US equities had a positive night, with all three of the major indices increasing, with the Dow Jones rising 0.7%.
It comes as better than expected economic news came through, as the US economy grew 6.4% in the first quarter, surpassing expectations of 6.1% growth.
Amazon reported that its profits tripled to $8.1 billion.
What to watch today:
- Despite US equities closing higher, the Aussie share market is set to open lower ahead of companies reporting their quarterly results.
- Quarterly earnings are due out for Cimic (ASX:CIM), Genworth Mortgage (ASX:GMA), PointsBet (ASX:PBH) and ResMed (ASX:RMD).
- AGMs today: AMP (ASX:AMP), Life360 (ASX:360) and Janus Henderson Group (ASX:JHG).
- Commodity stocks will likely see some activity today, with the Copper price pulling back from its all-time high.
- Palladium stocks will likely see some further buying activity given the Palladium price hit a record overnight.
- Bell Potter reiterated its BUY recommendation on BCI Minerals (ASX:BCI), increasing its target to $0.57.
- Bell Potter have also reiterated Straker Translations (ASX:STG) as a BUY with a $2.15 price target, implying about 22% upside in a year.
- Lastly, bullish charting signals have been identified in Mandrake Resources (ASX:MAN), Qube Holdings (ASX:QUB) and Coles (ASX:COL) according to Trading Central.