Day trading pre-market open May 20

Morning traders. Thanks loungers, especially @Ravgnome.

Outlook for the day: Positive following slender gains on Wall Street, records for copper and gold, and advances in other commodities.

ASX futures: up 35 points or 0.45%

Friday themes:

The Dow logged a fifth straight winning week and its first close above 40,000 as the market continued to coast higher on positive inflation data earlier in the week and a supportive corporate earnings season. The S&P 500 and Nasdaq Composite both sealed a fourth positive week.

The Dow rallied 0.34% to end at 40,003.59. The S&P 500 firmed 0.12%. The Nasdaq lost less than 0.1%.

The Dow was boosted by gains for global bellwether Caterpillar following upbeat Chinese factory data, and by Walmart, Boeing and JPMorgan Chase.

Resource stocks outperformed on the S&P 500 as several commodities hit milestones (more below). The energy sector put on 1.36%. Materials was next best with a gain of 0.85%. The other sector with the biggest weighting on the ASX - financials - was next with a rise of 0.61%.

Three sectors missed the upswing: real estate -0.01%, consumer staples -0.26% and tech -0.46%.

"Today is a bit of a digestion day: we just broke out through record highs and now we're on a fourth straight week of gains [for the S&P 500], and the market appears to take a breaker" - Keith Lerner, co-chief investment officer at Truist Advisory Services (per Reuters).

For the week, the Dow gained 1.2%, the S&P 500 1.5% and the Nasdaq 2.1%. Tech and real estate were the week's best performers.

Copper logged a record close in the US after a short squeeze forced several trading firms to buy physical copper. Benchmark prices climbed 3.6% on the Chicago Mercantile Exchange to US$5.05 a pound. Prices in London climbed 2.34% to a 26-month high after Chinese factory output expanded more than expected and the government debated ordering local governments to tackle a property overhang by buying unwanted real estate for social housing.

Nickel surged almost 6.5% following civil unrest in New Caledonia, the world's third largest producer of the metal. France declared a state of emergency on the island after four deaths and three nights of rioting and looting.

An index of US gold miners hit its highest in more than two years as the yellow metal logged its highest-ever settlement. Gold futures jumped 1.3% on Friday to US$2,417.40 a pound. The NYSE Arca Gold Bugs Index rallied 3.66% to a level last seen in April 2022. ASX-listed Newmont advanced 2.1%.

Iron ore ended at its highest in more than a week. Benchmark prices on the Dalian Commodity Exchange lifted 2.18% on Friday for a weekly tally of 2.8%.

Key events this week:

China loan rate decision - 11.15 am AEST

Consumer sentiment - Tuesday

Minutes from this month's RBA rates meeting - Tuesday

Minutes from this month's US Federal Reserve rates meeting - Wednesday

Flash manufacturing/services PMIs - Thursday

US flash manufacturing/services PMIs - Thursday

US consumer sentiment, durable goods - Friday

S&P 500: up 6 points or 0.12%

Dow: up 134 points or 0.34%

Nasdaq: down 12 points or 0.07%

Dollar: down 0.06% to 66.95 US cents

Iron ore (Dalian): up 2.18% to US$123.47

Brent crude: up 71 US cents or 0.85% to US$83.98

Gold: up US$31.90 or 1.3% to US$2,417.40

NYSE Arca Gold Bugs: 3.66%

Bitcoin: down 1.25% to US$66,158

Copper (LME): up 2.34% to US$10,668

Nickel (LME): up 6.48% to US$21,080

Uranium (spot price): up 0.82% to US$91.75

Lithium carbonate (China spot): steady at US$14,820.

Global X Lithium & Battery Tech ETF: up 1.46%

BHP: up 2.42% (US); up 2.04% (UK)

Rio Tinto: up 2.36% (US); up 2.41% (UK)