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<\/a><\/p>\n ASX to open modestly lower after a mixed session on Wall Street <\/strong> \u00a0<\/p>\n The ASX 200 is poised to open lower on Tuesday after a mixed session on Wall Street. At 8am AEST, the ASX200 futures contract was pointing down by -0.1%.<\/p>\n Overnight, the S&P 500 rose by +0.1%, the blue chips Dow Jones index fell by -0.49%, and the tech-heavy Nasdaq lifted by +0.65% to a new record.<\/p>\n Spot gold<\/strong> touched a new record high of US$2,449.89\/oz, before retreating to trade at US$2,430\/oz currently.<\/p>\n Gold\u2019s recent rally has been driven by a mix of factors like US rate cut expectations, China\u2019s stimulus measures, and geopolitical tensions. This momentum also pushed silver<\/strong> to its highest level in over 11 years.<\/p>\n Lower rates make holding gold more attractive since there\u2019s less opportunity cost of holding non interest-earning bullion.<\/p>\n Meanwhile, copper prices<\/strong> on the LME hit a record high, surpassing US$11,000 a ton for the first time as investors flocked to the metal due to an anticipated supply shortage.<\/p>\n To stocks, JPMorgan<\/strong> stock dropped 4.5% after CEO Jamie Dimon hinted he might retire sooner than Wall Street expected.<\/p>\n Microsoft<\/strong> gained +1.2% after unveiling a new category of PCs called Copilot+ PCs<\/em>. These computers feature AI PC chips and come with the latest version of Windows 11 and Microsoft\u2019s Copilot AI software.<\/p>\n \u201cThe richest AI experiences will harness the power of the cloud and the edge working together in concert,\u201d said Microsoft CEO, Satya Nadella.<\/p>\n Nvidia\u2019s<\/strong> quarterly results will be released on Wednesday US time \u2013 an eagerly anticipated report seen as a major factor that could drive another stock market rally.<\/p>\n Elsewhere, two Fed Reserve governors<\/strong> said last night that rates will stay where they are until there\u2019s more proof that inflation is dropping.<\/p>\n Fed Vice Chair Philip Jefferson and Vice Chair of Supervision Michael Barr highlighted the disappointing inflation numbers in Q1 as a reason to keep rates steady, giving the Fed\u2019s restrictive policy more time to take effect.<\/p>\n \u201cI think we are in a good position to hold steady and closely watch how conditions evolve,\u201d Barr said.<\/p>\n \u00a0<\/p>\n Yesterday, Star Casino\u2019s operator, The Star Entertainment Group (ASX:SGR)<\/strong><\/a> surged by +20% after the company revealed that Florida-based Hard Rock International has approached it for a potential acquisition.<\/p>\n But in an embarrassing twist reported by AFR this morning, Hard Rock has denied any involvement with a proposal for Star.<\/p>\n Hard Rock said it hasn\u2019t authorised the use of its name in any such talks, and might take legal action against anyone who does.<\/p>\n \u201cAny misuse of the Hard Rock name in unauthorised business dealings is taken very seriously,\u201d it said in a statement overnight.<\/p>\n \u201cWe are currently investigating this matter and will pursue all necessary legal actions to protect our brand and reputation.\u201d<\/p>\n Should be an interesting day for the SGR stock price today.<\/p>\n \u00a0<\/p>\n Gold price<\/strong> rose by +0.65% to US$2,430.16 an ounce.<\/p>\n Oil prices <\/strong> fell -0.5%, with Brent crude now trading at US$83.68 a barrel.<\/p>\n The benchmark 10-year US Treasury yield<\/strong> climbed by 3 basis points (bond prices lower) to 4.45%.<\/p>\n The Aussie dollar<\/strong> slipped by -0.4% to 66.71 cents.<\/p>\n The iron ore price<\/strong> rallied more by +0.8% to US$118.30 a tonne.<\/p>\n Bitcoin<\/strong> meanwhile surged by +5% in the last 24 hours to US$69,725.<\/p>\n \u00a0<\/p>\n Technology One (ASX:TNE)<\/a><\/strong> Pioneer Lithium (ASX:PLN)<\/a><\/strong> Kuniko (ASX:KNI)<\/a><\/strong> Xref (ASX:XF1)<\/a><\/strong> Turners Automotive (ASX:TRA)<\/a><\/strong> <\/span><\/p>\n The post Market Highlights: Gold and copper hit the roof, and 5 ASX small caps to watch today<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"
\nSpot gold and copper touched record highs <\/strong>
\nHard Rock denies making a move on Star<\/strong><\/p>\nHard Rock denies approaching Star<\/strong><\/h2>\n
In other markets \u2026<\/h2>\n
5 ASX small caps to watch today<\/h2>\n
\nTNE has announced its results for the half year. Profit After Tax was $48m, up 16% on pcp. Total Annual Recurring Revenue (ARR) was $423.6m, up 21% on pcp. TNE reported record Interim dividend of 5.08 cps, up 10% on pcp. TNE says it\u2019s on track to surpass $500 million ARR by FY25, a target that was brought forward at the FY23 full year results.<\/p>\n
\nPioneer will commence a targeted exploratory drill campaign on major radiometric anomalies at their Verde Valor project in the rare earth-rich state of Bahia, Brazil. The initial 300m exploratory auger drilling campaign will focus on strategically selected location.<\/p>\n
\nA sampling campaign has commenced at Norway\u2019s NGU national drill core archive, aiming to assay ~3,000m of unsampled historic drill core from 12 drill holes for the Ertelien Nickel-Copper-Cobalt Project. The current program aims to sample disseminated sulphide zones that were not previously been sampled.<\/p>\n
\nThe Xref Board has decided to conduct a strategic review of its business following interest expressed by a number of parties regarding a potential acquisition of the company. The inquiries and discussions are still preliminary in nature and there is no certainty that a transaction will result from the strategic review. Xref\u2019s long-term corporate adviser, TMT Partners, has been asked to advise on the management and evaluation of this potential acquisition interest.<\/p>\n
\nTurners has again delivered record earnings for the financial year to March (FY24). Revenue for the year was $417m, up +7% on pcp. NPAT was $33m, up +1.5% on pcp. Full year dividend was 25.5cps, up +11% on pcp. Turners said it achieved its FY24 target a year early, and is well placed to exceed its FY25 Net Profit Before Tax (NPBT) target of $50m. It has also announced its new medium-term target for $65m NPBT in FY28.<\/p>\n