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Wall St closed lower overnight as the S&P 500 snapped a 7-day winning streak, down 0.38%. The Dow Jones lost 0.3% and the tech-heavy Nasdaq fell 0.6% as Nvidia lowered by 2%.

Other tech companies such as Dell and HP also lost over 11% following weak earnings guidance.US inflation data was also released overnight with core PCE rising by 0.3% in October, which was in line with the forecast and consensus.

Over in Europe, markets closed lower as investor concerns rose over the impact Donald Trump may have on tariffs. The STOXX600 fell 0.2%, with the majority of sectors closing lower. Germany’s DAX lost 0.18%, the French CAC closed 0.72% in the red, whilst over in the UK, the FTSE100 gained 0.2%.

Locally yesterday, the ASX200 rose by 0.57% with all major sectors closing in the green. Gains were led by the consumer discretionary and communication services sectors which rose by 1.03% and 0.87% respectively.

Data for GDP growth rate in Q3 was released yesterday, coming in at 2.8%, which was in line with the forecast and consensus, however fell short of the pervious result of 3%.

What to watch today:

• The Australian share market is set to open higher, with the SPI futures suggesting a rise of 0.26% at market open this morning.
• On the commodities front this morning,
  • Oil is trading 0.07% lower at 68 US dollars and 71 cents a barrel, gold is trading 0.18% higher at 2636 US dollars an ounce and iron ore is trading 0.05% higher at 102 US dollars and 6 cents a tonne.

Trading Ideas:

• Bell Potter maintains a buy rating on Elders Ltd (ASX:ELD) and has a current share price of $7.58. The 12-month price target of $9.45 indicates a share price growth of 24.7%, hence the buy rating is maintained.
• Trading Central has identified a bullish signal on Premier Investments (ASX:PMV), indicating that the stock price may rise from the close of $35.23 to the range of $40.25-$41.50, on a pattern formed over 84 days, according to the standard principles of technical analysis.