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

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


Outlook for the day: Cautiously positive after US stocks recouped some of Monday's losses, and copper and silver backed off records.

ASX futures: up 15 points or 0.17%


Overnight themes: ​

• US stocks firmed as Bitcoin rebounded and bond yields retreated, easing two of the concerns that held back the major indices on Monday. ​
• The S&P 500 edged up 0.25% to its sixth gain in seven sessions. The Dow Jones Industrial Average rallied 185 points or 0.39%. The Nasdaq Composite put on 0.59% as tech caught a boost from the recovery in crypto stocks. The S&P 500 and Dow both traded in negative territory mid-session before recovering. ​
• With no significant economic data overnight, traders kept an eye on crypto and bond markets. An initial 8% rebound in Bitcoin pulled buyers back into crypto stocks and lifted the wider tech sector. Coinbase bounced 1.32%. Strategy jumped 5.78%. Other tech gains included Intel +8.65% and Nvidia +0.86%. The Japanese 10-year yield dipped almost two basis points, easing concerns about the yen carry trade. "It's possible that both of those things [crypto and bonds] are adding a little bit of volatility to the market at a time when there's kind of a catalyst vacuum until the Fed," Ross Mayfield, investment strategist at Baird, told Reuters. "On the flip side, it seems like largely you can take away positive consumer read-throughs on some of these Black Friday, Cyber Monday, data points. I'm more content or happier to see the strength in the consumer versus some of these things happening under the surface with yields and bitcoin. Those are things that will pass.​
• Economic data starts to flow tonight as the clock counts down to the Federal Reserve's final policy-setting meeting of the year, next week. “Fed rate cut enthusiasm could shift this week as participants analyze a buffet of data due in the next three days,” José Torres, senior economist at Interactive Brokers, told CNBC. “ADP’s employment report, unemployment claims and the delayed Personal Income & Outlays print from September, which includes the US central bank’s preferred inflation gauge, are likely to carry the most weight... Markets continue to be supported by a robust shopper showing on Black Friday and Cyber Monday, subdued joblessness, buoyant earnings estimates, lightening global tensions, and expectations of heavy stimulus from both monetary and fiscal authorities in 2026.”​
• The tech sector did the heavy lifting, rising 0.84%. Other pockets of strength in a narrow rally included industrials +0.87%, and communication services +0.37%. Drags included energy -1.28%, materials -0.82% and utilities -0.72%. ​
• Spot silver traded ahead, but below Monday's record after doubling in value this year. The spot price was lately up 55 US cents or 0.95% to US$58.55 an ounce. Prices hit a record US$58.83 on Monday. "There were no new reasons for the recent price jump. However, the known reasons still apply, namely tight supply, which is reflected in low inventories on the Shanghai exchanges," Commerzbank said in a note. Gold backed off a six-week high ahead of economic data that could seal an interest rate cut next week. Spot gold was lately down US$31.55 or 0.75% to US$4,200 an ounce. Earlier, US gold futures settled US$54 or 1.3% lower at US$4,220.80. ​
• Copper retreated almost 1% from Monday's record as a fluctuating greenback weighed on dollar-denominated commodity prices, encouraging traders to book some profits. The US dollar index was lately flat after several attempts to break higher. "We're pausing a bit today after we saw the dollar recover somewhat and lower risk appetite in general," Ole Hansen, head of commodity strategy at Saxo Bank, told Reuters. "Copper remains in a buoyant mood, but we're in need of a correction, and as long as we hold $11,000, we're poised for higher prices as the outlook for next year points to a tight market." Benchmark copper on the London Metal Exchange dropped 0.95% to US$11,145 a metric ton. Prices in London have jumped 27% this year as traders take advantage of arbitrage between the LME and the Comex exchange in the US. ​
• A three-week rally in iron ore continued following reports of increased demand in China. Chinese broker Galaxy Futures said infrastructure demand had increased, supporting demand for steel and clearing a path to further gains in ore prices. Benchmark ore on the Dalian Commodity Exchange rallied 0.5% in daytime trade to US$113.20 per metric ton. Steel and steel-making ingredients also rose. ​

Key events today: ​

• Testimony by RBA Governor Bullock before the Senate Economics Legislation Committee - 9 am AEDT​
• Q1 GDP - 11.30 am​
• US November private payrolls - tonight​
• US November services PMI - tonight​

S&P 500: up 17 points or 0.25%

Dow: up 185 points or 0.39%

Nasdaq: up 138 points or 0.59%

VIX: down 4.35% to 16.49

US 10-year treasury yield: down a third of a point to 4.089%

Dollar: up 0.37% to 65.65 US cents

Iron ore (Dalian): up 0.5% to US$113.20

Brent crude: down 72 US cents or 1.14% to US$62.45

Gold (futures): down US$54 or 1.3% to US$4,220.80

Gold (spot): down US$31.55 or 0.75% to US$4,200

NYSE Arca Gold Bugs: down 1.68%

Silver (spot): up 55 US cents or 0.95% to US$58.55

Antimony (China ore): down 0.04% to US$18,774

Bitcoin: up 6.63% to US$91,119

Copper (LME): down 0.95% to US$11,145

Nickel (LME): down 0.91% to US$14,740

Lithium carbonate (China spot battery grade): up 0.01% to US$11,775

Global X Lithium & Battery Tech ETF: down 0.38%

Uranium (spot): steady at US$76

Global X Uranium ETF (URA): up 2.22%

BHP: up 1.98% (US); up 1.2% (UK)

Rio Tinto: up 0.49% (US); down 0.88% (UK) ​