daytrading march 6 pre-market

Morning traders. Thanks 64.

Market wrap:

Shares are set to open modestly weaker after soft economic data capped US trade.

The March SPI 200 futures contract eased 12 points or 0.2% to 5441 as a tight, range-bound session in New York saw the major indexes consolidate near record levels.

The S&P 500 closed unchanged and in the middle of a narrow six-point range overnight as traders continued to mark down deteriorating economic signals to bad winter weather. The Dow lost 36 points or 0.22%, while the Nasdaq bucked the downward drift with a rise of 0.14%.

"Markets are continuing to give a free pass to any weak economic number because of the weather," Jeffrey Kleintop, chief market strategist at LPL Financial in the US, told Bloomberg. "That could be the case for much of the data we're going to get through February. Stocks will ignore the data if it's bad and rally on the number if it's good."

The market showed little inclination to move in either direction during a heavy night of economic news. Private US companies added 139,000 new hires last month, up from January's revised tally of 127,000 but below economists' median estimate of 155,000.

A separate report showed growth in the services sector fell sharply to its slowest pace in four years. The Institute for Supply Management's non-manufacturing index dropped to 51.6% last month from 54% in January, also below expectations.

There was little reaction to the release of the Federal Reserve's 'Beige Book' business survey, which reported improved activity in eight out of twelve Fed districts despite the impact of the weather. Read more here.

BHP and Rio Tinto traded mixed amid bearish predictions for the future pricing of iron ore. Citi and Goldman Sachs have both released reports predicting ore will fall to US$80 a tonne within two years. Spot iron ore for import to China yesterday slipped 10 cents to US$116.70 a dry tonne. Overnight, BHP edged up 0.18% in the US and Rio Tinto fell 1.15%.

Oil slumped to its weakest price in three weeks as a rise in US distillate inventories and weak economic signals dulled demand expectations. West Texas Intermediate crude oil for April delivery was lately down $2.32 or 2.2% at US$101.02 a barrel after settling at US$102.29.

A mixed night on the London Metal Exchange saw nickel record a nine-month high as China's 7.5% growth target for this year helped offset on-going concerns about the military stand-off in Ukraine. Nickel rallied 0.8% and aluminium 0.4%. Lead was flat, copper fell 0.3%, zinc 0.2% and tin 0.2%. US copper for March delivery was recently off 0.4% or about a cent at US$3.20 a pound.

Gold was little changed. Gold for April delivery was recently down 30 cents or less than 0.1% at US$1,337.60 an ounce after settling at US$1,340.30.

European stocks gave back a little of Tuesday's 2.1% rally, the strongest session in eight months. The Stoxx Europe 600 index dipped 0.03% as Germany's DAX fell 0.49%, France's CAC 0.11% and Britain's FTSE 0.79%.

TRADING THEMES TODAY

MINERS LIKELY TO WEIGH: A spiritless session on Wall Street saw minimal movement after the violent Ukrainian gyrations of the previous two nights. The market remained in a forgiving mood, ignoring soft economic news and a lack of progress over the crisis in the Crimea. However, overnight weakness in BHP and Rio will make it hard for the ASX to rally today. The bears seem to be circling iron ore miners at present, with gloomy predictions from the usual suspects. Retail sales and trade data at 11.30am EST may change the market mood for better or worse.

ECONOMIC NEWS: Monthly trade balance and retail sales are scheduled for 11.30am EST. The European Central Bank and Bank of England release rate announcements tonight. Another busy night in the US includes speeches by two Fed members, factory orders, weekly jobless claims and revised quarterly non-farm productivity and unit labour costs.

Good luck to all.