Day trading pre-market open October 10

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



Outlook for the day: Positive after commodity prices surge and Wall Street overcomes early weakness triggered by conflict in the Middle East.


ASX futures: up 30 points or 0.43%


Overnight themes:

• US stocks reverse initial falls during a flight to havens following Hamas's surprise attack on Israel.
• The Nasdaq swings from a loss of 1.15% to a gain of 0.37%. The Dow and S&P 500 also convert losses into gains as investors buy energy stocks, gold miners and defence companies.
• The S&P 500 energy sector jumps 3.54%. Also strong are industrials +1.61%, real estate +1.3% and utilities +1.01%. All 11 sectors close higher.
• "The occurrence in the Middle East is going to bump up energy and there's a flight to quality given the uncertainty in the geopolitical sphere" - Alex McGrath, chief investment officer at NorthEnd Private Wealth.
• In defence, Lockheed Martin jumps 8.94%, Northrop Grunman 11.43% and L3Harris Technologies 9.98%.
• Airlines retreat as fuel prices rally. United, Delta and American Airlines all lose at least 4%.
• Exchange-traded funds linked to Israel suffer heavy losses. The iShares MSCI Israel ETF falls 7.13%.
• Commodity prices surge on fears that the conflict could broaden following reports of Iranian officials assisting in planning the attack on Israel. Brent crude soars 4.2%. Gold gains 1%, copper 0.8% and nickel 2.4%. Wheat, sugar and gas also rise.
• Iron ore falls as trade resumes on the Dalian Commodity Exchange after a week-long holiday in China. The most active futures decline 2.75%.
• The odds on further rate hikes ease after two Federal Reserve officials suggest recent rises in treasury yields may reduce the need for higher rates. The US bond market was closed overnight for the Columbus Day holiday.

Key events today:

• October consumer sentiment - 10.30 am AEDT
• September business confidence - 11.30 am

S&P 500: up 27 points or 0.63%

Dow: up 197 points or 0.59%

Nasdaq: up 53 points or 0.39%

Dollar: up 0.69% to 64.13 US cents

Iron ore (Dalian): down 2.75% to US$113.55

Brent crude: up US$3.57 or 4.2% to US$88.15

Gold: up US$19.10 or 1% to US$1,864.30

NYSE Arca Gold Bugs: up 2.12%

Copper (LME): up 0.81% to US$8,111

Nickel (LME): up 2.48% to US$18,975

Lithium carbonate (China spot): flat at US$23,541

Global X Lithium & Battery Tech ETF: down 0.42%

BHP: down 1.26% (US); down 1.23% (UK)

Rio Tinto: down 1.16% (US); down 1.27% (UK)