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Market highlights and 5 ASX small caps on Friday at a glance

Wall Street hits record highs for the fifth year in a row

US stocks closed their fifth straight day at an all-time high as weekly jobless claims continue to go in the right direction.

The S&P 500 rose 0.42% and the Nasdaq rose 0.81% – both to record highs – but the Dow Jones fell slightly by 0.09%.

The US labor market recovery continues to improve, with weekly jobless claims now at a new pandemic low of 269,000.

But the most noticeable overnight release was productivity in the third quarter, which fell 5% compared to estimates of 3%.

On corporate news, major U.S. chipmakers surged more than 10% after Qualcomm announced a strong financial forecast.

Transportation service provider Uber, meanwhile, posted another quarterly loss, this time $ 2.4 billion, despite a 57% increase in gross bookings. Uber stock fell 1%.

Crude oil prices were down 2% overnight after OPEC + decided to resume their previously agreed plans to increase production to 400,000 barrels a day.

Friday 5th November 2021

The Daily Table: a series of night markets

#ausbiz #ausecon #bonds #rates #fx #markets #audusd #aud #usdaud #metals #LME #metalprices #commsec @CommSec pic.twitter.com/1149p7wgIO

– CommSec (@CommSec) November 4, 2021

On cryptos, where Bitcoin is trading at 8 a.m. AEDT at $ 61,200, lower from yesterday’s $ 62,900 level.

Newly-elected NYC Mayor Eric Adams tweeted, “We always make it big in New York, so I’ll take my first THREE paychecks in Bitcoin when I become Mayor.”

Self-repaying loan sounds like science fiction now – but anything is possible with crypto.

Alchemix enables users to get undercollateralised loans for their Ethereum or Dai tokens which are then used to generate the amazing returns available in decentralized finance (DeFi).

Read all about it here on Stockhead.

ASX 200 opens higher on Friday

The ASX 200 is likely to open higher this morning with the futures (December contracts) markets gaining 0.27% at 8:30 am AEDT.

Yesterday the local index rose 0.48% to hit its high for the week. While the energy sector was down 2%, most other sectors were in the green, with technology and finance gaining over 1%.

On the IPO front, today’s listing is on the ASX Green technology metals (ASX: GT1) – a mineral explorer who raised $ 24 million at $ 25,000 per share.

And later today we receive the RBA’s monetary policy statement, which tells us more about why it has decided to stick to its 0.1% cash rate target for the time being, while suggesting it will be earlier than the target for Could increase in 2024.

5 ASX Small Caps You Should See Today

Proteomics (ASX: PIQ)
Study shows that PromarkerD is significantly better than current standard tests at predicting future decline in kidney function in patients with type 2 diabetes. PIQ’s PromarkerD correctly identified 84% of patients with normal kidney function who experienced a decrease in kidney function that would be missed by standard tests.

Byrah resources (ASX: BYH)
Bryah added a lithium-nickel project to its energy portfolio after acquiring a new exploration project – the Lake Johnston lithium-nickel project – in WA. The project consists of eight exploration license applications with a total length of 690 km.

Hannans Ltd (ASX: HNR)
Hannans has set itself the goal of recovering high-purity metals from scrap and used lithium batteries (LiB) in the Nordic region. The company will focus on securing LiB raw materials and obtaining permits before making a final investment decision for the first facility.

New World Resources (ASX: NWC)
The JORC high grade mineral resource estimate (MRE) has been completed for NWC’s Antler copper deposit in Arizona, the company said. With a cutoff of 1.0% Cu equivalent, the first MRE includes: 7.7 million t @ 2.2% Cu, 5.3% Zn, 0.9% Pb, 28.8 g / t Ag and 0 , 18 g / t Au.

Kirkland Lake Gold (ASX: KLA)
The company reported record earnings for the third quarter, driven by strong quarterly production in Fosterville. Net income was $ 254.9 million ($ 0.96 / share), up 26% from the third quarter of 2020. KLA says it is well on the way to targeting the upper half of the production forecast (1.3-1.4 million ounces).

At Stockhead, we say it as it is. While New World Resources and Byrah Resources are Stockhead advertisers, they did not sponsor this article.


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