estate, tech, industrial and mining stocks help offset weakness in energy, utilities and consumer stocks.
• Iron ore rebounds after Chinese authorities take steps to rescue struggling property developer Country Garden. Authorities reportedly ask insurance group Ping An to take a controlling stake in Country Garden. Also helping sentiment: China's central bank governor encourages lenders to support its real estate sector.
• Brent crude falls below US$80 a barrel for the first time since the start of the Israel-Hamas conflict. The international oil benchmark declines 2.5% to US$79.54, its lowest since the second half of July. The decline follows news that US stockpiles jumped almost 12 million barrels last week, raising further questions about demand in the wake of soft Chinese economic data earlier this week.

Key events today:

• China inflation data - 12.30 pm AEDT
• Panel discussion involving US Fed Chair Powell - tonight

S&P 500: up 4 points or 0.1%

Dow: down 40 points or 0.12%

Nasdaq: up 11 points or 0.08%

Dollar: down 0.4% to 64.04 US cents

Iron ore (Dalian): up 1.03% to US$128.46

Brent crude: down US$2.07 or 2.54% to US$79.54

Gold: down US$15.70 or 0.79% to US$1,957.80

NYSE Arca Gold Bugs: down 2.66%

Bitcoin: up 0.75% to US$35,815

Copper (LME): down 0.98% to US$8,106

Nickel (LME): up 0.31% to US$18,010

Lithium carbonate (China spot): down 1.26% to US$21,805

Global X Lithium & Battery Tech ETF: down 1.04%

BHP: down 0.8% (US); down 0.58% (UK)

Rio Tinto: down 0.17% (US); down 0.54% (UK)