Wall Street opened the new quarter lower
Trump Media slumped 20pc, and Tesla slipped 7pc
Oil, gold and nickel stocks on watch on price moves overnight
The ASX is set to open flattish on Tuesday as Wall Street slid lower to open the new quarter.
Overnight, the S&P 500 fell by -0.2% , the blue chips Dow Jones index was down by -0.6%, but tech-heavy Nasdaq lifted slightly by +0.11%.
Meme stock Trump Media plunged by -21% after the company revealed a US$58m loss last year, with the auditor reporting “substantial doubt” over its ability to continue operating. The company’s platform Truth Social has lured about 9 million users since its inception in 2021.
Tesla slumped -7% after the bell as the market awaits a Q1 deliveries update this week. The stock price moved after the company lifted its prices across its SUV models.
Chipmaker Micron Technology rose +5% as analysts at the Bank of America raised their price target, citing increased demand for artificial intelligence chips.
Commodity stocks in focus today
Crude oil rose by 1% overnight to match October highs, with Brent trading now at US$87.61 a barrel.
This came as Mexico’s state-controlled oil company, Pemex, said it will halt a portion of crude exports in the next few months.
Oil traders are also monitoring the war in the Middle East closely after an Israeli airstrike reportedly hit an Iran’s embassy compound in Syria, killing a top military commander.
ASX gold miners will be in focus today after bullion prices touched a new high of of $2,265.53 per ounce overnight, before retreating slightly.
This came as the Fed’s preferred gauge of inflation — the core personal consumption expenditures index or PCE — cooled in February, data showed Friday.
Nickel stocks will also be in focus today after the Indonesian government said nickel exports would quadruple by 2030.
In other markets …
Gold price keeps climbing, rising by almost +1% overnight to to US$2,252.17 an ounce.
Oil prices also rose +1%, with Brent now trading at US$87.61 a barrel.
The benchmark 10-year US Treasury yield surged by 11bp (bond prices lower) to 4.32%.
Iron ore futures rose by +0.5 % to US$101.65 a tonne.
The Aussie dollar slipped half a per cent to US64.93c.
Bitcoin meanwhile was down -1.5% in the last 24 hours to US$69,794.
5 ASX small caps to watch today
Oneview Healthcare (ASX:ONE)
Oneview has signed a Master Services Agreement with Inova Health System for 1,900 beds and an initial 5-year term. The company had 15,908 contracted beds prior to this signing. The addition of 1,900 beds brings the total contracted number of beds to 17,808, an increase of 12%. Inova is nationally recognised in the US. Inova’s Fairfax Medical Campus was named the #1 Best Hospital in both Virginia and the Washington, DC metropolitan area by US News & World Report’s 2023 Rankings.
GenusPlus Group (ASX:GNP)
The power and communications infrastructure provider has been awarded two contracts as part of Fortescue’s (ASX:FMG) decarbonisation plans in Western Australia. The contracts have a combined value of approximately $50 million. Contract works have commenced and estimated to be completed by mid 2025.
NOVONIX (ASX:NVX)
The battery materials company announced that upon recommendation by the US Department of Energy (DOE), the company was selected to receive a US$103 million tax credit under the Qualifying Advanced Energy Project Allocation Program, to support production of critical battery materials from its Riverside facility in Chattanooga, Tennessee.
Carnavale Resources (ASX:CAV)
Carnavale reported new shallow high grade gold discovery 200m northeast of McTavish East. Significant RC drilling results include: 5m @ 4.91g/t Au from 87m in MERC118, 3m @ 3.13g/t Au from 97m in MERC114, and 6m @ 1.41g/t Au from 83m in MERC117.
Mineralisation remains open along strike and down dip.
Asra Minerals (ASX:ASR)
Phase 1 metallurgical test results from the Yttria Deposit have exceeded expectations and confirmed strong REO extraction potential of high-value Heavy and Magnet Rare Earth Elements. The results improve confidence of a highly competitive REE project in the Tier 1 Goldfields jurisdiction in WA, close to all required infrastructure, reagent supplies and services.
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