\u00a0<\/p>\n
<\/a><\/p>\n \u00a0<\/p>\n ASX to drop at the open<\/strong> \u00a0<\/p>\n The ASX is poised for a fall on Monday after an accelerating Wall Street got the death wobbles on Friday in New York.<\/p>\n On Monday At 8am AEDT, the ASX200 index futures contract was pointing down by +0.6%. The ASX closed yesterday at 7,763.7, and could now test the 7769.1 high set earlier on intraday Monday.<\/p>\n US stocks did sound a general retreat on Friday, ending a bubbly volatile week with a fullstop \u2013 or at least a bit of profit taking on Nvidia\u2019s cray-cray run of gains YTD.<\/p>\n The S&P500 lost 0.65% to 5,123.69.<\/p>\n The Nasdaq Composite shed 1.15% to end at 16,085.11.<\/p>\n The softer-hearted Dow Jones Industrial Average gave up 69 points, or 0.17%, to end at 38,722.69.<\/p>\n All three major US indices took on water in choppy conditions last week \u2013 the worst for the 30-stock Dow since October.<\/p>\n The S&P500 lost 0.25%, the Dow and tech-heavy Nasdaq fell 0.95%\u00a0 and 1.2%, respectively.<\/p>\n Nvidia running out of puff, defined Friday in New York, as the AI darling gave up circa 5% to log its worst session in almost 10 months.<\/p>\n But hey \u2013 Nvidia still finished up more than 6% for the week, so bad is relative and in NVDA\u2019s case it\u2019s incestuous. It\u2019s added US$1 trillion in market cap this year (2024) so\u2026<\/p>\n Former glory Mega tech, Apple, finally rose in Friday trading finding 1% and thus ending its longest losing streak (seven sessions) since January \u201922.<\/p>\n But like an anti-NVDA \u2013 APPL was still down 5% on the week, making it the worst performer in the 30-stock Dow.<\/p>\n US February jobs data came in at a higher-than-expected increase of 275k jobs compared to the estimated 189k. Good for the economy, bad for rate cuts.<\/p>\n Oil prices fell last week as demand out of China and ample global supply butted heads.<\/p>\n The West Texas Intermediate contract for April settled down 1.2%.<\/p>\n With the sustainability of higher prices sans significant Chinese demand recovery, the US crude and the global benchmark copped losses of 2.5% and 1.8%, respectively.<\/p>\n Among the US sectors, Real Estate was the best performer, and Tech was the worst.<\/p>\n Around the \u2018burbs \u2013 Asian Pacific markets on Friday were all higher, Tokyo\u2019s Nikkei added 0.25%, Hong Kong\u2019s Hang Seng gained 0.75% and China\u2019s Shanghai Composite added 0.6%.<\/p>\n China NPC meeting in Beijing ends today sans any major stimmy.<\/p>\n European markets closed mixed. London\u2019s FTSE fell 0.45% while Paris closed 0.15% the better.<\/p>\n \u00a0<\/p>\n To end last week, the Australian benchmark ASX200 closed 1.1% higher, above and beyond 7,800 points for the very first time.<\/p>\n That\u2019ll be a record.<\/p>\n The XJO called it a day on 7,847.0, ahead 1.9% for the week.<\/p>\n\n Coming into sharper focus this week is a possible rate change here at home.<\/p>\n Local markets now anticipate a 93% probability of the Reserve Bank of Australia (RBA) reducing the cash rate in August, with full pricing for a move in September, projecting two quarter-point cuts for the year.<\/p>\n Worth noting that the gold spot took off again on Friday.<\/p>\n Gold is now up +5.6% year-to-date with shiny new all-time highs abounding.<\/p>\n Local goldies have been strong beneficiaries and a positive contrast to its metallic brethren.<\/p>\n Iron ore has been a wobbler, but also worth watching as the AUD which has risen since Beijing announced a bit of extra infrastructure spend \u2013 not heaps, mind you \u2013 at the National Party Conference (NPC) which closes today at the Great Hall of the People in Tiananmen Square.