A mixed bag of US stocks
US stocks struggled for direction in overnight trade as the S&P500 closed flat while the Nasdaq fell more than 1% – dragged down by a 35% plunge for Netflix after its lackluster trading update.
So far this week, global markets have been largely sideways as investors digest the latest round of US first-quarter earnings results and bond yields take a breather after their recent surge.
Amid the various catalysts, local stocks have held up, with ASX futures markets pointing to modest gains at this morning’s opening bell.
In bonds, futures markets are now fully priced in for a 50 basis point hike by the US Federal Reserve at its May meeting, higher than the usual 25 basis point hike.
Spot gold prices edged up overnight to ~$1,955/oz while iron ore futures were little changed and prices stayed above $150/t.
Base metals lost ground, with stronger declines for zinc, down around 2%.
Brent crude is around $107/bbl as investors weigh “news about the war in Ukraine as well as data showing an 8 million barrel drop in US crude inventories over the past week,” CBA- Economist Stephen Wu.
In the crypto markets, Bitcoin is holding steady around $41,500.
5 ASX Small Caps to Watch Today
Catalyst Metals (ASX:CYL)
The Tassie-based gold project said drilling had returned “numerous high-grade intersections from the Darwin deposit” at CYL’s Henty gold mine. The results “expand the known mineralization and will feed into a new resource estimate” at the site, which currently stands at 357,000 ounces at 4.5 g/t. “Exploration success is particularly valuable at Henty because it will allow Catalyst to leverage existing production infrastructure and reduce unit costs,” the company said.
Nexus Minerals (ASX:NXM)
The explorer said the assay results revealed intercepts of “broad high-grade mineralization in both shallow and deep drill holes” on its Crusader Templar prospect. “The positive drill results in the link zone allow us to confidently confirm this
Merging the Crusader and Templar prospects into a single 1.6 km long mineralized corridor,” said Nexus Chief Executive Andy Tudor. Further assay results are expected as the Company’s five well operations resume.
Technology Metals Australia (ASX:TMT)
TMT said batch furnace roasting leach testwork at its Pennsylvania vanadium processing facility had returned “high vanadium recoveries of up to 96%.” The results “confirm the superior metallurgical properties of the MTMP orebody and the ability to deliver industry-leading recoveries using standard vanadium processing technology,” the company said. MD Ian Prentice said the move put the company on track to update its ore estimate and “accelerate delivery of the world’s next major primary vanadium mine.”
InteliCare Holdings (ASX:ICR)
The health tech company announced a number of new board appointments, including Dr. Neale Fong, a healthcare industry veteran, as Non-Executive Director. The changes follow the appointment of a new CEO, Mr Daniel Pilbrow, and the company will now be “conducting a thorough review of ongoing operations and seeking to leverage the new members’ extensive healthcare and commercial experience to get the course back on track bring to market strategy,” said ICR.
Musgrave Minerals Ltd (ASX:MGV) / Evolution Mining (ASX:EVN)
The two companies provided a drilling update on their West Island gold joint venture, in which EVN has a 75% interest. Diamond drilling continues to deliver strong results underground, with drilling confirming the potential for multiple underground high-grade gold veins in the doleritsil,” said Rob Waugh, MD of Musgrave.
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