\u00a0<\/p>\n
<\/a><\/p>\n \u00a0<\/p>\n ASX to bounce back after a tech rally in New York<\/strong> The ASX is poised to bounce back on Thursday after a tech rally on Wall Street. At 8am AEDT, the ASX 200 index futures contract was pointing down by +0.5%.<\/p>\n Overnight, the S&P 500 rose by +0.96%. The blue chips Dow Jones index was up by +0.4%, and the tech-heavy Nasdaq climbed by +1.3%.<\/p>\n Six of the Magnificent Seven stocks<\/strong> closed higher, with Apple<\/strong> the only one falling, by -0.5%,<\/p>\n The dip buying also sent bonds higher following yesterday\u2019s selloff triggered by an unexpected jump in US CPI.<\/p>\n \u201cThe economy remains strong and isn\u2019t in need of lower interest rates, which is ultimately supportive of stock prices,\u201d Jeremy Straub at Coastal Wealth told Bloomberg.<\/em><\/p>\n Ride-sharing stock Lyft<\/strong> jumped +35% after earnings per share for the quarter came in at US18c per share, versus the US8c expected by analysts. However there was a bit of drama after Lyft mistakenly said in the company release that margins would expand by 500 basis points, or 5%, year over year in 2024, instead of 0.5%.<\/p>\n Tesla<\/strong> rose by +2.55% despite an informal poll of the company\u2019s institutional investors showed that most expect the stock to underperform over the next six months.<\/p>\n Salesforce<\/strong> jumped almost +3% after the company launched Slack AI<\/strong>, a bot designed to make it easier to catch up on work threads and Slack channels.<\/p>\n Meanwhile, over the Atlantic, UK inflation<\/strong> unexpectedly held steady at 4% in January, compared to the expectations of 4.2%.<\/p>\n \u201cWe slightly overshot last month and slightly undershot this month,\u201d said Bank of England boss Andrew Bailey,<\/em> adding that the results \u201cpretty much leaves us where we were.\u201d<\/p>\n \u00a0<\/p>\n Experts have observed that while the S&P 500 is a collection of 500 companies, it\u2019s really just the seven huge tech stocks \u2014 the so-called \u201cMagnificent Seven\u201d<\/strong> \u2014 driving all the gains.<\/p>\n These seven companies make up almost a third of the index.<\/p>\n But could the Magnificent Seven evolve now into the Sensational Six<\/strong>? Some are calling for Tesla to get the chop from the coveted club.<\/p>\n After doubling in 2023, Tesla\u2019s stock price is down -24% in 2024.<\/p>\n But what really makes Tesla different from the other six is, the other six are genuine benefactors of the burgeoning artificial intelligence (AI) technology, despite Musk\u2019s efforts to position Tesla as an AI stock.<\/p>\n \u201cAlthough Elon Musk would probably disagree, investors don\u2019t see Tesla as an AI play like most of the other Magnificent Seven stocks,\u201d Matthew Maley at Miller Tabak + Co, told Bloomberg.<\/p>\n In addition, Tesla may not be able to keep pace with the other six due to the dimming outlook for electric vehicles, where demand is expected to slow in 2024, and perhaps beyond.<\/p>\n \u00a0<\/p>\n Gold price<\/strong> fell by -0.1% to US$1,991.13 an ounce.<\/p>\n Oil prices<\/strong> were down around -1.6%, with Brent now trading at US$81.44 a barrel.\u00a0This is despite news that Israel has pulled out of the peace talks with Hamas in Cairo.<\/p>\n The benchmark 10-year US Treasury yield<\/strong> slipped by 5 basis points to 4.26%.<\/p>\n Iron ore futures<\/strong>\u00a0lifted slightly by +0.2% US$128.80 a tonne.<\/p>\n The Aussie dollar<\/strong> jumped by +0.5% to US64.92c.<\/p>\n Meanwhile, Bitcoin<\/strong> rose by +3.5% in the last 24 hours to US$51,585.<\/p>\n BTC has hit the US$1 trillion market cap once again, and some traders are targeting the US$64k level in the coming weeks amid more demand for spot Bitcoin ETFs.<\/p>\n \u00a0<\/p>\n Imugene (ASX:IMU)<\/a><\/strong> Gold Mountain (ASX:GMN)<\/a><\/strong> Civmec (ASX:CVL)<\/a><\/strong> Hotel Property Investments (ASX:HPI)<\/a><\/strong> S2 Resources (ASX:S2R)<\/a><\/strong> <\/span><\/p>\n The post Market Highlights: Lyft stock jumps 35pc, the new Sensational Six, and 5 small caps to watch today<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"
\nLyft jumps 35pc despite hiccup in earnings release<\/strong>
\nMagnificent Seven over, now time for Sensational Six?<\/strong><\/p>\nSensational Six now?<\/h2>\n
In other markets \u2026<\/h2>\n
5 ASX small caps to watch today<\/h2>\n
\nImugene has dosed the first patient in the intravenous monotherapy arm of its Phase 1 clinical trial studying drug candidate onCARlytics (on-CAR-19, CF33-CD19 HOV4). The clinical trial is targeting adult patients with advanced or metastatic solid tumours, and is being held at City of Hope in California, with plans to open more sites in the US. The trial is expected to recruit 52 patients.<\/p>\n
\nGMN has commenced work on its clay-hosted Rare Earth Element tenements, along strike from (ASX:BRE) and (ASX:AUZ), that are located in the prospective Jequie region in Brazil. GMN now has amassed a land position over 970km2, including 51 granted tenements and 11 applications in the area.<\/p>\n
\nThe engineering company reported revenue of $492.3 million for the half-year, an increase of 17.5% on the pcp. EBITDA was $59.6 million, representing a 12.6% increase on the pcp. Interim dividend was declared at 2.5c for H1, increased by 0.5 cents from the pcp.<\/p>\n
\nRental income for the half was up 3.4% on pcp to $36.5 million, due to contract rent increases across HPI\u2019s pub portfolio. Adjusted Funds From Operations (AFFO) decreased by 2.1% to $18.5 million, primarily due to the impact of increased variable interest costs. The half-year distribution for 31 December was 9.5 cents, versus 9.2 cents in the pcp.<\/p>\n
\nFurther assay results have been received from initial diamond drillholes at Goornong prospect with high grade gold in SFVD0005. Numerous intercepts in SFVD0005 include: 5.0m at 3.5g\/t gold, 3.0m at 9.2g\/t gold, and 10.2m at 4.2g\/t gold.<\/p>\n