<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Adairs (ASX:ADH)<\/strong><\/a> is paying 5 cents fully franked Gold price<\/strong> rose by +0.06% to US$2,179.40 an ounce.<\/p>\n Oil prices<\/strong> traded lower, both Brent and WTI down 1.4%.<\/p>\n The benchmark 10-year US Treasury yield<\/strong> is flat to 4.09%.<\/p>\n Iron ore futures<\/strong> are down 0.84% to US$117.05 a tonne.<\/p>\n One Australian dollar<\/strong> at 8.30am was buying 66.26 US cents.<\/p>\n The AUD has been lifting this week since the Chinese government announced extra infrastructure spending at the National Party Conference earlier this week.<\/p>\n Bitcoin<\/strong> meanwhile was up another +1.3% in the last 24 hours to US$67,341.<\/p>\n Codrus Minerals (ASX:CDR)<\/strong><\/a><\/p>\n CDR says an EM survey has identified \u201cmultiple prospective horizons\u201d for drill testing at its Karloning REE Project. There\u2019s some 58km of Loupe EM data collected across the Karloning clay-hosted REE Project resulting in drill targets being generated over CDR\u2019s increased landholding in the highly prospective WA Wheatbelt.<\/p>\n Magmatic Resources (ASX:MAG)<\/strong><\/a><\/p>\n On Friday we discovered FMG will spent up to $14m over six years to get a 75% JV interest in Magmatic\u2019s Myall project in NSW. For Magmatic that\u2019s just grand \u2013 as is FMG\u2019s decision to subscribe for 75.9 million shares to claim a 19.9% stake in the junior. Another $3.71m in the coffers for MAG at 4.884c a share \u2014 a 10% premium to its 30 day VWAP at the end of January. MAG shares gained hard late Friday, but there\u2019s still a buzz about it on Monday.<\/p>\n Mayur Resources (ASX:MRL)<\/strong><\/a><\/p>\n Is dropping financial results on Monday, the PNG focused energy minnow will be looking to advance the Central Lime Project and Orokolo Bay Industrial Sands Project to Final Investment Decision, as well as get cracking on its portfolio of renewable energy opportunities in PNG. MRL snagged ex-OkTedi, Oil Search (ASX:OSH)<\/strong><\/a> and current Santos (ASX:STO)<\/strong><\/a> independent non-executive director to oversee government and community relations across Mayur\u2019s PNG portfolio.<\/p>\n <\/span><\/p>\n The post Market Highlights: Wall St and Nvidia went all Icarus on Friday\u2026 is the ASX wearing enough sunscreen??<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"
\nNvidia loses US$128bn on mkt cap on Friday\u00a0<\/strong>
\nGold keeps giving, China\u2026 not so much<\/strong><\/p>\nThe ASX on Monday\u2026<\/strong><\/em><\/h2>\n
ASX Ex-dividends on Monday<\/em><\/h2>\n
\nConsolidated Operations Group (ASX:COG)<\/strong><\/a> is paying 4 cents fully franked
\nCoronado Global Resources (ASX:CRN)<\/strong><\/a> is paying 0.5348 cents fully franked
\nCSL (ASX:CSL)<\/strong><\/a> is paying 182.5713 cents unfranked
\nDusk Group (ASX:DSK)<\/strong><\/a> is paying 2.5 cents fully franked
\nGeneration Development Group (ASX:GDG)<\/strong><\/a> is paying 1 cent 50 per cent franked
\nJoyce Corporation (ASX:JYC)<\/strong><\/a> is paying 11 cents fully franked
\nPerpetual (ASX:PPT)<\/strong><\/a> is paying 4 cents fully franked
\nRamsay Health Care (ASX:RHC)<\/strong><\/a> is paying 40 cents fully franked
\nSeven Group Holdings (ASX:SVW)<\/strong><\/a> is paying 23 cents fully franked
\nTurners Automotive Group (ASX:TRA)<\/strong><\/a> is paying 5.6286 cents 85 per cent franked<\/p>\n<\/h2>\n
In other markets \u2026<\/h2>\n
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3 ASX small caps to watch today<\/h2>\n