{"id":8047,"date":"2024-04-07T23:22:48","date_gmt":"2024-04-07T23:22:48","guid":{"rendered":"https:\/\/economicherald.net\/?p=8047"},"modified":"2024-04-07T23:22:48","modified_gmt":"2024-04-07T23:22:48","slug":"market-highlights-wall-street-up-sharply-on-job-numbers-and-5-asx-small-caps-to-watch-today","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=8047","title":{"rendered":"Market Highlights: Wall Street up sharply on job numbers, and 5 ASX small caps to watch today"},"content":{"rendered":"<p><a href=\"https:\/\/www.amscot.com.au\/\" target=\"_blank\" rel=\"noopener\"><\/a><\/p>\n<p>\u00a0<\/p>\n<p><strong>Wall Street climbed after a strong jobs report<\/strong><br \/>\n<strong>But why didn\u2019t the market panic on indications Fed will delay rates cut?<\/strong><br \/>\n<strong>Gold and oil prices were down on Friday<\/strong><\/p>\n<p>\u00a0<\/p>\n<p>The ASX is set to start the week on a high note as Wall Street rallied on the back of job numbers. At 8am AEDT, the ASX 200 index futures contract was pointing up by +0.5%.<\/p>\n<p>On Friday, the S&amp;P 500 rose by +1.11% , the blue chips Dow Jones index was up by +0.80%, and the tech-heavy Nasdaq lifted by +1.24%.<\/p>\n<p>US traders hit the buy button after the <strong>US economy added 303,000 jobs in March<\/strong>, far more than the expectations of 205,000. At the same time, the US jobless rate slipped to 3.8% as participation rate rose.<\/p>\n<p>Some experts warn that strong jobs figures like this one may not be good news for the market.<\/p>\n<p>\u201cThis far stronger-than-expected jobs report, combined with a recent slew of data showing that inflation remains sticky, further exacerbates our expectation that the Fed will continue to be cautious with rates,\u201d said<em> de Vere Group\u2019s Nigel Green<\/em>.<\/p>\n<p>\u201cWe expect that there will be a maximum of one rate cut this year \u2013 in the third quarter \u2013 followed by a pause in order to reassess the impact on the world\u2019s largest economy.\u201d<\/p>\n<p>Others are however more optimistic.<\/p>\n<p>\u201cThe US stock market is up +US$10trn over the past five months, which is a significant wealth gain for household balance sheets,\u201d said a note on <em>Slock<\/em>.<\/p>\n<p>\u201cIPO activity is coming back and M&amp;A activity is coming back. These factors will all support consumer spending, capex spending, and hiring over the coming quarters.\u201d<\/p>\n<p>To stocks,<strong> Trump Media<\/strong> fell -12% on no news. According to its filing last week, the company reported sales of just over US$4 million as net losses reached nearly $60 million for the full year.<\/p>\n<p><strong>Tesla<\/strong> slumped further, this time by -3.6% after a report on Reuters suggested the company has scrapped its plans for a more affordable EV.<\/p>\n<p><strong>Krispy Kreme<\/strong> surged +7% after Piper Sandler upgraded its rating on the company from Neutral to Overweight, citing the recent partnership with McDonald\u2019s.<\/p>\n<p>\u00a0<\/p>\n<h2>Why didn\u2019t the market panic after the strong jobs data?<\/h2>\n<p>The US jobs market is still red-hot, but why hasn\u2019t the latest report made investors nervous that it might stop the Fed from cutting rates?<\/p>\n<p>Because the report also found more Americans have joined the workforce.<\/p>\n<p>According to the jobs report, 469,000 people entered the jobs market looking for work in March, raising the labor force <strong>participation rate<\/strong> from 62.5% to 62.7%.<\/p>\n<p>The participation rate is a crucial metric, because a high rate indicates a robust jobs market and a strong economy.<\/p>\n<p>On the other hand, a decreasing participation rate alongside a falling unemployment rate might indicate discouraged workers leaving the labour force, which could mask underlying weaknesses in the economy.<\/p>\n<p>\u00a0<\/p>\n<h2>In other markets \u2026<\/h2>\n<p><strong>Gold price<\/strong> was down -0.9% to US$2,308.35 an ounce.<\/p>\n<p><strong>Oil prices<\/strong> also fell around -0.9%, with Brent now trading at US$90.37 a barrel, which still near its multi-month high.<\/p>\n<p>The benchmark <strong>10-year US Treasury yield<\/strong> rose by 7bp (bond prices lower) to 4.38%.<\/p>\n<p><strong>Iron ore futures<\/strong> fell a further -0.90% to S$96.85 a tonne.