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

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



Outlook for the day: Mildly negative as investors weigh declines in key commodities against Wall Street's first rise in five sessions.

ASX futures: down 7 points or 0.1%


Overnight themes:

• US stocks steady after their worst week since March. The main indices eke out their first advances in five sessions. Gains are constrained by rising treasury yields and fears of recession as interest rates remain elevated through next year.
• The 10-year US treasury yield closes at its highest since 2007.
• Chicago Fed President Austan Goolsbee says higher inflation is a "bigger risk" to the economy than an economic slowdown. "We have to get inflation back down to target," he said.
• The threat of a partial federal government shutdown from Sunday remains with no deal in sight.
• The S&P 500 lost 2.9% last week after the Federal Reserve doused hopes that rates have reached a top. The index has given up 5.5% since July.
• "There is less urgency to aggressively buy pullbacks in a higher-for-longer world and that is what the market is going to have to deal with over the coming months" - Angelo Kourkafas, senior investment strategist at Edward Jones.
• Energy stocks outperform, rising 1.28% despite a subdued session on energy markets. Oil closes little changed despite Russia lifting restrictions on some fuel exports. Brent crude edges up two cents. US crude dips 0.39%, closing below US$90 a barrel
• The next-best sectors are materials +0.8%, consumer discretionary +0.67% and health +0.54%. Defensive sectors consumer staples, utilities and real estate all decline.
• BHP and Rio Tinto fall in overseas trade as iron ore drops to a two-week low. Ore prices retreat as pre-Golden Week restocking ends in China and as soft steel sales dent optimism about improving demand. Base metals also decline. China's annual week-long national holiday starts on Friday.

Key events today:

• US consumer confidence, house sales - tonight

S&P 500: up 17 points or 0.4%

Dow: up 43 points or 0.13%

Nasdaq: up 60 points or 0.45%

Dollar: down 0.32% to 64.2 US cents

Iron ore (Dalian): down 2.03% to US$115.55 (2-week low)

Brent crude: up 2 US cents or less than 0.01% to US$93.29

Gold: down US$8.80 or 0.46% to US$1,916.60

NYSE Arca Gold Bugs: down 1.02%

Copper (LME): down 0.89% to US$8,149

Nickel (LME): down 1.36% to US$19,150

Lithium carbonate (China spot): down 0.58% to US$23,840

Global X Lithium & Battery Tech ETF: down 0.05%

BHP: down 1.11% (US); down 1.39% (UK)

Rio Tinto: down 1.56% (US); down 1.89% (UK)