BPO TV

Over in the US, markets closed higher as investors await further key corporate earnings out later this week. The Dow Jones rose by 0.02%, the S&P500 rallied 0.16% and the tech-heavy Nasdaq ended the day 0.16% in the green.

Investors are eagerly awaiting the release of results from AI and chip making giant Nvidia, which will come out after the closing bell on Wednesday, to gain insight into the growth potential for the company and broader tech sector.

In Europe overnight, markets closed mostly higher as investors continue to weigh the impact of geopolitical tensions against corporate earnings and commentary. The STOXX600 rose 0.23% led by travel stocks on Tuesday while Germany’s DAX added 0.35%, the French CAC fell 0.32% and, in the UK, the FTSE100 ended the day up 0.21%.

The local market rally ended on Tuesday with the key index falling 0.16% at the closing bell as geopolitical tensions and corporate results weighed on investor sentiment. Tech and banking stocks took the biggest hit yesterday while energy producers ended the day higher on the rising price of oil.

What to watch today:

• The Australian share market is set to open lower, with the SPI futures suggesting a fall of 0.35% at market open this morning.
• On the commodities front this morning,
• Oil is trading 2.12% lower at 75 US dollars and 77 cents a barrel, gold is up 0.37% to 2524 US dollars an ounce and iron ore is trading 0.26% higher at 98 US dollars and 30 cents a tonne.

Trading Ideas:

• Bell Potter maintains a buy rating on Propel Funeral Partners (ASX:PFP) and has increased its 12-month price target to $6.40. The buy rating is maintained by Bell Potter following the release of FY24 results which saw revenue increase by 24.5% to $209m, supported by 20% growth in funerals conducted and a 4% growth in average revenue per funeral. PFP also recorded an EBITDA of $55.4m at a 26.5% margin which Bell Potter has seen as a healthy outcome, hence the buy rating is maintained.
• Trading Central has identified a bullish signal in Fortescue Limited (ASX:FMG), indicating that the stock price may rise from the close of $18.63, to the range of $20.10-$20.50 on a pattern formed over 21 days, according to the standard principles of technical analysis.