daytrading april 24 pre-market

Morning traders. Thanks Trees.

Market wrap:

Australian equity futures point to a positive open as yesterday's ASX breakout and well-received after-market earnings from Apple and Facebook overshadow a down night on Wall Street.

The June SPI 200 futures contract ended the night session 19 points or almost 0.4% higher at 5528 despite an end to the S&P 500's six-session winning run.

The benchmark index in the US eased five points or 0.24% following a dive in house sales and disappointing earnings reports from AT&T and Amgen. The Dow fell 12 points or 0.07% and the Nasdaq a heftier 34 points or 0.83% amid nervy trading ahead of after-market earnings from two of the index's heavyweights.

"The market has been moving up rather well, but it can get a little tired," Richard Sichel, chief investment officer at Philadelphia Trust in the US, told Bloomberg. "And the economic news today was not anything that would drive the market higher at this point. Apple and Facebook report after the close today, and everyone will be watching that, as they can be market movers."

Shares in Apple, the world's largest company by market capitalisation, were lately up 7.9% in after-market trade after the company topped earnings estimates and announced a stock split and an increased share buyback. Shares in Facebook were 5.4% higher on revenue that was well ahead of market expectations.

Earlier, concerns about the housing market increased after the Commerce Department announced that sales of new homes slumped 14.5% last month to their lowest level since July. The annualised rate of 384,000 was significantly below the pace of 450,000 that economists expected, dashing hopes that the recent drop-off in sales was largely due to winter weather.

Separately, a preliminary manufacturing index dropped to 55.4 this month from a final reading of 55.5 in March. Economists surveyed by Bloomberg had anticipated an increase to 56.

European shares broke a three-day rally after data yesterday signalled China's manufacturing sector continued to contract this month. HSBC's flash PMI improved to 48.3 from 48 but remained below the 50-point level that separates contraction from expansion. The Stoxx Europe 600 index fell 0.59% as Germany's DAX lost 0.58%, France's CAC 0.74% and Britain's FTSE 0.1%.

Australia's biggest miners drifted lower in US trade as the price of iron ore continued to retreat. BHP lost 0.18%, Rio Tinto 0.55%. Spot iron ore for import to China yesterday slipped 30 cents to US$112.20 a dry tonne.

Nickel continued its bull run on the London Metal Exchange, rising to a new 14-month high. Nickel advanced 0.3% and tin 0.4%. Copper and lead closed flat. Aluminium lost 0.8% and zinc 1.1%. US copper for May delivery was recently up 0.1% or less than a third of a cent at US$3.06 a pound.

Oil dipped to a two-week low after a government report showed US inventories reached record levels last week. West Texas Intermediate crude oil for June delivery was lately off 20 cents or 0.2% at US$101.55 a barrel after settling at US$101.44.

Gold edged to its first rise in four sessions as the downbeat economic news and retreat from equities brought in some haven buying. Gold for June delivery was recently ahead $3.20 or 0.25% at US$1,284.30 an ounce after settling at US$1,284.60.

TRADING THEMES TODAY

BREAKOUT LIKELY TO CONTINUE: Ignore the closing numbers on Wall Street - the after-market earnings from Apple and Facebook are what matters now. A 7% jump in a company the size of Apple is enough to move the market. Emini S&P futures were recently up three and a half points or 0.2% in response. Provided there is no change in sentiment, that should be enough to drive the ASX further into blue sky territory today. Once again, the market faces the prospect of Wall Street trading twice before we resume on Monday following tomorrow's Anzac Day public holiday, but that may not matter if US futures remain strong.

ECONOMIC NEWS: No significant domestic news scheduled today. A Chinese leading index is due at noon. US highlights tonight include durable goods/core durable goods and weekly jobless claims.

Good luck to all.