Day trading pre-market open December 9

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


Outlook for the day: Mildly negative ahead of this afternoon's Reserve Bank interest rate announcement. The central bank was widely expected to leave the cash rate target on hold at 3.6%.


ASX futures: down 24 points or 0.28%


Overnight themes: ​

• US stocks fell as treasury yields and the US dollar rallied ahead of Wednesday's Federal Reserve interest rate decision. ​
• The S&P 500 declined 0.35% to only its second loss in 11 sessions. The Dow Jones Industrial Average gave up 216 points or 0.45%. The Nasdaq Composite suffered the least damage, easing 0.14% as AI chip stocks withstood selling elsewhere. ​
• Buying appetite was constrained by rising bond yields. The US 10-year treasury yield traded near 4.2% for the first time since September in anticipation of a "hawkish rate cut" this week: the Fed is expected to lower official rates but signal reluctance to cut again any time soon in the absence of compelling reasons. The rise in yields came despite the odds on a December cut remaining close to 90%. ​
• US stocks were coming off two weeks of steady grind higher. “The market action you’ve seen the last one or two weeks is kind of essentially baking in the very high likelihood of a 25 basis point cut,” Stephen Kolano, chief investment officer at Integrated Partners, told CNBC. “For some very unlikely reason, if they don’t cut, forget it. I think markets are down 2% to 3%.”​
• "It'll be hard for the market to find a direction that it wants to follow until after the Fed meeting," Carol Schleif, chief market strategist at BMO Private Wealth, told Reutes. "We just came off a really strong earnings season and we won't have earnings again for another four weeks. The only thing that the market really has to hang its hat on or to point to is the Fed."​
• Tech was the only sector to post a gain, rising 0.93% as AI leader Nvidia, Microsoft and Broadcom all rose. The night's biggest drags were communication services (down 1.77% as Netflix faced competition in its bid to buy Warner Bros Discovery), materials -1.66% and consumer discretionary (down 1.53% following a negative broker recommendation on Tesla). The financial sector dipped 0.39%. ​
• Copper hit another new high in London, extending its gain this year to 30%. Benchmark copper on the London Metal Exchange traded as high as US$11,771 per metric ton before trimming its advance to 0.47% at US$11,675. The rally moderated as the US dollar index gathered momentum, raising prices for buyers using other currencies. Macquarie analysts said this month's bull run had been triggered by US buyers soaking up inventory from around the world ahead of potential tariffs currently under review by the Trump administration. Copper inventories at Comex-approved warehouses in the US have jumped more than 3005 since March, creating what Macquarie called "an artificial tightness elsewhere".​
• Silver took a breather from its recent run of highs as precious metal buyers turned cautious ahead of Wednesday's US rates decision. Metal prices are particularly sensitive to movements on currency markets, which in turn are leveraged to the cost of borrowing. "The market is waiting for the Fed decision and for more guidance on policy," Peter Grant, vice president and senior metals strategist at Zaner Metals, told Reuters. The US dollar index was lately up 0.1% after retreating for much of the last fortnight. Spot silver declined 15 US cents or 0.26% to US$58.13 an ounce. The spot price hit a record US$59.32 on Friday. Spot gold was lately off US$6.64 or 0.16% to US$4,192.22 an ounce. Earlier, US gold futures settled US$25.30 or 0.6% lower at US$4,217.70. ​
• Iron ore fell in China for a second session amid reports of softening demand as steelmakers use a seasonal slowdown to carry out equipment maintenance. Hot metal output shrank 1% last week to the lowest since early September, according to consultancy Mysteel. Coal prices slumped in expectation of increased imports from Mongolia. Benchmark ore on the Dalian Commodity Exchange dropped 1.43% to US$109.53 per metric ton.​
• Oil fell from a two-week high as Ukraine-Russia peace talks continued and Iran restored production lost to a leak on an export pipeline. Brent crude settled US$1.26 or 1.98% lower at US$62.49 a barrel. ​

Key events today: ​

• November business confidence - 11.30 am AEDT​
• Interest rate decision - 2.30 pm​
• US private payrolls - tonight​
• US job openings - tonight ​

S&P 500: down 24 points or 0.35%

Dow: down 216 points or 0.45%

Nasdaq: down 32 points or 0.14%

VIX: up 9.54% to 16.88

US 10-year treasury yield: up 3.3 points to 4.174%

Dollar: down 0.19% to 66.22 US cents

Iron ore (Dalian): down 1.43% to US$109.53

Brent crude: down US$1.26 or 1.98% to US$62.49

Gold (futures): down US$25.30 or 0.6% to US$4,217.70

Gold (spot): down US$6.64 or 0.16% to US$4,192.22

NYSE Arca Gold Bugs: down 1.44%

Silver (spot): down 15 US cents or 0.26% to US$58.13

Antimony (China ore): up 0.05% to US$18,799

Bitcoin: down 0.99% to US$90,476

Copper (LME): up 0.47% to US$11,675

Nickel (LME): down 0.57% to US$14,885

Lithium carbonate (China spot battery grade): down 0.49% to US$11,585

Global X Lithium & Battery Tech ETF: up 1.58%

Uranium (spot): up 0.33% to US$76.25

Global X Uranium ETF (URA): down 0.29%

BHP: down 0.87% (US); down 1.13% (UK)

Rio Tinto: down 0.01% (US); down 0.44% (UK) ​