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Market wraps 21st November 2024

Morning Bell - Sam Kanaan

Wall St closed mixed overnight as investors await AI giant Nvidia’s upcoming earnings report. The Dow Jones gained 0.32%, the S&P500 closed flat and the tech heavy Nasdaq fell 0.11%.

Investors are awaiting results from Nvidia whose results could hold more significance than some key economic reports given the chipmakers $3.6 trillion market capitalization which could also impact markets for the rest of the week. 

Over in Europe, markets closed lower as investors continue to analyse the ongoing geopolitical tensions. The STOXX600 closed 0.01% lower with half of the major sectors closing in the red. Germany’s DAX fell 0.29%, the French CAC lost 0.43% and over in the UK, the FTSE100 dropped 0.17% by the end of Wednesday’s trading session.

Locally yesterday, the ASX200 fell by 0.57% with the majority of sectors closing in negative territory. Losses were led by the communication services and industrial sectors which dropped 1.53% and 1.31% respectively. This was offset by the health sector which gained 0.27% by the closing bell.

What to watch today:

  • The Australian share market is set to open higher, with the SPI futures suggesting a rise of 0.13% at market open this morning.
  • On the commodity front this morning,
    • Oil is trading 0.2% lower at 69 US dollars and 10 cents a barrel as investors weigh the current geopolitical tensions against growing crude oil supply in the US. 
    • Gold is trading half a percent higher at 2648 US dollars an ounce and iron ore is trading 0.13% higher at 101 US dollars and 89 cents a tonne. 

Trading Ideas:

  • Bell Potter maintains a buy rating on PWR Holdings (ASX:PWR and has a 12 month price target of $8. With a current share price of $6.85, this represents a share price growth of 16.8%, hence the buy rating is maintained.
  • And Trading Central has identified a bullish signal on KMD Brands (ASX:KMD), indicating that the stock price may rise from the close of $0.39 to the range of $0.48-$0.50, on a pattern formed over 30 days, according to the standard principles of technical analysis.