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Morning Bell 25 January

Sam Kanaan
January 25, 2024

Wall St closed mixed overnight as technology stocks were boosted following a rally from Netflix. The Dow Jones ended the session down 0.26%, the S&P 500 finished 0.08% higher and the tech-heavy Nasdaq gained 0.36%.

Netflix shares jumped 10% after they reached an all time high of 260.8 million subscribers with revenue toppling analyst expectations.

Over in Europe, the STOXX 600 rallied 1.15% higher with all sectors but telecoms finishing in the green, following the release of euro zone PMI data showing improved economic activity. Germany’s DAX ended the trading session 1.58% higher, the French CAC gained 0.91% and over in the UK, the FTSE100 finished in the green by over half a percent.

Locally yesterday, markets closed just 0.06% higher with the materials and real estate sector up 1.31% and 0.93% respectively. This was offset by the information technology sector which lost 1.15%.

What to watch today:

  • The Australian share market is set to open higher, with the SPI futures suggesting a rise of 0.2% at the open this morning.
  • On the commodity front this morning,
    • Oil is up 1.18% to US$75.23 a barrel, following a larger-than -expected decline in US crude stockpiles.
    • Gold is down 0.81% to US$2012 an ounce following the announcement of strong PMI data in the US.
    • And iron ore is trading 0.75% higher at US$133.50 a tonne.

Trading Ideas:

  • Bell Potter maintains a buy rating on Chrysos Corporation (ASX:C79) despite slightly decreasing its price target. The buy rating is maintained as Bell Potter believes that the PhotonAssay technology will command a significant foothold within the large gold assaying market with current lease agreements with some large gold miners providing good near-term deployment visibility.
  • And Trading Central has identified a bullish signal in Monash IVF Group (ASX:MVF), indicating that the stock price may rise from the close of $1.40 to the range of $1.46-$1.48 on a pattern formed over 25 days, according to the standard principles of technical analysis.

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