<\/p>\n<p>The <strong>Aussie dollar<\/strong> slumped by -0.3% to US65.69c after the strong jobs report lifted the USD against major currencies.<\/p>\n<p><strong>Bitcoin<\/strong> meanwhile rose +1% in the last 24 hours to US$69,202.<\/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\/syrah-resources-syr\/\">Syrah Resources (ASX:SYR)<\/a><\/strong><br \/>\nSyrah says it has sold and delivered a 10kt break bulk shipment of natural graphite fines from its Balama Graphite Operation in Mozambique to PT Indonesia BTR New Energy Materials in Indonesia. This is the company\u2019s first large volume natural graphite sale to a battery supply chain participant destination outside China. Syrah says the sale is further development in the company\u2019s strategy to transition Balama natural graphite sales to a more geographically diversified and commercially aligned customer base.<\/p>\n<p><strong><a href=\"https:\/\/stockhead.com.au\/company\/far-east-gold-feg\/\">Far East Gold (ASX:FEG)<\/a><\/strong><br \/>\nFEG announced that initial assays of drill core from the first ever drill hole at the Aloe Rek prospect area in the company\u2019s Woyla Copper Gold Project have confirmed high-grade gold within the Victory vein system. Detailed field mapping across the Woyla tenement have confirmed an increase of 5,500m in the strike length of the project\u2019s low sulphidation epithermal vein system from 13,000m to 18,500m.<\/p>\n<p><strong><a href=\"https:\/\/stockhead.com.au\/company\/cygnus-metals-cy5\/\">Cygnus Metals (ASX:CY5)<\/a><\/strong><br \/>\nFirst assays from Pegasus have confirmed a thick, shallow and strongly mineralised intersection of 43.7m at 1.15% Li2O. Recent drill result from Pegasus is comparable to major deposits in James Bay and demonstrates the opportunity at the Auclair project. Drilling is expected to resume this quarter.<\/p>\n<p><strong><a href=\"https:\/\/stockhead.com.au\/company\/red-5-limited-red\/\">Red 5 (ASX:RED)<\/a><\/strong><br \/>\nRED has achieved gold production of 50,132 ounces for the March quarter from the King of the Hills Gold Project \u2013 its fourth consecutive quarter of production exceeding 50,000 ounces.\u00a0Production for FY24 to date stands at 158,158oz, leaving the company well placed to deliver full year production at the top end of annual gold production guidance for FY24 of 195,000 \u2013 215,000 ounces.<\/p>\n<p><strong><a href=\"https:\/\/stockhead.com.au\/company\/silver-lake-resources-slr\/\">Silver Lake Resources (ASX:SLR)<\/a><\/strong><br \/>\nSales for the March quarter were 64,463 ounces of gold and 338 tonnes of copper. For YTD FY24, sales were 187,244 ounces of gold and 872 tonnes of copper, with 179,439 ounces gold and 872 tonnes copper sales from the Western Australian operations. Both the Mount Monger and Deflector operations performed strongly through the quarter, with both operations well positioned to meet the top end of their respective guidance ranges.<\/p>\n<p><span class=\"et_bloom_bottom_trigger\"><\/span><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/news\/market-highlights-wall-street-up-sharply-on-job-numbers-and-5-asx-small-caps-to-watch-today\/\">Market Highlights: Wall Street up sharply on job numbers, 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>\u00a0 Wall Street climbed after a strong jobs report But why didn\u2019t the market panic on indications Fed will delay rates cut? Gold and oil <a href=\"https:\/\/economicherald.net\/?p=8047\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":8048,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-8047","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Market Highlights: Wall Street up sharply on job numbers, and 5 ASX small caps to watch today - Economic Herald<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicherald.net\/?p=8047\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Market Highlights: Wall Street up sharply on job numbers, and 5 ASX small caps to watch today - Economic Herald\" \/>\n<meta property=\"og:description\" content=\"\u00a0 Wall Street climbed after a strong jobs report But why didn\u2019t the market panic on indications Fed will delay rates cut? 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