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We’ve had a strong start to the week with the S&P500 and the Dow up more than 4% and 1% respectively, and the Nasdaq advancing more than 6% with investors embracing AI and mega caps. Overnight the major benchmarks closed mixed, the Dow 0.2% in the red, while the S&P500 up 0.1% and the Nasdaq up 0.7%. And the 10 year Government bond yield hit a 3 month high in the last session.

European markets were all lower with the STOXX600 down 0.24%. Locally yesterday, the ASX200 closed in the green with energy and information technology leading market gains.

What to watch today:

• Australian shares are expected to end a 6- day winning streak today, ahead of jobs data. The SPI futures are suggesting the market will drop 0.43% at the drop this morning.
• In economic data today, the unemployment rate for April will be released as well as consumer inflation expectations for May.
• In commodities,
  • Cruide oil is 1.7% lower at US$62.59 per barrel, ending a four-day rally as traders likely took profits amid a surprise rise in US crude inventories and renewed demand concerns.
  • The price of gold is down more than 2% at US$3,181.98 an ounce, as easing trade tensions between the US and China continued to weigh on its safe-haven appeal.
  • And iron ore is up 1.25% at US$100.75 per tonne.

Trading Ideas:

• Bell Potter have downgraded athlete tracking solutions company Catapult Group (ASX:CAT) from a Buy to a Hold and have increased their price target from $4.00 to $4.40.
• Trading Central have identified a bullish signal in Sevcorp (ASX:SRV) indicating that the stock price may rise from the close of $5.26 to the range of $5.52 to $5.58 over 28 days according to the standard principles of technical analysis.