Day trading pre-market open January 22

Morning traders. Thanks loungers, especially @Ravgnome and @Patterns.


Outlook for the day: Positive after Wall Street's S&P 500 hits its first all-time high in two years.

ASX futures: up 26 points or 0.35%


Friday themes:

• A dip in treasury yields helps the S&P 500 join the Dow in record territory as Wall Street moves past its New Year market retrace.
• The S&P 500 advances 1.23%, to 4,839.81, surpassing its old high of 4796.56 set on January 3, 2022. The rally confirms the broadest of the major US indices has been in a bull market since October 2022. The Dow also closes at a record. The Nasdaq Composite needs another 4.3% to reach its previous high, set on November 19, 2021.
• "It's a real positive, even at a time when rates ticked a little bit higher, and investors are calling into question how soon the Fed will cut interest rates. And yet the market has marched on anyway" - Ross Mayfield, investment strategy analyst at Baird (per Reuters).
• Buyers are encouraged by evidence Americans are increasingly optimistic about the prospects for inflation and the economy. The University of Michigan's consumer sentiment index jumps 13% this month to 78.8, the highest level in two-and-a-half years. The index has bounced almost 60% since its June 2022 low.
• Tech stocks outperform amid on-going enthusiasm for AI applications. The S&P tech sector gains 2.35%. Other standouts are financials +1.64%, communication services +1.63% and consumer discretionary +1.02%. The defensive consumer staples and utilities sectors finish lower.
• The US Q4 earnings season continues this week with trading updates from Netflix, Tesla, Intel, ResMed, 3M, Johnson & Johnson and AmEx. The Australian trading week ends on Thursday, with the market closing for Friday's Australia Day public holiday.
• Iron ore rises for a second session after suspected government intervention helps China's stock market bounce off a five-year low. China-traded ore gains 1.3% for the week as traders anticipate restocking by steel mills ahead of next month's Lunar New Year holiday.

Key events this week:

• Business confidence - Tuesday
• Flash manufacturing/non-manufacturing PMIs - Wednesday
• US flash manufacturing/non-manufacturing PMIs - Wednesday
• US GDP - Thursday
• Australia Day holiday - Friday
• US Personal Consumption Expenditures (inflation data) - Friday

S&P 500: up 59 points or 1.23%

Dow: up 395 points or 1.05%

Nasdaq: up 255 points or 1.7%

Dollar: down 0.17% to 65.86 US cents

Iron ore (Dalian): up 2.63% to US$133.04

Brent crude: down 54 US cents or 0.7% to US$78.56

Gold: up US$7.70 or 0.38% to US$2,029.320

NYSE Arca Gold Bugs: up 0.31%

Bitcoin: down 0.13% to US$41,750

Copper (LME): up 0.35% to US$8,380

Nickel (LME): down 0.74% to US$16,036

Uranium (spot price): steady at US$108

Lithium carbonate (China spot): up 0.07% to US$13,394

Global X Lithium & Battery Tech ETF: down 0.93%

BHP: up 0.08% (US); down 0.23% (UK)

Rio Tinto: down 0.61% (US); down 1.03% (UK)