Day trading pre-market open February 7

Morning traders. Thanks loungers, especially @Ravgnome.


Outlook for the day: Positive for the first time this week after miners outperform during a night of modest gains on Wall Street.

ASX futures: up 55 points or 0.73%


Overnight themes:

• Wall Street's main indices edge higher as investors mull over the latest batch of Q4 earnings and commentary from several Federal Reserve officials regarding the timing of rate cuts this year.
• The Dow leads as Walgreens, Disney and Nike advance. The S&P 500 also finishes in the green after trading in and out of negative territory all session. The Nasdaq turns positive in the closing minutes.
• Cleveland Fed President Loretta Mester says she still "leans toward" three rate cuts this year but sees no rush to start cutting. Minneapolis Fed President Neel Kashkari says inflation data has been "surprisingly positive", but the Fed is "not done yet".
• Regional banks continue to cause some investor jitters. Treasury Secretary Janet Yellen says she is concerned by signs of stress in commercial real estate, but believe the situation can be managed. The KBW Regional Banking index falls 1.4% as New York Community Bancorp continues to slide. The bank has lost around half its value since reporting a loss last week due to its exposure to the struggling commercial real estate industry.
• Airline stocks are boosted by an earnings beat from Frontier Group. Overall S&P 500 earnings are up 8.1% so far this season.
• Materials is the pick of the US sectors, rallying 1.7% as the US dollar index backs off its highest level since mid-November. (A falling greenback makes the prices of dollar-denominated commodities more attractive for buyers using other currencies.) Oil, gold and most industrial metals rise overnight.
• Other sectors to outperform include real estate +1.49%, health +1.09% and industrials +0.89%. The night's only drags are tech -0.48% and communication services -0.21%.
• Iron ore continues to fall amid poor weather in China and signs most Chinese steelmakers have completed restocking ahead of the week-long Lunar New Year holiday next week. China-traded ore declines 0.63% in daytime trade. Singapore ore trades near a three-month low.
• “With the forthcoming holiday, stockpiling for raw materials among steel mills has basically ended. Market activity will be at standstill” - analysts at consultancy Shanghai Metals Market (per Reuters).

Key events today:

• Earnings season: updates from Amcor, Cettire, BWP Trust and Centuria Industrial REIT (source: CommSec).

S&P 500: up 11 points or 0.23%

Dow: up 141 points or 0.37%

Nasdaq: up 11 points or 0.07%

Dollar: up 0.67% to 65.24 US cents

Iron ore (Dalian): down 0.63% to US$130.57

Brent crude: up 60 US cents or 0.77% to US$78.59

Gold: up US$8.50 or 0.4% to US$2,051.40

NYSE Arca Gold Bugs: up 0.77%

Bitcoin: up 1.62% to US$43,056

Copper (LME): up 0.5% to US$8,401.50

Nickel (LME): down 0.38% to US$15,900

Uranium (spot price): down 2.45% to US$104

Lithium carbonate (China spot): steady at US$13,461

Global X Lithium & Battery Tech ETF: up 4.06%

BHP: up 1.42% (US); up 0.51% (UK)

Rio Tinto: up 1.21% (US); up 0.84% (UK)