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Wall St closed lower overnight as the Nasdaq continued it’s losses from the previous trading session. The Dow Jones rose 0.2%, the S&P500 fell over half a percent and the tech-heavy Nasdaq dropped 0.93%.

US GDP data was released overnight at 2.8% quarter on quarter, 0.3% higher than the forecast of 2.5%

In terms of US stocks, investors moved away from some big AI names including Nvidia which fell 1.7%, Microsoft that lost 2.5% and Alphabet which declined by more than 3%.

Over in Europe, markets closed lower following the sell-off in Wall Street with the STOXX600 ending Thursday trading session 0.72% lower. Germany’s DAX fell 0.48%, the French CAC slid 1.15% and over in the UK the FTSE100 gained 0.4% by market close.

What to watch today:

• The Australian share market is set to open higher, with the SPI futures suggesting a rise of 0.42% at market open this morning.
• On the commodities front this morning,
  • Oil is trading over 1% higher at 78 US dollars and 38 cents a barrel following stronger than expected US economic growth and a decline in crude inventories.
  • Gold is trading 1.43% lower at 2364 US dollars an ounce and iron ore is trading 0.3% lower at 107 US dollars and 47 cents a tonne.

Trading Ideas:

• Bell Potter maintains a buy rating on MedAdvisor (ASX:MDR) and has a 12-month price target of $0.64. The buy rating is maintained by Bell Potter following another strong quarter of topline growth in the US, Australia and New Zealand, while gross margins also improved. Q4 revenue was up 32% on the previous corresponding period with full-year revenue up 25%, hence the buy rating is maintained.
• And Trading Central has identified a bullish signal on Spark New Zealand (ASX:SPK), indicating that the stock price may fall from the close of $3.73 to the range of $3.54-$3.58, on a pattern formed over 40 days according to the standard principles of technical analysis.