Daytrading Sep 11 pre-market

Morning traders. Thanks Shants and after-market regulars.

Market wrap:


Shares are eyeing a positive open after a rebound in Apple helped US stocks reverse early losses despite nerves over the timing of interest rate rises.

The September SPI 200 futures contract rallied 18 points or 0.3% to 5595 as the S&P 500 recouped most of Tuesday night's fall.

Apple bounced 3.07% to lead a rally in tech stocks as investors reassessed the unveiling of a new iPhone, watch and mobile payment system. That helped the Nasdaq rise 35 points or 0.76% and the S&P 500 eight points or 0.38%. The Dow, which does not have Apple as an index component, put on 55 points or 0.32%.

“Everybody has been watching Apple,” Matt Maley, equity strategist at Miller Tabak in the US, told Bloomberg. “It’s an Apple-dominated market, especially in a week where we don’t have a lot of macro data coming out.”

Technology was the pick of the sectors after analysts gave Apple's new technology a thumbs-up despite a downbeat initial reaction from investors on Tuesday night. Read more here. Financials, health care stocks and biotechs were the night's other top picks,

Bond yields rose for a fifth straight session as speculation continued that the Federal Reserve may raise interest rates earlier next year than most market analysts anticipate. The Fed is due to meet next week for a two-day policy meeting.

“Markets are sensitive to the end of QE [qualitative easing] and will be nervous until the crucial FOMC [Federal Open Market Committee] meeting and press conference next week," Quincy Krosby, market strategist at Prudential Financial in the US, told MarketWatch. "It is not unusual to see weakness after big gains last month."

BHP and Rio Tinto closed mixed in US trade as iron ore extended its push to five-year lows. BHP slipped 0.17% while Rio Tinto gained 0.54%. Spot iron ore for import to China yesterday fell $1 to US$82.20 a dry tonne.

An index of US gold stocks neared a three-month low as gold fell for a third session before turning higher. The NYSE Arca Gold Bugs index lost 1.97%. Gold for December delivery declined $3.20 or 0.3% to settle at US$1,245.30 an ounce before lately bouncing to US$1,249.60.

Oil plumbed an eight-month low after the OPEC cartel downgraded its demand outlook. The Organization of the Petroleum Exporting Countries lowered its crude demand estimate by 200,000 barrels a day for this year and next. West Texas Intermediate crude oil for delivery in October skidded $1.08 or 1.2% to settle at US$91.67 a barrel and was recently trading at US$91.71.
Copper and zinc recouped a little of Tuesday's heavy losses, but nickel extended its fall. In London, copper rallied 0.44%, tin 0.5% and zinc 0.17%. Nickel lost 0.98%, aluminium 0.48% and lead 0.56%. US copper for December delivery was recently up a cent or 0.3% at US$3.11 a pound.

European stocks closed little changed as a new poll cast fresh uncertainty over next week's Scottish independence vote. A Daily Record poll placed the 'No' camp ahead. The Stoxx Europe 600 index eased 0.05% as Germany's DAX gave up 0.11%, France's CAC lost 0.03% and Britain's FTSE edged up 0.01%.
The dollar was this morning buying 91.52 US cents.

TRADING THEMES TODAY

CHINA, JOBS ON TAP: Some welcome relief for investors, with the market set for a bright open. How we finish up will largely be determined by the monthly jobs report and Chinese inflation data at 11.30am EST. Economists expect jobs growth of around 15,200 to push the unemployment rate down a tick to 6.3%, according to Forex Factory. However, observers of monthly unemployment data know that forecasting on a monthly basis is a mug's game. Consumer inflation in China is expected to ease a tick to 2.2%, a market-friendly result because mild inflation gives the government elbow room to stimulate the stuttering economy. Gold stocks remained under the pump in the US overnight and nickel extended Tuesday night's sharp reversal.  

ECONOMIC NEWS: The monthly inflation expectations report is scheduled for 11am EST, but the main event today is the August employment change and unemployment rate half an hour later. Chinese consumer and producer inflation reports are also due at 11.30am. Weekly jobless claims and the federal budget balance are tonight's US highlights.

Good luck to all.