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Wall St overnight saw a very slight pullback after a choppy trading session, as trader remained wary of developments in the ongoing Iran war. The S&P500 dropped 0.2% by close of trade, the Dow Jones dropped 0.1%, and the Nasdaq ended the trading day flat.

What to watch today:

• Looking ahead to today’s trade locally, the ASX is expected to build on yesterday’s momentum and rise, with the SPI futures suggesting a 0.3% increase at the open.
• Moving straight to commodities news,
  • Crude Oil has retreated further from its historic surge on Monday, currently trading down around 8.8% to US$86 per barrel. The drop comes after the International Energy Agency or IEA announced they would convene an extraordinary meeting of member countries to discuss the possible release of oil stockpiles to the market to relieve supply constraints. IEA members collectively hold around 1.2 billion barrels of oil in reserve.
  • Meanwhile, precious metals continue to steadily advance off the back of safe haven demand while uncertainty lingers. Gold is trading around 1% up at just under US$5200 per ounce, while silver is trading 1.5% up at US$88 per ounce.

Trading ideas:

• Finally ending on some trading ideas for your consideration today. Bell Potter has upgraded its recommendation on Eagers Automotive (ASX:APE) from a Hold to a Buy, with a 12 month price target of $28.50, which at the current share price of $21.11 implies 335% capital growth over the period.
• And Bell Potter have maintained their Buy rating on Orica (ASX:ORI), with a 12 month price target of $28.50, after the company provided its first half FY26 update, outlining positive group momentum continuing into the second half of the year.