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As we enter the final week of reporting season, the Australian market is set to open in the red, following the Dow Jones dropping 700 points on Friday in the US, the worst day for the Dow this year so far. This comes from the release of soft US data, including a decline in consumer sentiment, home sales dropping more than expected and a five-year inflation outlook survey higher-than-expected. The economic data sparked concerns among US investors over a slowing economy and sticky inflation. Bank stocks were sold off and losses advanced toward the close on Friday, amid news headlines of additional tariffs and other government policies moving markets.

The Dow Jones dropped 1.67%, bringing its two-day losses to 1,200 points. The S&P500 dropped 1.71%, the second negative session for the index after closing at a record on Wednesday. And the tech- heavy Nasdaq declined by over 2%.

Australian shares declined on Friday, down 0.32% with consumer discretionary stocks weighing down on the market the most, while the materials sector advanced.

What to watch today:

• As we enter the final week of reporting season, the Australian market is set to open lower, with the SPI futures suggesting a drop of 0.77% at the open this morning, following US equities.
• In commodities,
  • Crude oil has dropped 2.87%, trading at US$70.40 per barrel, as concerns over Russian supply disruptions provided support while uncertainty loomed over a potential Ukraine peace deal.
  • Gold is trading slightly lower at US$2,934 an ounce, remaining close to its record high from the previous session at US$2,950. Investors moved to the safe haven metal amid rising global uncertainties.
  • And iron ore is trading higher at US$107.13 per tonne, its highest in four months amid strong demand expectations from major consumers.
• Over 20 listed companies are set to report their earnings results today, including Adairs (ASX:ADH), APA Group (ASX:APA), Lovisa (ASX:LOV), Lynas Rare Earths (ASX:LYC) and Regis Healthcare (ASX:REG), just to name a few.
• Stocks going ex-dividend today include Hansen Technologies Limited (ASX:HSN), Santos (ASX:STO) and Vicinity Centres (ASX:VCX). Remember that this often sees share prices fall, as investors take their profits.

Trading Ideas:

• Bell Potter have upgraded their recommendation on Telix Pharmaceuticals (ASX:TLX) from a Hold to a Buy after the pharmaceutical group pre-released FY24 revenues. Bell Potter’s 12- month price target is amended from $21.60 to $36.00, and at TLX’s current share price of $30.12, this implies just over 19% share price growth in a year.
• Trading Central have identified a bearish signal in PWR Holdings (ASX:PWH) indicating that the stock price may fall from the close of $7.34 to the range of $5.20 – $5.70 over 67 days, according to the standard principles of technical analysis.