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Trading overnight was quite volatile for the first session of the week in New York. US equities were sold off towards the end of the day and all three major averages closes in the red. The Dow Jones fell into bear market territory, down 1.1%. It’s down approximately 20% from its closing high on the 4th of January. The S&P500 notches a new closing low for 2022, declining 1.03% to 3,655; that’s below its June closing low of 3,666. And the tech heavy Nasdaq dropped 0.6%.

What to watch today: 

• Despite the risk-off sentiment across global equity markets this week, the SPI futures are suggesting that the Australian market will rise 0.26% at the open this morning.
• Commodities however are a sea of red:
  • Oil prices have dropped almost 3% to a near 9-month low, amid concerns that monetary tightening by central banks worldwide would dampen energy demand and derail global growth.
  • Gas, copper, zinc and nickel are all trading lower.
  • The price of gold hit its lowest level since April 2020, due to a rallying US dollar and surging Treasury yields. However, iron ore has notched slightly higher, trading up 0.5%.
• Companies set to release their earnings results today include Core Lithium (ASX:CXO) and De Grey Mining (ASX:DEG).
• The ASX (ASX:ASX) is set to hold its AGM today.

Trading Ideas:

• Bell Potter maintain a Speculative Buy rating on Clarity Pharmaceuticals (ASX:CU6) with a price target of $1.00. At its current share price of $0.65, this implies 53.8% share price growth in a year.
• And Trading Central have identified a bearish signal in Newcrest Mining (ASX:NCM), indicating that the stock price may fall from the close of $15.76 to the range of $14.80 to $15.10, over 16 days according to the standard principles of technical analysis.