Market Highlights and 5 ASX Small Caps to watch on Friday

Wall Street mixed as iron ore plunged

The US stock markets closed in mixed territories on choppy trading overnight, with some solid guidance lifting sentiment.

The S&P 500 rose by 0.13%, Dow Jones fell by 0.19%, while the tech heavy Nasdaq rose by 0.11%.

Shares of department store Macy’s jumped by 20%, after the company reinstated dividends and lifted its full year profit forecasts.

Meanwhile, the iron ore price has continued its plunge, falling by 13.5% overnight to $US132.66 a tonne, on demand concerns from China. The iron ore spot price has now tumbled by 45% from its highs in May.

Oil prices have also extended losses overnight, with Brent crude falling by another 2.5%.

To cryptos, where Bitcoin has rallied to US$46,500 level at 8:00am AEST, from the US$44,700 level on Thursday.

BTC briefly dipped to US$43,900 earlier in the day, below the US$44k mark that some analysts had flagged as a key support level.

ASX 200 to open higher on Friday

Despite the gloomy price action in commodities, the ASX 200 looks set to open higher his morning, with futures markets (September contracts) pointing down up 0.41% at 8:30am AEST.

Yesterday, the ASX 200 retreated for the fourth consecutive day, falling by another 0.50%. The resources sector fell by 3.7% on iron ore prices concerns.

In large caps news this morning, Cochlear (ASX:COH) has posted record sales for the full year, with net profit increasing by 54% to $237 million. The company also hiked its full-year dividend by 59% to $2.55 per share.

5 ASX small caps to watch today

Selfwealth (ASX:SWF)
The financial company reported a record 135% growth in full year revenues to $18.4m. Selfwealth also said it intends to implement cryptocurrency trading in FY22, subject to gaining Board and appropriate regulatory approvals.

Visioneering Tech (ASX: VTI)
The medical devices company reported that its half year revenue has increased by 53% on pcp (previous corresponding period) to $3.1m.

Adairs (ASX:ADH)
The homewares and furnishings retailer reported a 28.5% increase in group sales to $499.8m for the full year. In its FY22 outlook statement, Adairs said it expects gross margin to be impacted by broader industry issues with supplier and shipping cost increases.

BCI Minerals (ASX:BCI)
The iron ore and potash explorer reported full year group NPAT of $22m, which is a substantial increase from the $4m profit reported in FY20. BCI also said its Mardie project’s final investment decision (FID) remains subject to finalisation of statutory approvals.

Pental (ASX:PTL)
The consumer product manufacturer says it has signed a deal to acquire 100% of e-commerce business Hampers With Bite. The total purchase consideration is for a maximum of $28.3 million, with PTL expected to raise capital to fund part of the acquisition.