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<\/a><\/p>\n ASX to gain some back after losing -3pc last week<\/strong> \u00a0<\/p>\n Aussie shares are set to open higher on Monday on signs of cooling tensions in the Middle East. At 8am AEST, the ASX200 futures contract was pointing up by +0.3%.<\/p>\n On Friday, the S&P 500 fell by -0.88%, its sixth straight day of declines. The blue chips Dow Jones index was up by +0.56%, and the tech-heavy Nasdaq slumped by -2.05%.<\/p>\n The decline in Nasdaq was mostly led by mega cap tech stocks.<\/p>\n Nvidia<\/strong> tumbled by -10%, wiping out around US$200bn in market cap. Amazon<\/strong> slipped by\u00a0-2.5% while Apple fell -1.2%.<\/p>\n Super Micro Computer<\/strong>, provider of computing, storage, and networking solutions crashed -23%.<\/p>\n Tesla<\/strong> lost another -2%, taking its YTD to over -40%, after recalling nearly 4,000 Cybertrucks over a fault with their accelerators that could cause the pedal to jam.<\/p>\n \u201cSky-high costs for autos \u2014 and especially EVs \u2014 have dampened consumer demand and extended any timelines for adoption,\u201d said market expert, Hamza Shaban<\/em>.<\/p>\n Tesla will report its quarterly earnings on Tuesday (US time). Other US companies to report their earnings this week include GE, Lockheed Martin, JetBlue, and Xerox.<\/p>\n Meanwhile, tensions in the Middle East seem to have eased after the International Atomic Energy Agency<\/em> said there had been no damage to nuclear sites in Iran following Israel\u2019s strikes on Friday. Tehran also said it wasn\u2019t planning any immediate retaliation against Israel.<\/p>\n \u00a0<\/p>\n The benchmark US S&P 500 index<\/strong> has declined in the last six trading days, after reaching all-time highs in March.<\/p>\n While the S&P 500 remains in positive territory for the year, questions surrounding the timing of Fed Reserve interest rate cuts appear to be weighing on investor enthusiasm.<\/p>\n \u201cInvestors appear to be resetting their positioning,\u201d says Rob Haworth<\/em>, senior investment strategy director at US Bank Wealth Management.<\/em><\/p>\n \u201cMarkets are reacting to recent Fed indications that rate cuts aren\u2019t imminent. Even as the Fed projects three rate cuts in 2024, markets had priced in as many as six,\u201d he added.<\/p>\n Haworth says now it\u2019s possible that no more than one or two rate cuts might occur this year, depending on what economic data emerges.<\/p>\n \u201cWhat keeps driving markets to new highs are companies that are insensitive to persistently higher interest rates,\u201d Haworth says.<\/p>\n \u201cLarge companies like Nvidia, Microsoft, Amazon and Google that hold a lot of cash and have low borrowing needs are not greatly affected by changes to the interest rate environment.\u201d<\/p>\n Utilities and real estate stocks, on the other hand, have suffered as both sectors are interest-rate sensitive.<\/p>\n \u00a0<\/p>\n Gold price<\/strong> fell by -0.3% to US$2,384.87 an ounce.<\/p>\n Oil prices <\/strong> also fell -0.3%, with Brent crude now trading at US$87.05 a barrel.<\/p>\n The benchmark 10-year US Treasury yield<\/strong> fell slightly by 1 basis point (bond prices higher) to 4.64%.<\/p>\n The Aussie dollar<\/strong> fell -0.06% to US64.22 cents.<\/p>\n Bitcoin<\/strong> meanwhile was up +0.5% in the last 24 hours to US$65,202.<\/p>\n Bitcoin halving was done on 20th April. This was a significant event where the reward for mining Bitcoin is cut in half, resulting in fewer new Bitcoins generated as a reward for miners.<\/p>\n Halving has made a small difference to the price of BTC this time around, compared to when the first two halvings happened \u2014 in 2012 and 2016 \u2014 where Bitcoin rose roughly 1,800% and 3,000% respectively within months.<\/p>\n This is because Bitcoin\u2019s current circulating supply of almost 19.7 million coins means that 93% of all coins have been mined, leaving miners to play a smaller role in Bitcoin\u2019s price action.<\/p>\n \u00a0<\/p>\n Infini Resources (ASX:I88)<\/a><\/strong> Great Boulder Resources (ASX:GBR)<\/a><\/strong> Renegade Exploration (ASX:RNX)<\/a><\/strong> Rincon Resources (ASX:RCR)<\/a><\/strong> Genetic Signatures (ASX:GSS)<\/a><\/strong> \u00a0<\/p>\n \u00a0<\/p>\n <\/span><\/p>\n The post Market Highlights: US$200bn wiped out from Nvidia, and 5 ASX small caps to watch on Monday<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"
\nMiddle East tensions seem to have eased a little following Friday\u2019s strikes by Israel<\/strong>
\nS&P 500 however has been down for 6th day in a row<\/strong><\/p>\nS&P 500 in correction territory?<\/h2>\n
In other markets \u2026<\/h2>\n
5 ASX small caps to watch today<\/h2>\n
\nInfini announced the commencement of field work at its 100% owned Yeelirrie North uranium project, located in WA. The mobilisation of field crews to site follows the staking of additional licences which aggressively expanded the project footprint by 368%. Initial mapping and sampling results are expected over the following weeks.<\/p>\n
\nAdditional air-core (AC) and RC drilling at the Saltbush prospect has defined shallow, high-grade gold mineralisation over a strike length of ~300m. Highlights include: 4m @ 5.96g\/t Au from 9m, and 3m @ 6.96g\/t Au from 91m. Gold mineralisation appears to be plunging to the northwest, with RC drilling being planned to test this plunge in the next phase of drilling.<\/p>\n
\nRenegade has mapped the continuation of its Mongoose deposit at the Cloncurry Project a further 500m to the west with \u201cMongoose West\u201d, returning rock sample results of up to 19.45% Cu, and 2.3g\/t Au. This information will be evaluated alongside the upcoming processed magnetic data to finalise the RC drill planning.<\/p>\n
\nRecently completed detailed ground gravity surveys have outlined multiple new anomaly high targets and enhanced three existing targets in the Pokali IOCG prospect (Arrow, Dune and Surprise). A program of works (POW) for reverse circulation drilling to test all targets has already been approved by the WA Department of Energy, Mines, Industry Regulation and Safety. A heritage clearance survey of new targets has also been submitted to accelerate drilling programs.<\/p>\n
\nGenetic says the TGA has completed the review of its re-designed EasyScreen Respiratory Pathogen Detection Kit, and included the updated device within the ARTG to allow supply within Australia. The company is now ready to commence sale of this product to customers in Australia, ahead of the influenza season.<\/p>\n