Day trading pre-market open September 12

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

Outlook for the day: Cautiously positive following a rebound yesterday, an overnight rally on Wall Street and strong gains in metal prices.

ASX futures: up seven points or 0.1%

Overnight themes:

• US stocks rally for a second session ahead of inflation data later in the week. Tesla and other megacap growth stocks lead the advance.
• A Morgan Stanley upgrade sends Tesla flying up 10.09%. The broker predicts the car-maker's Dojo supercomputer could add almost US$600 billion in value as the company expands into "robotaxis" and other applications.
• Meta and Amazon and Microsoft also gain more than 3% as investors buy heavyweight stocks beaten down recently by inflation worries.
• Consumer price data land on Wednesday, followed by producer price figures the next night. Market pricing on a September rate pause stands at 93%, but the odds on a November hike have crept up in recent weeks to 57%.
• "As long as the inflation numbers for August come in within the band of expectations, we're going to see the Fed move away from additional rate hikes" - Greg Bassuk, chief executive officer at AXS Investments.
• Consumer and growth sectors outperform. Materials and financials both gain around 0.4%. Energy and industrials trail with modest losses.
• Iron ore, copper, nickel and other industrial metals surge after an uptick in consumer prices eases fears about China's economic slowdown. The China Consumer Price Index edges up 0.1% in August after contracting 0.3% in July. Wholesale prices contract at the slowest rate in five months.
• Oil hits a fresh high for the year, then hands back its gains. Brent crude trades as high as US$91.45 but finishes a cent in the red at US$90.64.

Key events today:

• September consumer sentiment - 10.30 am AEST
• August business confidence - 11.30 am

S&P 500: up 30 points or 0.67%

Dow: up 87 points or 0.25%

Nasdaq: up 156 points or 1.14%

Dollar: up 0.52% to 64.3 US cents

Iron ore (Dalian): up 2.41% to US$116.80

Brent crude: down 1 US cent or 0.1% to US$90.64

Gold: up US$4.50 or 0.2% to US$1,947.20

NYSE Arca Gold Bugs: up 1.45%

Copper (LME): up 1.94% to US$8,402

Nickel (LME): up 2.17% to US$20,485

Lithium carbonate (China spot): down 1.77 % to US$26,889

Global X Lithium & Battery Tech ETF: up 1.56%

BHP: up 2.76% (US); up 2.22% (UK)

Rio Tinto: up 3.36% (US); up 3.44% (UK)