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US equities closed missed overnight, with the Dow Jones up 0.28%, the S&P500 up 0.06% and the Nasdaq slightly lower just 0.1%. S&P500 futures are pointing lower this morning, after the index posted five straight winning sessions. Investors are preparing for earnings week, with approximately a third of S&P500- listed firms posting results.

European markets were all higher with the FTSE 100 posting its best winning streak in over 5 years.

Yesterday our local market advanced 0.36% with 10 of the 11 industry sectors in the green. Energy and technology advanced the most, while materials was the only sector to close lower. Iluka Resources (ASX:ILU) lead the market rally, while healthcare companies Clarity Pharmaceuticals (ASX:CU6) and Telix Pharmaceuticals (ASX:TLX) declined the most.

What to watch today

• The Australian market is set to open higher this morning, with the SPI futures suggesting a 0.21% rise at the open this morning.
• In commodities,
  • Crude oil is trading 1.57% lower at around US$62.00 per barrel, as tariff- driven growth concerns threatened to dampen fuel consumption, while supply surged. OPEC+ surprised markets by adding approximately 411,000 barrels per day in May, reversing much of last year’s cutbacks.
  • The gold price is up 0.57% at US$3,338.85 an ounce, boosted by bargain hunting and cautious sentiment ahead of key US economic data, as well as US- China trade developments.
  • And iron ore is currently steady at US$99.91 per tonne.

Trading Ideas

• Bell Potter maintains a Buy rating on mining contractor and operator Develop Global (ASX:DVP). Their price target remains unchanged at $4.00 and at DVP’s current share price of $2.71 this implies 48% share price growth in a year.
• And Trading Central have identified a bearish signal in Lendlease Group (ASX:LLC) indicating that the stock price may fall from the close of $5.08 to the range of $4.05 – $4.25 over 18 days, according to the standard principles of technical analysis.