Day trading pre-market open September 21

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




Outlook for the day: Negative for a fourth session after Wall Street winces at the prospect of another rate hike later this year and higher rates for longer.

ASX futures: down 22 points or 0.3%


Overnight themes:

• US stocks skid after the Federal Reserve leaves benchmark rates unchanged, as expected, but projects another hike this year and halves the number of cuts it expects to make next year.
• The main indices close at session lows after the federal funds target rate is left at 5.25 - 5.5%, but the "dot plot" of projections shows a majority of board members expect to raise again in November. The bank's Summary Economic Projections indicate members now expect just two rate cuts next year, down from the four contained in the last quarterly update.
• This bank's tweaks to its projections follow a string of economic reports showing the US economy continues to run hotter than anticipated, delaying the return of inflation to target levels. Rising energy prices have added to inflationary pressures.
• Chair Jerome Powell said the bank had more to do in the war on inflation but would "proceed carefully".
• “The US economy is too strong and this rate hiking cycle will last a lot longer than Wall Street wants” - Ed Moya, senior market analyst at Oanda.
• Rate-sensitive growth stocks are hit hardest. The tech sector dives 1.77%. Materials, energy and financials also retreat.
• Traditional defensives resist the selling. Consumer staples, real estate, utilities and health all gain less than 0.2%.
• Gold rises for a fourth night before turning negative in the wake of this morning's US rates decision and press conference. Gold for December delivery was lately down US$2.50 or 0.13% at US$1,951.20 after settling earlier at US$1,967.10.
• Oil retreats for a second session after hitting a 10-month high earlier in the week. Analysts describe the move as "warranted" consolidation after this month's surge.
• Global X's US-listed fund of lithium and battery miners sinks to its lowest in two and a half years as lithium prices continue to fall in China.

Key events today:

• RBA's quarterly bulletin - 11.30 am AEST

S&P 500: down 42 points or 0.94%

Dow: down 77 points or 0.22%

Nasdaq: down 209 points or 1.53%

Dollar: down 0.25% to 64.47 US cents

Iron ore (Dalian): up 0.5% to US$119.69

Brent crude: down 81 US cents or 0.9% to US$93.54

Gold: up US$13.40 or 0.74% to US$1,967.10

NYSE Arca Gold Bugs: up 1.37%

Copper (LME): up 0.54% to US$8,337.50

Nickel (LME): down 2.23% to US$19,555

Lithium carbonate (China spot): down 1.94% to US$24,605

Global X Lithium & Battery Tech ETF: down 1.69%

BHP: down 0.64% (US); up 0.58% (UK)

Rio Tinto: up 0.17% (US); up 1.05% (UK)