Wall Street edges higher as “meme” stocks soar again

All major indices in the US climbed higher over night, with energy stocks leading the way after oil rose again by around 1.5% on OPEC optimism.

The Dow Jones rose by 0.07%, S&P 500 by 0.14%, and and tech heavy Nasdaq also by 0.14%.

Reddit favourites and so-called “meme” stocks Gamestock and AMC Entertainment spiked again, by 13% and 7% respectively.

AMC had risen by 95% in the regular trading session.

This year, AMC has risen by 3,000%, and Gamestop by 1,500%.

In other markets, benchmark iron ore price rose slightly overnight, and is trading at $US209.19 a tonne.

Bitcoin is trading at US$37,700 level at 8am AEDT, from the US$36,500level on Wednesday.

Strong GDP

The ASX 200 rose by 1.05% yesterday, after Australia’s GDP growth came out at 1.8% for the March quarter, higher than the 1.6% forecast.

Energy was the best performing sector yesterday, gaining 4 per cent after gains in oil prices the previous night.

In big cap news this morning, Wesfarmers (ASX:WES) says that its retail businesses are still seeing strong sales growth despite COVID-19, during its investor presentation this morning.

5 ASX small caps to watch today

Lithium Australia (ASX:LIT)
The company announced that it was granted an Australian patent for its lithium extraction technology. The SiLeach patent, which provides for low-energy recovery of lithium from micas, is potentially a short-cut in the production of lithium-ion batteries.

Strategic Elements (ASX:SOR)

The technology investor provided an update on its autonomous robotic vehicles collaboration with Honeywell.  Recent focus has been on achieving Site Acceptance Testing for the Western Australian Department of Justice. The company says it has also been conducting ongoing discussions with potential pilot deployments for its autonomous vehicles and robotics technologies in defence, security, agriculture, mining and other areas outside the correctional sector.

Sezzle (ASX:SZL)
The fintech company has concluded its Proof of Concept with Target Corporation, a US-based multiline retailer, and entered into a three-year agreement with the retailer. Under the agreement, Sezzle’s product will be used in-store and across Target’s digital platforms, providing guests access to interest-free payment plans for purchases made at Target.

Dubber (ASX:DUB)
The cloud-based SaaS company announced that Cisco Webex Calling and Cisco Unified Communications Manager Cloud will now include Dubber call recording as part of all Cisco Webex and UCM services at no additional cost to users.

OreCorp (ASX:ORR)
The minerals explorer announced that the Special Mining Licence application for the Nyanzaga Gold Project in Tanzania has been approved by the Tanzanian Cabinet of Ministers. The Nyanzaga Project covers a combined area of 210km2.