{"id":7810,"date":"2024-04-01T22:20:44","date_gmt":"2024-04-01T22:20:44","guid":{"rendered":"https:\/\/economicherald.net\/?p=7810"},"modified":"2024-04-01T22:20:44","modified_gmt":"2024-04-01T22:20:44","slug":"market-highlights-commodity-stocks-in-focus-on-price-moves-overnight-and-5-asx-small-caps-to-watch","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=7810","title":{"rendered":"Market Highlights: Commodity stocks in focus on price moves overnight; and 5 ASX small caps to watch"},"content":{"rendered":"

<\/a><\/p>\n

Wall Street opened the new quarter lower<\/strong>
\nTrump Media slumped 20pc, and Tesla slipped 7pc<\/strong>
\nOil, gold and nickel stocks on watch on price moves overnight<\/strong><\/p>\n

\u00a0<\/p>\n

The ASX is set to open flattish on Tuesday as Wall Street slid lower to open the new quarter.<\/p>\n

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%.<\/p>\n

Meme stock Trump Media<\/strong> plunged by -21% after the company revealed a US$58m loss last year, with the auditor reporting \u201csubstantial doubt\u201d over its ability to continue operating. The company\u2019s platform Truth Social has lured about 9 million users since its inception in 2021.<\/p>\n

Tesla<\/strong> 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.<\/p>\n

Chipmaker Micron Technology<\/strong> rose +5% as analysts at the Bank of America raised their price target, citing increased demand for artificial intelligence chips.<\/p>\n

\u00a0<\/p>\n

Commodity stocks in focus today<\/h2>\n

Crude oil<\/strong> rose by 1% overnight to match October highs, with Brent trading now at US$87.61 a barrel.<\/p>\n

This came as Mexico\u2019s state-controlled oil company, Pemex, said it will halt a portion of crude exports in the next few months.<\/p>\n

Oil traders are also monitoring the war in the Middle East closely after an Israeli airstrike reportedly hit an Iran\u2019s embassy compound in Syria, killing a top military commander.<\/p>\n

ASX gold miners<\/strong> will be in focus today after bullion prices touched a new high of of $2,265.53 per ounce overnight, before retreating slightly.<\/p>\n

This came as the Fed\u2019s preferred gauge of inflation \u2014 the core personal consumption expenditures index or PCE \u2014 cooled in February, data showed Friday.<\/p>\n

Nickel stocks<\/strong> will also be in focus today after the Indonesian government said nickel exports would quadruple by 2030.<\/p>\n

\u00a0<\/p>\n

In other markets \u2026<\/h2>\n

Gold price<\/strong> keeps climbing, rising by almost +1% overnight to to US$2,252.17 an ounce.<\/p>\n

Oil prices<\/strong> also rose +1%, with Brent now trading at US$87.61 a barrel.<\/p>\n

The benchmark 10-year US Treasury yield<\/strong> surged by 11bp (bond prices lower) to 4.32%.<\/p>\n

Iron ore futures<\/strong> rose by +0.5 % to US$101.65 a tonne.<\/p>\n

The Aussie dollar<\/strong> slipped half a per cent to US64.93c.<\/p>\n

Bitcoin<\/strong> meanwhile was down -1.5% in the last 24 hours to US$69,794.<\/p>\n

\u00a0<\/p>\n

5 ASX small caps to watch today<\/h2>\n

Oneview Healthcare (ASX:ONE)<\/a><\/strong>
\nOneview 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\u2019s Fairfax Medical Campus was named the #1 Best Hospital in both Virginia and the Washington, DC metropolitan area by US News & World Report\u2019s 2023 Rankings.<\/p>\n

GenusPlus Group (ASX:GNP)<\/a><\/strong>
\nThe power and communications infrastructure provider has been awarded two contracts as part of Fortescue\u2019s (ASX:FMG)<\/a> 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.<\/p>\n

NOVONIX (ASX:NVX)<\/a><\/strong>
\nThe 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.<\/p>\n

Carnavale Resources (ASX:CAV)<\/a><\/strong>
\nCarnavale reported new shallow high grade gold discovery 200m northeast of McTavish East.\u00a0Significant 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.\u2028 Mineralisation remains open along strike and down dip.<\/p>\n

Asra Minerals (ASX:ASR)<\/a><\/strong>
\nPhase 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.\u00a0The 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.<\/p>\n

<\/span><\/p>\n

The post Market Highlights: Commodity stocks in focus on price moves overnight; and 5 ASX small caps to watch<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

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