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Wall St closed lower overnight as the S&P 500 fell for the first time in nine trading sessions, losing 0.81%. The Dow Jones and tech-heavy Nasdaq followed suit losing 0.65% and 0.94% respectively overnight. Stocks hit session lows following Federal Reserve Chair, Jerome Powell suggesting that more work may need to be done to lower inflation.In terms of US shares, Disney rose 7% after reporting better-than-expected profit whist, software design company Arm dipped 6% after its first quarterly report as a public company.European markets closed higher overnight following a series of robust corporate earnings. The STOXX600 closed 0.8% higher, led by industrials gaining 2.5%. Germany’s DAX closed 0.81% higher, the French CAC ended the trading session 1.13% in the green and over in the UK the FTSE100 gained 0.73%.Earnings played a significant role in European market sentiment, with AstraZeneca up 2.6%.Locally yesterday, the ASX 200 closed 0.28% higher, led by a close to 1% increase from both the health and communication services sectors. However, this was heavily offset by a 4.83% drop in the information technology sector.What to watch today: The Australian share market is set open slightly lower, with the SPI futures suggesting a fall of 0.04% at the open this morning.In terms of economic data, at 10:30 this morning, The RBA will make a statement on monetary policy.And on the commodities front today,Oil is up 0.37% to 75 US dollars and 61 cents a barrel, following a 2% price fall on Wednesday, its lowest since mid-July. Gold is up 0.44% to 1958 US dollars an ounce and iron ore is up 0.79% to 128 US dollars a tonne with China expected to offset the debt crisis for the residential construction sector, maintaining active purchasing activity for iron ore inputs.Trading Ideas:Bell Potter maintains a speculative buy rating on ikeGPS Group (ASX:IKE) and has held on to its valuation of $0.88. The speculative buy rating is maintained by Bell Potter due to the medium and long-term outlook opportunity, underpinned by a forecasted investment of 410 billion US dollars into the North America 5G, fibre and rural broadband rollout.And Trading Central has identified a bullish signal on Car Group (ASX:CAR), indicating that the stock price may rise from the close of $29.37 to the range of $31.90-$32.60 on a pattern formed over 59 days, according to the standard principles of technical analysis.