S&P 500 closed at record high again

Wall Street closed Friday mostly on a high note, with the S&P 500 once again reaching an all-time high.

The S&P 500 climbed by 0.33%, the Dow Jones rose by 0.69%, but tech heavy Nasdaq fell slightly by 0.07%.

The US market is still digesting the impact of Biden’s $US1.2 trillion infrastructure spending deal.

The trillion dollar stimulus includes spending on power grids, broadband internet services, and the rail network.

Binance banned in the UK

The UK’s Financial Conduct Authority has reportedly banned major cyrpto exchange, Binance. The watchdog did not state the reason for the ban, other than noting it was an “imposition of requirements”.

Bitcoin is trading at US$34,000 level at 8am AEST, from the US$34,600 level on Friday.

Meanwhile, Elon Musk and Twitter founder Jack Dorsey are likely to have a publicly held Bitcoin conversation at “The B World” Bitcoin event this July.

ASX 200 down 0.75% last week

The ASX 200 finished in positive territory on Friday, up by 0.53 per cent.

In a volatile week for the market, the index saw three down days and two up days – and finally finished the week 0.75 per cent lower.

As coronavirus cases spread in Sydney last week, e-commerce stocks saw gains with Kogan (ASX:KGN) and Redbubble (ASX:RBL) both gaining by 12 per cent and 5 per cent respectively.

5 ASX small caps to watch today

Atomo Diagnostics (ASX:AT1)
The medical device company said that its Korean partner, Access Bio, has been given Emergency Use Authorisation from the FDA for point-of-care use of its CareStart EZ COVID-19 IgM/IgG test. Atomo has an agreement to to supply Access Bio with its rapid diagnostic test (RDT) devices for use in North America for the detection of antibodies to COVID-19, subject to the FDA clearance.

Infinity Lithium (ASX:INF)
The company has entered into an off-take deal with a major South Korean lithium-ion battery producer LG Energy Solution. The agreement will see Infinity supplying battery-grade lithium hydroxide from its San José Lithium Project.

Painchek (ASX:PCK)
The smartphone-based pain assessment company is to receive a $1.25 million milestone payment from the Department of Health (DoH), after reaching a key milestone of 127,000 licensed Australian residential aged-care approved beds, reflecting 60% of the Australian market. The payment is part of DoH’s goal to introduce Painchek’s technology to the aged care industry.

PharmAust (ASX:PAA)
The clinical-stage biotech company announced that following the treatment of 15 pet dogs during its Phase IIa and Phase IIb studies, monepantel (MPL) has demonstrated statistically significant anti-cancer activity to continue development into Phase III.

Joyce Corporation (ASX:JYC)
The bedding company said that it has expanded its footprints into NSW as trading conditions remain strong going into the second half. The company expects revenue for the second half to be at or around revenue for the first half.


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