{"id":10857,"date":"2024-06-13T23:57:43","date_gmt":"2024-06-13T23:57:43","guid":{"rendered":"https:\/\/economicherald.net\/?p=10857"},"modified":"2024-06-13T23:57:43","modified_gmt":"2024-06-13T23:57:43","slug":"market-highlights-musk-to-get-his-us56-billion-and-5-asx-small-caps-to-watch-today","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=10857","title":{"rendered":"Market Highlights: Musk to get his US$56 billion; and 5 ASX small caps to watch today"},"content":{"rendered":"<p>Broadcom stocks surged on strong earnings and announcements<br \/>\nUS jobless claims rise to highest in 9 months<br \/>\nTesla shareholders voted for Musk\u2019s US$56bn compensation package and move to Texas<\/p>\n<p>\u00a0<\/p>\n<p>The ASX 200 is poised to track Wall Street higher when the market opens on Friday. At 8am AEST, the ASX200 futures contract was pointing up by +0.1%.<\/p>\n<p>Overnight, S&amp;P 500 rose by +0.23% to another all-time high, the blue chips Dow Jones index was down by -0.17%, and the tech-heavy Nasdaq lifted by +0.34%, also to a new record high.<\/p>\n<p><strong>Nvidia<\/strong> rose by +3.5% and <strong>Broadcom<\/strong>, a company that supplies parts to Apple, saw its stock soar by 12%, reaching a record high.<\/p>\n<p>This surge followed its announcement of a 10-to-1 stock split and better-than-expected quarterly profits and sales, driven largely by a 280% increase in their AI business compared to last year.<\/p>\n<p><strong>Adobe<\/strong> jumped +16% post market, while <strong>Tesla<\/strong> rose +3% after shareholders showed their support for CEO Elon Musk by voting in favour of his US$56 billion compensation package and moving the company\u2019s incorporation to Texas.<\/p>\n<p>The results of the vote were announced at Tesla\u2019s annual meeting in Austin. The night before, Musk had hinted on social media that both proposals were winning by large margins.<\/p>\n<p>Meanwhile, US jobless claims rose to their highest in nine months, led by California.<\/p>\n<p>New unemployment claims went up by 13,000 to a total of 242,000 in the week ending June 8, according to the Labor Department, higher than what all the economists had predicted.<\/p>\n<p>\u00a0<\/p>\n<h2>Musk\u2019s package approved<\/h2>\n<p>Tesla\u2019s investors showed their confidence in CEO Elon Musk by approving his US$56 billion pay package and the company\u2019s state of incorporation to Texas, even though sales are down and the stock price has recently dropped sharply.<\/p>\n<p>The vote on Musk\u2019s pay is only advisory, meaning it doesn\u2019t guarantee he will get the money.<\/p>\n<p>Earlier this year, a Delaware judge nullified Elon Musk\u2019s 2018 compensation plan, and Tesla intends to appeal, citing the shareholder votes as their basis for appeal.<\/p>\n<p>If the appeal fails, moving the company\u2019s legal base to Texas might help the board reintroduce the pay package in a state with more favourable courts.<\/p>\n<p>The 2018 compensation package, approved by 73% of voters, allowed Elon Musk to earn up to US$55.8 billion in stock options if Tesla met specific goals.<\/p>\n<p>As of Thursday\u2019s market close, these options were worth about US$48.4 billion, according to Bloomberg.<\/p>\n<p>\u00a0<\/p>\n<h2>In other markets \u2026<\/h2>\n<p><strong>Gold price<\/strong> dropped by -0.75% to US$2,303 an ounce.<\/p>\n<p><strong>Oil prices <\/strong> fell by -0.9%, with Brent crude now trading at US$82.02 a barrel.<\/p>\n<p>The benchmark <strong>10-year US Treasury yield<\/strong> fell by a further 6 basis points (bond prices higher) to 4.25%.<\/p>\n<p>The <strong>Aussie dollar<\/strong> was down by -0.45% to 66.35 cents.<\/p>\n<p>The <strong>iron ore price<\/strong> rose by +2% to US$106.85 a tonne.