Selling pressure on Wall Street is easing
US stocks fell more modestly overnight after the big slump on Wednesday following the Fed’s announcement of the Fed’s rate-cut plans.
All three major benchmarks lost – the S&P 500 by 0.10%, the Dow by 0.47% and the tech-heavy Nasdaq by 0.13%.
Economic data showed that weekly US jobless claims fell over 200,000 to 207,000 as the Omicron spread led to layoffs.
The price of Tesla shares continues to slide and loses another 2% overnight. It has lost around 11% since the beginning of the year.
This is despite news that battery startup Our Next Energy has optimized its Tesla Model S battery to cover 750 miles on a single charge. Currently the Model S is only built for 400 miles.
In other markets, oil prices rose another 1.5% overnight, accelerating the rally this week to around 5% since OPEC announced its decision to stick to its planned February production increase.
Spot iron ore rose 2% to $ 128.25 per ton, while Bitcoin remains stable at $ 43,200 this morning at 8 a.m. AEDT.
As part of Stockhead’s Crypto 2022 prediction series, we asked five of Australia’s top crypto traders and technical analysts to give us their predictions for the new year.
Read the rest of this story here.
ASX 200 opens higher on Friday
The ASX 200 is likely to open much higher this morning with the futures (January contracts) markets pointing AEDT +1.26% at 8:30 am.
The benchmark index suffered a 2.7% loss yesterday, with a huge 6% sell-off in the tech sector weighing heavily. All eleven sectors were in the red, with the majority of BNPL stocks hurting.
On the big business news this morning, cement company James Hardie (ASX: JHX) fired its CEO Jack Truong with immediate effect after an internal investigation found that his interactions in the workplace had breached the company’s Code of Conduct on multiple occasions. The company has appointed Harold Wiens as interim CEO.
The list is available today on the IPO front My foodie box (ASX: MBX). This is a fresh food packaging e-commerce store founded by Pitcher Partners Chairman Bryan Hughes and his wife Mai. The company raised $ 6 million on 20c.
5 ASX Small Caps You Should See Today
Avita Medical (ASX: AVH)
The regenerative medicine company announced that preclinical data has successfully provided proof of concept in two key areas of cell-based gene therapy – skin rejuvenation and epidermolysis bullosa. Avita will now explore ways to use its Spray-On Skin Cells product in new and broader applications, such as skin rejuvenation and genetic skin defects.
Firstwave cloud technology (ASX: FCT)
The global cybersecurity company announced the appointment of Danny Maher as its new CEO, replacing Chairman and Interim CEO John Grant. Maher has over 25 years of IT industry experience in the US, Asia, UK and Australia.
Atomos Ltd (ASX: AMS)
The video technology company reported unaudited revenue of $ 40.9 million for the first half of FY22. That compares to $ 32.8 million in the first half of FY21 and is in line with the forecast of over $ 40 million.
West African Resources (ASX: WAF)
The company said its gold production increased 7%, with a record production of 87,320 ounces of gold in the December 2021 quarter. For the full year 2021, a record gold production of 288,720 ounces was reached.
Kin mining (ASX: KIN)
Diamond drilling testing the deeper primary zone at Mt. Flora has intersected two zones of high grade mineralization. This includes 5.3 meters grading 6.49 g / t Au including 2.6 meters grading 8.84 g / t Au from 188.3 meters.
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