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<\/a><\/p>\n ASX to extend gains on Wednesday after Wall Street bounced back<\/strong> \u00a0<\/p>\n Aussie shares are set to extend their good run on Wednesday as Wall Street continues to bounce back. At 8am AEST, the ASX200 futures contract was pointing up by +0.4%.<\/p>\n Overnight, the S&P 500 rose by +1.20%, the blue chips Dow Jones index was up by +0.69%, and the tech-heavy Nasdaq lifted by +1.59%.<\/p>\n Tesla<\/strong> kicked off the reporting season for the Magnificent 7.<\/p>\n Tesla\u2019s shares surged over +11% after-hours despite a revenue miss for the quarter. The EV maker posted US$21.3bn in revenue for Q1, a 9% drop year on year. Profit was US$1.1bn, a huge 55% decline from the pcp.<\/p>\n However, there were several things in the release that made investors happy, including a ride-hailing app to be integrated into Tesla\u2019s products, the robotaxi, and the release of new vehicle models that will be launched sooner than previously announced.<\/p>\n Spotify<\/strong> also soared +11% after reporting Q1 earnings that beat expectations on both the top and bottom lines.<\/p>\n General Electric<\/strong> jumped 8% after beating both profit and revenue forecasts and lifted its full-year guidance.<\/p>\n General Motors<\/strong> lifted +4% after also posting a beat on both the top and bottom lines and raised its full-year outlook.<\/p>\n Meanwhile, iron ore stocks<\/strong> will be on watch today after the iron ore price slumped -3% overnight on the back of slowing Chinese steel market.<\/p>\n \u201cSteel consumption was suppressed in the short term as rainy weather hit southern [Chinese] regions, which also dented speculative buying,\u201d analysts at Huatai Futures said in a note<\/a>.<\/p>\n Looking ahead, Australia\u2019s March quarter CPI figures<\/strong> will be released at 11.30am AEST today. The last reading showed a CPI of 3.4% in the 12 months to January 2024.<\/p>\n \u00a0<\/p>\n Goldman Sachs<\/strong>\u2019 analysts say another bull run in US megacaps could push the S&P 500 index<\/strong> 15% higher than its forecast year-end level of 5,200 (currently at 5,070).<\/p>\n \u201cA large part of the market remains weighed down by concerns of \u2018high-for-longer\u2019 rates and an elevated cost of capital as investors seek quality attributes,\u201d Goldman noted.<\/p>\n \u201cThat\u2019s one area where a change might help stocks go higher.\u201d<\/p>\n A surge in earnings in megacaps, especially the Magnificent Seven, is also expected to drive a 13% rise in buybacks by S&P 500 companies, which could take the index even higher.<\/p>\n \u00a0<\/p>\n Gold price<\/strong> fell by -0.53% to US$2,321.39 an ounce.<\/p>\n Oil prices <\/strong> also rose by +1.5%,with Brent crude now trading at US$88.43 a barrel.<\/p>\n The benchmark 10-year US Treasury yield<\/strong> traded flat at 4.61%.<\/p>\n The Aussie dollar<\/strong> climbed further by +0.6% to US64.89 cents.<\/p>\n Bitcoin<\/strong> meanwhile was down -0.5% in the last 24 hours to US$66,439.<\/p>\n \u00a0<\/p>\n Mako Gold (ASX:MKG)<\/a><\/strong> Immutep (ASX:IMM)<\/a><\/strong> Avira Resources (ASX:AVW)<\/a><\/strong> Predictive Discovery (ASX:PDI)<\/a><\/strong> Buru Energy (ASX:BRU)<\/a><\/strong> \u00a0<\/p>\n At Stockhead we tell it like it is. While Mako Gold is a Stockhead advertiser, it did not sponsor this article.<\/em><\/p>\n <\/span><\/p>\n The post Market Highlights: Tesla surges after Q1 update, iron ore slumps, and 5 ASX small caps to watch today<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"
\nTesla surged by 11pc after releasing quarterly results<\/strong>
\nAnd where will the S&P 500 index be at year end?<\/strong><\/p>\nS&P 500 year-end prediction<\/h2>\n
In other markets \u2026<\/h2>\n
5 ASX small caps to watch today<\/h2>\n
\nMako announced the discovery of a new high-grade gold zone (Central Zone) at Tchaga North on the Napi\u00e9 Project, which further confirms Tchaga North as a high-grade drill target. High grade rock chip results include 76.10g\/t Au, 24.34g\/t Au, 12.95g\/t Au, 6.92g\/t Au, 5.49g\/t Au, 5.11g\/t Au, and 4.55g\/t Au.<\/p>\n
\nImmutep has announced preliminary topline results from Cohort B of the TACTI-003 Phase IIb trial evaluating eftilagimod alpha (efti) in combination with KEYTRUDA (pembrolizumab). Results showed a preliminary 26.9% response rate, the primary endpoint of the study. Immutep says these results are encouraging. The drug combination is aimed at first-line treatment of recurrent\/metastatic head and neck squamous cell carcinoma patients (1L HNSCC) with negative PD-L1 expression.<\/p>\n
\nAvira has entered into an Earn-In Agreement with Goitom Mining to earn up to an 80% interest in the Meru Copper-Gold Project (Meru) located in central Kenya. Meru is a single 251 square kilometre prospecting licence under application in central Kenya that is 100% held by Goitom. A single grab sample was taken and returned 10.32% Cu; 4.68g\/t Au; 1.03ppm Pd; 1.78ppm Pt; 2ppm Ag and 2090ppm Ni.<\/p>\n
\nPDI reported further near-resource drilling results from the 5.38Moz Bankan Gold Project in Guinea. BC East reverse circulation drilling results produced 9m @ 3.36g\/t from 17m and 10m @ 1.43g\/t from 85m, following up positive previous results including 16m @ 1.58g\/t from 5m.<\/p>\n
\nInterpretation of the Rafael 3D seismic data set identifies a high potential, shallow prospect in EP 428 (100% owned by Buru), partly overlying the Rafael 1 gas and condensate accumulation, with planning underway for drilling of the prospect in the 2024 operating season. Buru\u2019s internal assessment indicates a range of between 3.2 MMstb (low estimate) and 79 MMstb (high estimate) of recoverable liquids with a Best Estimate of 19 million barrels recoverable.<\/p>\n