Day trading pre-market open October 24

Morning traders. Thanks @ttward and lounge lizards.

Overnight round-up and day ahead:

Improvements in export commodity prices and slim gains on Wall Street look set to raise the Australian share market today.

ASX SPI200 index futures rallied 33 points or 0.5 per cent to 6679 as iron ore, copper and crude oil advanced. Index heavyweights BHP and Rio Tinto both rose in overseas action.

The major US stock indices edged higher in late action following a mixed batch of company reports. The S&P 500 put on nine points or 0.28 per cent as Caterpillar and Boeing shrugged off earnings misses. The Nasdaq added 16 points or 0.19 per cent despite a disappointing outlook from Texas Instruments. The Dow gained 46 points or 0.17 per cent.

US stocks whipsawed before investors found the positives in quarterly updates from trade-war bellwethers Caterpillar and Boeing. Heavy machinery manufacturer Caterpillar gained 1.2 per cent despite missing earnings and revenue targets, and cutting its full-year guidance. Boeing's earnings plunged 50 per cent, but the stock rose 1 per cent after the airplane manufacturer said it will have its troubled 737 Max back in service before the end of the year.

The effects of the trade war were also felt in a profit warning from Texas Instruments. Shares in the tech giant fell 7.5 per cent, dragging an index of PC chipmakers down 1.9 per cent.

Despite last night's high-profile misses, the overall earnings picture has been brighter than analysts expected before the start of the quarterly reporting season. More than 82 per cent of the 124 S&P 500 companies that have reported have exceeded earnings targets.

Strength in resource stocks has helped the Australian market muddle higher this week. The ASX 200 yesterday overcame an initial 37-point fall to end the session a point or less than 0.1 per cent ahead. Overnight, BHP's US-listed stock put on 0.97 per cent and its UK-listed stock gained 1.31 per cent. Rio Tinto added 0.74 per cent in the UK, but stalled in the US, closing 0.13 per cent lower. The spot price for iron ore landed in China increased by 95 cents or one per cent yesterday to $US86.95 a dry ton.

Oil surged to its highest level in almost a month after US stockpiles recorded their first decline in six weeks. December Brent crude - the new front-month contract - settled $1.47 or 2.5 per cent ahead at $US61.17 a barrel.

Copper rallied as civil unrest in Chile began to impact production. Benchmark copper gained 1.1 per cent on the London Metal Exchange after BHP, Codelco and Antofagasta all reported disruption due to protests in the country triggered by complaints over the rising cost of living. Aluminium and nickel added 0.6 per cent, lead 0.3 per cent and zinc 0.1 per cent. Tin gave up 1.8 per cent.

Gold improved for the first time in four sessions following the latest twist in the Brexit saga. UK Prime Minister Boris Johnson's attempt to rush through his exit plan from the European Union was defeated in the UK parliament, adding further uncertainty. Gold settled $8.20 or 0.6 per cent higher at $US1,495.70 an ounce.

The dollar was trading broadly steady at 68.53 US cents.

A slow week for economic dataflow picks up over the next 24 hours, with manufacturing and services reports due here today and in Europe and the US tonight. Wall Street has the monthly durable goods report, as well as earnings from Microsoft and Ford this morning, and Amazon, Intel and ConocoPhillips tonight.

Breakfast

We've had a healthy week, and I'm sure some are Jonesing for a blowout, so we'll open the breakfast buffet. Dig in.