<\/p>\n<p><strong>Bitcoin<\/strong> meanwhile fell by -2% in the last 24 hours to US$66,927, while <strong>Ethereum<\/strong> was also down around -2.3% to US$3,482.<\/p>\n<p>\u00a0<\/p>\n<h2>5 ASX small caps to watch today<\/h2>\n<p><strong><a href=\"https:\/\/stockhead.com.au\/company\/lightning-minerals-l1m\/\">Lightning Minerals (ASX:L1M)<\/a><\/strong><br \/>\nLightning said it had a successful visit to its Cara\u00edbas and Sidr\u00f4nio lithium projects in Minas Gerais, Brazil, and has completed the first phase of its exploration work. Field reconnaissance has confirmed lithium bearing outcrop at artisanal workings site within the Cara\u00edbas Project, which produced peak lithium rock chip assay results grading up to 0.53% Li2O (lepidolite) and strong tantalum (1,245ppm), rubidium (1,175ppm) and caesium (1,455ppm) assays.<\/p>\n<p><strong><a href=\"https:\/\/stockhead.com.au\/company\/minerals-260-mi6\/\">Minerals 260 (ASX:MI6)<\/a><\/strong><br \/>\nRock samples from the Jailor Bore Extension Prospect in the Aston Project, Gascoyne Province, WA, revealed high uranium (up to 1,095ppm U3O8) and vanadium (up to 518ppm V2O5) levels. This area is considered promising for uranium deposits. Other areas of the Aston Project also showed high uranium (up to 804ppm U3O8) and vanadium (up to 884ppm V2O5) levels from regional sampling.<\/p>\n<p><strong><a href=\"https:\/\/stockhead.com.au\/company\/kingsrose-mining-krm\/\">Kingsrose Mining (ASX:KRM)<\/a><\/strong><br \/>\nKingsrose has received a Derogation Permit from the Ministry of the Environment for Area 1 of the Penikat Project. This permit allows it to proceed with exploration activities, including mapping, sampling, geophysics, and drilling, pending a valid exploration licence and compliance with operational conditions. This marks a key milestone for the project.<\/p>\n<p><strong><a href=\"https:\/\/stockhead.com.au\/company\/sun-silver-ss1\/\">Sun Silver (ASX:SS1)<\/a><\/strong><br \/>\nA drilling contract has been awarded to Alford Drilling, a well-experienced contractor based in Elko. The first drilling program at Maverick Springs is set to start in the upcoming weeks. Mineral deposits at Maverick Springs are still open in all directions and at deeper levels, offering several drilling opportunities to expand the resource base.<\/p>\n<p><strong><a href=\"https:\/\/stockhead.com.au\/company\/equinox-resources-eqn\/\">Equinox Resources (ASX:EQN)<\/a><\/strong><br \/>\nAfter completing drilling at the Rio Negro hard rock rare earth site, Equinox has increased its field work across the Campo Grande Rare Earth Project. The company found many new exposed boulders in various areas that are promising for high-grade hard rock rare earth minerals. Samples have been collected and are being tested in the laboratory.<\/p>\n<p>\u00a0<\/p>\n<p><em>At Stockhead we tell it like it is. While Sun Silver and Equinox Resources are Stockhead advertisers, they did not sponsor this article.<\/em><\/p>\n<p><span class=\"et_bloom_bottom_trigger\"><\/span><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/news\/market-highlights-musk-to-get-his-us56-billion-and-5-asx-small-caps-to-watch-today\/\">Market Highlights: Musk to get his US$56 billion; and 5 ASX small caps to watch today<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Broadcom stocks surged on strong earnings and announcements US jobless claims rise to highest in 9 months Tesla shareholders voted for Musk\u2019s US$56bn compensation package <a href=\"https:\/\/economicherald.net\/?p=10857\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":10858,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-10857","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Market Highlights: Musk to get his US$56 billion; 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