Latest stock market news videos & Morning Bell

Good morning this Friday the 24^th of July.

I’m Paulina Peters a market analyst with Bell Direct, covering for Jess today as she takes a well-earned break.

Aussie equities are eyeing a 0.9% fall at the open if you go by the futures.

This follows a volatile session overnight in the U.S. after the release of disappointing unemployment data. U.S. weekly jobless claims came in at 1.4 million for last week, which marks the 18^th straight week that initial claims totalled more than 1 million.

Microsoft shares slipped 4.3% despite reporting better than expected earnings for the previous quarter.

With the sell-off in major tech companies deepening, we also saw Apple, Amazon and Netflix shares fall.

The U.S. market ended with the Dow falling 350 points, the S&P 500 snapping its 4-day winning streak and the Nasdaq closing 2.2% lower.

Looking at commodities, the Oil price fell 2.1% to US$41.03 a barrel.

Given this, we can expect Energy producers like Oil Search (ASX:OSH) and Woodside Petroleum (ASX:WPL) to come under pressure today.

Traders were selling oil amid concerns that further spikes in COVID-19 cases could hurt demand.

The iron ore price was steady at US$108.04, continuing to remain in year high territory.

What to watch today, with the tech-heavy Nasdaq index tumbling overnight, keep an eye on Australian tech shares, such as Altium (ASX:ALU) and Appen (ASX:APX), as Australia’s leading tech shares have a tendency to follow the lead of their U.S. counterparts.

Gold miners including Evolution Mining (ASX:EVN) and Newcrest Mining (ASX:NCM) could be on the rise again today after the gold price surged higher on the back of stimulus hopes.

Mining services company, Mineral Resources (ASX:MIN) is due to report production numbers for the fourth quarter.

Mineral Resources closed yesterday 1.1% lower to 24.52, so keep an eye on that stock today.

Gold mining company, OceanaGold (ASX:OGC) is due to report production numbers for the second quarter.

Now to finish on two trading ideas, consumer goods retailer, JB Hi-Fi (ASX:JBH) is showing a bullish signal according to Trading Central’s charting.

Yesterday JB Hi-Fi closed 2.5% higher at $44.27, but Trading Central says it could hit between $49.25 to $50.50 in 30 days according to standard technical analysis.

And finally, CSL (ASX:CSL).

Goldman Sachs believes the recent weakness in CSL’s share price could be a buying opportunity for the stock.

Goldman Sachs retains its buy rating for the stock and has a price target of $326.

After doing a deep-dive on plasma collections, it doesn’t believe there is anything to worry about for the biotherapeutics company.

I’m Paulina Peters, with Bell Direct, happy trading and stay safe.