Day trading pre-market open September 29

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



Outlook for the day: Positive (anyone remember that word?!) after US stocks rebound, iron ore rises and a retreat in the US dollar eases pressure on the battered Aussie.

ASX futures: up 45 points or 0.64%


Overnight themes:

• US stocks arrest a two-week slide, at least temporarily, as treasury yields, the dollar and crude oil back off this week's highs.
• The main indices have their best session in two weeks. Mining, property and growth sectors lead the rebound.
• "A little bit of a counter trend rally is to be expected after three or four pretty sharply negative days” - Matt Stucky, senior portfolio manager at Northwestern Mutual Wealth Management.
• Confidence in the economy is boosted by solid growth figures. Gross domestic product expanded by 2.1% in the second quarter, according to revised figures.
• House and Senate lawmakers continue to work on separate proposals to avert a federal government shutdown this weekend.
• Treasury yields hit 15-year highs before easing later in the session. The 10-year yield was lately down four basis points at 4.578%.
• The US dollar index reverses 0.5%. The Australian dollar bounces more than 1.2%.
• Brent crude falls back after pushing towards US$100 a barrel. The international oil benchmark trades as high as US$97.69, but finishes 1.2% in the red.
• "Oil was ripe for a pullback. After coming a few dollars short of the $100 level, energy traders are quickly locking in profits given the turbulence happening in the bond market” - Ed Moya, senior market analyst at Oanda.
• A modest increase in hot metal output at steel mills lifts iron ore ahead of the Golden Week holiday starting today. Daily hot metal output edges up 0.1% to its highest in three years, according to Mysteel. Copper also rebounds.
• Gold settles near a seven-month low as US treasury yields test fresh 16-year highs.

Key events today:

• Golden Week holiday starts in China
• US August inflation data (Personal Consumption Expenditures) - tonight
• US revised consumer sentiment - tonight

S&P 500: up 25 points or 0.59%

Dow: up 116 points or 0.35%

Nasdaq: up 108 points or 0.83%

Dollar: up 1.21% to 64.25 US cents

Iron ore (Dalian): up 0.89% to US$116.66

Brent crude: down US$1.17 or 1.2% to US$95.38

Gold: down US$12.30 or 0.6% to US$1,878.60

NYSE Arca Gold Bugs: up 0.31%

Copper (LME): up 1.24% to US$8,215

Nickel (LME): down 0.34% to US$18,985

Lithium carbonate (China spot): steady at US$23,538

Global X Lithium & Battery Tech ETF: up 2.14%

BHP: up 2.69% (US); 1.83% (UK)

Rio Tinto: up 2.36% (US); up 2.21% (UK)