Skip to main content

Morning Bell 11 March

Sam Kanaan
March 11, 2024

Wall St fell on Friday as the Dow Jones closed out its worst week since October losing 0.18% by the closing bell. The S&P 500 lost 0.65% and the tech-heavy Nasdaq fell 1.16%. US unemployment data was also released on Friday coming in at 3.9%, 0.2% higher than the forecast and consensus of 3.7%.

In terms of US stocks, despite rising 6% over the week, Nvidia lost 5% in its worst session since last May.

Over in Europe, markets closed mix following the European Central Bank’s inflation forecast and US jobs data release. The STOXX 600 closed 0.03% higher, led by the financial sector which gained 1%, whilst the technology sector lost 1.5%. Germany’s DAX closed 0.16% lower, as did the FTSE 100 which fell 0.43%, whilst the French CAC gained 0.15%.

Locally on Friday, the ASX200 gained over 1% with all but the industrial sector finishing in the green. Gains were led by the financial and health sectors up 2.03% and 1.25% respectively.

What to watch today:

  • The Australian share market is set to open lower, with the SPI futures suggesting a fall of 0.6% at market open this morning.
  • On the commodity front this morning,
    • Oil is down 1.17% to US$78.01 a barrel as the market remains cautious on Chinese demand, despite the OPEC+ group extending supply cuts.
    • Gold is up 0.9% to US$2178 and ounce and iron ore is trading 0.85% higher at US$118.50 a barrel.

Trading Ideas:

  • Bell Potter has maintained a buy rating on Develop Global (ASX:DVP), despite decreasing its price target to $4.10. The buy rating is maintained by Bell Potter as the forthcoming restart of Woodlawn operations coincides with growing revenue generation from the company’s underground mining services business, underpinning a ramp up in earnings in FY24-FY26.
  • And Trading Central has identified a bullish signal in Infomedia (ASX:IFM), indicating that the stock price may rise from the close of $1.65 to the range of $1.90-$1.96, on a pattern formed over 11 days, according to the standard principles of technical analysis.

Bell Direct SMSF online portal demo

Bell Direct
October 7, 2019

Livewire Markets & Bell Direct partnership

Arnie Selvarajah
September 20, 2019

Platinum Global Fund

Bell Direct
August 23, 2019

Bell Global Emerging Companies Fund

Bell Direct
August 23, 2019

June Market Overview

Julia Lee
July 11, 2019

May Market Overview

Julia Lee
May 31, 2019

April Market Overview

Julia Lee
April 29, 2019

Investing in ETFs

Bell Direct
April 17, 2019

March Market Overview

Julia Lee
March 28, 2019