US stocks slip as earning season kicks in

All three major indices in the US slipped last night – Dow Jones fell 0.16%, S&P500 fell by 0.02%%, while tech heavy NASDAQ also finished lower by 0.36%.

The pullback snapped a three-day winning streak for the S&P500, which reached its all-time high last Friday.

Alibaba stock traded on the NYSE rose by 9.27% even after the Chinese government fined the company a record US$2.8 billion for anti-competitive practices. The rise reflects the market’s belief that the fine has marked the end of the government’s probe and focus on the company.

Uber, meanwhile, posted record bookings in March, its highest in 12 years as it aims to break even this year.

In other markets, oil prices were slightly higher by 0.7%. Iron ore continues its climb, and was higher by 0.6% to trade at US$174.57 a tonne.

Bitcoin briefly touched US$61,000, before retreating to US$59,000 level at 8am AEDT.
 

Closer to home

Australia Post has named ex-Woolworths supply chain boss, Paul Graham, as the new CEO replacing Christine Holgate.

Credit rating company, Fitch, has revised ANZ Bank (ASX:ANZ)’s outlook to stable from negative. Fitch affirmed ANZ’s long-term default rating at A+, saying that the outlook revision reflects Australia’s improved economic prospects and increased certainty,
 

3 ASX small caps to watch today

Aussie Broadband (ASX:ABB)
The telecom company has launched a new white label solution for major retail brands that allows them to sell Aussie’s internet and VoIP services under their own brand. The company has already signed its first white label customer, a large retail business with more than 3 million customers across Australia. For commercial reasons, the customer cannot be disclosed.

Lepidico (ASX:LPD)
The lithium exploration company is set to rise this morning, after announcing that it has entered into a non-binding letter of intent with Hubei Baijierui (BJR), for supply of lithium, caesium and rubidium chemicals from the company’s planned Phase 1 chemical plant in Abu Dhabi.

Splitit (ASX:SPT)
The BNPL company announced a new global partnership with UnionPay International, part of China UnionPay, the provider of bank card services and a major card scheme in mainland China. UnionPay will be integrating Splitit to make it available to its network. This will give UnionPay card holders and those accepting UnionPay the opportunity to utilise Splitit’s instalment payments product.