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Wall Street closed mixed on Friday as investors remain optimistic of a rate cut out of the Fed this week after core US inflation remained steady at 3.1% in August. The Nasdaq had a perfect week, notching another record close on Friday by ending the day up 0.44% while the S&P500 hovered flat most of the day before settling up just 0.05%, and the Dow jones ended the day down 0.59%.

The S&P 500 gained 1.6% for the week, marking its strongest weekly showing since early August and its fifth advance in the past six weeks. The Nasdaq notched a second straight week of gains with a 2% rise, while the Dow climbed 1% for the week, breaking a two-week losing streak.

In Europe on Friday markets closed flat as fresh economic data out of the UK showed economic growth stalled in July. The STOXX600 closed the session flat, Germany’s DAX lost just 0.02%, the French CAC added just 0.02%, and, in the UK, the FTSE100 ended the day down 0.15%.

Across the Asia region on Friday, markets closed mostly higher tracking Wall Street gains on Thursday. Japan’s Nikkei added 0.9%, Hong Kong’s Hang Seng climbed 1.14%, China’s CSI index fell 0.57%, and India’s Nifty 50 ended the day up 0.43%. Alibaba shares soared over 7% on Friday after the company initiated moves to secure its place in China’s AI boom.

What to watch today:

• Locally to end the last trading week the ASX200 posted a 0.68% rise on Friday as a materials led rally boosted the key index to a strong finish on Friday.
• Gold stocks were a key standout over the last trading week as the price of the precious commodity soared to fresh record highs throughout the week, topping US$3674/ounce. Regis Resources (ASX:RRL) soared 6.4% on Friday while Ramelius Resources (ASXRMS) added 2.8% and Bellevue Gold (ASX:BGL) ended the day up over 7%.
• The most traded stocks by Bell Direct clients on Friday were led by healthcare companies in 4D Medical (ASX:4DX), CSL (ASX:CSL) and Pro Medicus (ASX:PME).
• On the commodities front this morning oil is trading 0.43% higher at US$62.56/barrel, gold is up 0.3% at US$3642.37/ounce and iron ore is up 0.24% at US$105.43/tonne.
• The Aussie dollar has weakened against the greenback to buy 66.52 US cents, 98.19 Japanese yen, 48.96 British pence and 1 New Zealand dollar and 12 cents.
• Ahead of Monday’s trading session the SPI futures are anticipating the ASX will open the new trading week down 0.67%.

Trading Ideas:

• Bell Potter has increased the 12-month price target on Select Harvests (ASX:SHV) from $5.30 to $5.45 and maintain a buy rating on the almond producer following a rebound in almond pricing, with a rally of prices up around 26% from the bottom to now sit around US$3.11/pound.
• And Bell Potter has also increased the 12-month price target on Jumbo Interactive (ASX:JIN) from $11.20 to $11.50 and maintain a hold rating on the e-commerce digital lotteries business following the company announcing it has entered into a long-term software licence agreement with RSL Queensland to power RSL Queensland’s flagship Dream Home Art Union lottery program.