Day trading pre-market open April 19

Morning traders. Thanks loungers, especially @Ravgnome.


Outlook for the day: Negative after Wall Street once again gives up most of its initial gains. The ASX 200 looks to have been wrong-footed yesterday, rising 0.48% in anticipation of a US rebound that has yet to eventuate.

ASX futures: down 55 points or 0.72%


Overnight themes:

• US stocks largely surrender early gains for a fourth night as the market continues to lower expectations for rate cuts this year.
• The S&P 500 declines 0.22% to a fifth straight loss, the index's worst run since October. The Nasdaq also falls for a fifth session, its longest losing streak since January. The Dow clings on to a gain of 0.06%, supported by positive trading updates this week from UnitedHealth and Travelers.
• Federal Reserve officials talk down the likelihood of rate cuts any time soon. Atlanta Fed President Raphael Bostic says he is "comfortable being patient". Minneapolis Fed President Neel Kashkari warns the central bank may have to wait until next year for confirmation that inflation is back on track to return to target. "We can wait as long as it takes before cutting rates," he says.
• Treasury yields continue to rise as the odds on rate cuts this northern summer contract. The odds on a June cut drop to 15.2%. A July cut drifts out to 41.5% from 48.4% a week ago.
• Financials, utilities and consumer staples outperform in a mixed market. Utilities gains 0.61%, consumer staples 0.41% and financials 0.4%. The materials sector closes more or less flat. Tech and consumer discretionary are the night's biggest drags.
• The Nasdaq is on track for a fourth straight weekly loss for the first time since December 2022. The tech-heavy index has fallen 3% this week as traders take profits on some of the year's best performing stocks. The S&P 500 is down 2% for the week and the Dow off 0.6%.
• Netflix slumped 3.7% in after-market trade after missing its Q1 revenue target this morning.
• Copper touches a 22-month high during a brief pause in the US dollar's steady advance. Benchmark copper on the London Metal Exchange gains 1.67%. Traders report short-covering as other base metals also rally.
• Iron ore builds on Wednesday's one-month high, rising 3.07% in daytime trade in China.
• "Driver for this round of [iron ore] price rally is a quicker-than-expected destock of construction steel products... and this also lifted expectations of production restarts and replenishment of raw materials among steelmakers" - analysts at Jinrui Futures quoted by Reuters.

Key events today:

• US earnings season - tonight

S&P 500: down 11 points or 0.22%

Dow: up 22 points or 0.06%

Nasdaq: down 82 points or 0.52%

Dollar: down 0.27% to 64.21 US cents

Iron ore (Dalian): up 3.07% to US$120.75

Brent crude: down 18 US cents or 0.2% to US$87.11

Gold: up US$10.40 or 0.4% to US$2,398.80

NYSE Arca Gold Bugs: up 0.4%

Bitcoin: up 0.19% to US$63,600

Copper (LME): up 1.67% to US$9,743

Nickel (LME): up 2.51% to US$18,555

Uranium (spot price): down 0.16% to US$90.75

Lithium carbonate (China spot): up 0.14% to US$15,398

Global X Lithium & Battery Tech ETF: down 0.56%

BHP: down 0.72% (US); down 1.69% (UK)

Rio Tinto: down 0.15% (US); down 0.32% (UK)