Wall St closed mixed overnight as the Nasdaq posted its worst day since 2022. The Dow Jones rose 0.59%, the S&P500 fell 1.39% and the tech-heavy Nasdaq plummeted 2.77%.
This was the first time since 2001 in which the Nasdaq lost more than 2.5% in a trading session which saw meta platforms fall 5.7% and tech giants Netflix and Microsoft both also losing 1% each.
Over in Europe, markets closed lower as tech stocks ended the trading session in negative territory. The STOXX600 closed 0.43% in the red with most major sectors closing mixed on Wednesday. Germany’s DAX fell 0.44%, the French CAC dropped 0.12% whilst over in the UK the FTSE100 rallied by 0.28%.
Locally yesterday, the ASX200 ended Wednesday’s trading session 0.73% in the green with all major sectors finishing the day positively. Gains were led by the real estate and information technology sectors which rose 1.49% and 1.24% respectively.
What to watch today:
- The Australian share market is set to open lower, with the SPI futures suggesting a fall of 0.54% at market open this morning.
- On the commodities front this morning,
- Oil is trading 2.93% higher at 83 US dollars and 12 cents a barrel, rebounding from a three-day losing streak.
- Gold is trading 0.38% lower at 2458 US dollars an ounce and iron ore is trading 0.26% lower at 109 US dollars and 39 cents a tonne.
Trading Ideas:
- Bell Potter maintains a speculative buy rating on PYC Therapeutics (ASX:PYC) and has an unchanged 12-month price target of $0.17. The speculative buy rating is maintained by Bell Potter as PYC have recently made strong progress across two Phase 1 clinical trials in which it is believed PYC are on the cusp of seeing patients respond to treatment which would provide considerable de-risking and value inflection for the lead asset and broader platform.
- And Trading Central has identified a bullish signal on Lindsay Australia (ASX:LAU), indicating that the stock price may rise form the close of $0.97 to the range of $1.12-$1.16, on a pattern formed over 55 days, according to the standard principles of technical analysis.
