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Morning Bell 18 August

Bell Direct
August 18, 2023

Wall St fell for a third straight day as investors reacted to the latest round of earnings season results released. The Dow Jones dropped by 0.84%, the S&P 500 fell by 0.77% and the tech-heavy Nasdaq lost 1.17% overnight.

The 10-year treasury yield peaked, at its highest point since late 2022 on Thursday on outlook from the Federal Reserve’s July meeting minutes signaling further rate hikes may be required to control inflation in the region.

American retailer Walmart fell more than 2% after an earnings and revenue beat in the second quarter. This is continuing a trend with major averages in losing territory in August for stocks.

European markets fell on Thursday following the US Federal Reserve’s July meeting minutes which outlined further rate hikes may be on the horizon. The STOXX600 closed Thursday 0.90% lower, the German Dax followed suit falling 0.71% with the French CAC and FTSE 100 dropping 0.94% and 1.03% respectively.

Locally yesterday, the ASX200 closed the day 0.68% lower with the industrial and health sectors taking the biggest hit while real estate and energy stocks rallied to offset some of the session’s heavy losses.

What to watch today:

  • The Australian share market is set to open lower this morning, with the SPI futures suggesting a fall of 0.39% at the open this morning.
  • On the commodities front this morning, oil is up 0.98% to US$80.16 a barrel, gold has fallen marginally lower by 0.11% to US$1889 an ounce and Iron ore is trading flat at US$104 a tonne.

Trading Ideas:

  • Bell Potter maintains a buy rating on Adacel Technologies (ASX:ADA) have decreased the 12-month price target from 80 cents per share to 75 cents per share. This is following a lower than forecasted profit before tax and gross profit outlined in the company’s FY23 results. FY23 revenue levels remained above expected which supports the maintenance of the buy rating.
  • And Trading Central has identified a bearish signal in The Lottery Corp (ASX:TLC) indicating that the stock price may fall from the close of $5.18 to the close of $4.91-$4.97 over the pattern formed over 16 days, according to the standard principles of technical analysis.

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