Wall Street falls into three-day profit streak
All three US stock market indices fell last night and have been on their way for the past three days.
The Dow Jones was down 0.54%, the S&P500 was down 0.58% and the tech-heavy Nasdaq was down 0.64%.
The market’s focus is still on the central bankers’ virtual Jackson Hole meeting, with comments expected later this evening. The decision to phase out the bond purchase program is high on the agenda.
There was also news that Taiwan’s largest chipmaker, TSMC, would raise prices by up to 20%.
Meanwhile, the Biden government was in turmoil when 12 US soldiers were killed (among others) in a bomb attack on Kabul airport in Afghanistan.
In other markets, the spot iron ore price rose 2.5% to $ 153.35 while the oil price fell around 1.5%.
When it comes to cryptos, the market is falling across the board.
Bitcoin fell to $ 47,300 levels at 8:00 a.m. AEST, down from $ 49,100 on Thursday.
Other coins in the top 10 that suffer the greatest 24 hour losses are Polkadot (DOT) -5.81%; Dogecoin (DOGE) -5.77%; Cardano (ADA) -5.21%; and XRP -5.18%.
ASX 200 opens lower on Friday
The ASX 200 should open lower on its morning, with futures (September contracts) trading 0.54% lower at 8:30 am AEST.
Yesterday the Australian benchmark finished 0.54% lower.
Recently listed Kuniko (ASX: KNI) rose another 150% yesterday after a spectacular 300% increase on Tuesday’s debut.
On the large-cap news this morning, Wesfarmers (ASX: WES) saw net income grow 40% to $ 2.38 billion.
5 ASX Small Caps You Should See Today
Immutep (ASX: IMM)
The immuno-oncology company announced that it has granted a patent in China for LAG525 and its compounds. LAG525 is a humanized form of Immutep’s IMP701 antibody that was out-licensed to Novartis.
MGC Pharma (ASX: MXC)
The cannabis-based biotech company has signed a 3-year supply agreement with US-based AMC Holdings to commercialize MGC’s products, including CannEpil, CogniCann and CimtrA. The deal requires AMC to place a minimum order value of $ 24 million during the first 3 year period.
Twilight group (ASX: DSK)
The room fragrance specialist reported record sales and results. Total revenue increased 47% to $ 148.6 million, representing a pro forma EBIT of $ 38.4 million, which is 225% higher than last year.
Austrian Bank (ASX: ABA)
The bank posted record growth with a statutory NPAT of $ 24.155 million, up 30.5% over FY20. This was supported by a 200 basis point increase in net interest margins, 3 basis points more than in FY20.
Beamtree holdings (ASX: BMT)
The healthcare company had its strongest sales ever, growing 109% to $ 8.9 million for the full year. The growth in the year was driven by strong sales momentum generated by the acquisition of new major Australian customers and new international major orders.
At Stockhead, we say it as it is. MGC Pharma, while a stockhead advertiser, did not sponsor this article.
Get the latest Stockhead news delivered to your inbox for free.
It’s free. Sign out whenever you want.