The Aussie share market is set to open 1.09% lower to 6,631 following a volatile trading session overnight on Wall Street. This volatile session saw the Volatility Index (VIX) surge more than 50% to top $34, its highest level since November.
Apple reported its first-quarter earnings report for fiscal 2021, crossing the symbolic $100 billion mark in a single quarter with sales up 21% year-on-year.
As expected, the US Fed Reserve made no changes to its monthly bond purchases, keeping the interest rates near zero.
What to watch today:
- The oil price jumped up 0.5% to US$52.85 per barrel. This comes as a massive drawdown in US crude inventories countered persistent concerns about the pandemic continuing to hurt fuel demand.
- The gold price dropped to a 1-week low following concerns over the US stimulus bill and strength in the dollar after the Fed kept interest rates near zero.
Local trading Ideas:
- Bell Potter has a buy rating on Telecommunication Services company, Uniti Group (ASX:UWL) and has increased its price target by 10% to $2.20.
- Healthcare equipment and services company, Doctor Care Anywhere (ASX:DOC) is also a Bell Potter buy. DOC closed yesterday at $1.38 and Bell Potter’s price target for the stock sits at $1.95.
- People Infrastructure (ASX:PPE), Vita Group (ASX:VTG) and Platinum Asset Management (ASX:PTM) are all giving off bullish charting signals according to Trading Central.