Market highlights and 5 ASX small caps to watch on Monday

Wall Street higher as Biden proposed US$6 trillion budget

All major indices rose on Friday, as US President Biden proposed a US$6 trillion budget spending for 2022, the highest US federal spend since WW2.

The Dow Jones rose by 0.19%, S&P 500 by 0.08%, and tech heavy NASDAQ by 0.09%.

Shares in Boeing fell 1.5% after the aviation regulator instructed the company to halt the deliveries of its 787 Dreamliners, pending further safety data.

In other markets, tin rose by 4% to a decade high on short-term supply. Iron ore and oil prices climbed slightly by 0.2%.

Bitcoin slumps

Bitcoin has continued to dip, and is now trading at US$35,900 level at 8am AEDT, from the US$38,800 level on Friday.

The crypto now has dropped from the US$65,000 record levels it reached in April.

ASX 200 at all time high

The ASX 200 gained 1.19 per cent on Friday, and 2.12 per cent for the week.

At the 7,179 level, the index is currently at its all time record high.

The RBA will meet on Tuesday, and will decide if interest rates would be kept at 0.1%. Private sector credit reports are due today.

Troubled data forensics company, Nuix (ASX:NXL), has just released its FY21 forecast range, saying that full year revenue will come in between $173-182m, compared to $180-185mm forecast provided in April.

5 ASX small caps to watch today

Noxopharm (ASX:NOX)
The clinical trial stage company said that a new independent clinical trial supports the company’s aim for Veyonda to become a standard companion drug for major anti-cancer therapies. The WARMTH study, which is done on Novartis’ cancer drug, shows a median overall survival of 11.6 months. The trial gives a meaningful context to the Veyonda drug, as it involved men with similar disease status.

Avecho Biotech (ASX:AVE)
The company announced that its potential commercial partner, AB Vista, will explore the utility of its non-antibiotic feed product, TPM, in livestock feeds across a range of new applications. Avecho will test the combination of TPM with a number of feed additives, assessing the potential for a commercial deal by June.

SRJ Tech (ASX:SRJ)
The leak containment solutions company has secured an initial order for its weld-free mechanical coupling product with MODEC offshore New Zealand, as well as follow-up work with Saudi-based SABIC.

Global Energy Ventures (ASX:GEV)
The energy company has entered into a MoU with Germany-based ILF Beratend Ingenieure, to identify and develop green hydrogen projects in Europe and Australia. The MOU provides GEV with access to the fast-developing hydrogen economy in Europe, where 85% of the world’s proposed green hydrogen projects are taking place.

Zimi (ASX:ZMM)
The smart phone IoT devices company has received purchase orders from Steel-Line Garage Doors, for the order of 3,250 devices worth over $200,000. This is on top of the $2.2m in sales already reported in the trading update on 25 May.