Wall St closed lower overnight following pressure from rising Treasury Yields outweighed a rally by AI company Nvidia. The Dow Jones closed over 1% lower, the S&P500 fell 0.74% and the tech-heavy Nasdaq ended Wednesday’s trading session 0.58% in the red.
In terms of US stocks, Nvidia rose 0.8%, having risen every single trading session since its earnings report last Wednesday.
Over in Europe, markets closed lower with the STOXX600 having its worst session since mid-April, falling over 1%. All sectors ended the trading day negative with losses led by mining stocks down 2.12%. Germany’s DAX closed 1.1% lower, the French CAC dropped 1.5% and over in the UK the FTSE100 ended 0.86% in the red.
Locally yesterday, the ASX200 closed 1.3% lower with all major sectors ending the day in the red. Losses were led by the consumer staples and industrial sectors which fell 2.08% and 1.87% respectively.
What to watch today:
- The Australian share market is set to open lower, with the SPI futures suggesting a fall of 0.68% at market open this morning.
- On the commodities front this morning,
- Oil is trading 1.38% lower at US$79.17/barrel due to concerns over weak US gasoline demand.
- Gold is trading 0.93% lower at US$2337/ounce as investors continue to reduce bets on US Fed rate cuts this year.
- And iron ore is trading flat at US$117.68/tonne.
Trading Ideas:
- Trading Central has identified a bearish signal on NAB (ASX:NAB), indicating that the stock price may fall from the close of $33.65 to the range of $31.10-$31.60 on a pattern formed over 70 days, according to the standard principles of technical analysis.
- And Trading Central has also identified a bearish signal on Steadfast Group (ASX:SDF), indicating that the stock price may fall from the close $5.46 to the range of $4.99-$5.09 on a pattern formed over 65 days, according to the standard principles of technical analysis.
