Wall Street rebounds as Nasdaq resets record high

All three major US benchmarks rose overnight, as investors adjusted to the Fed’s rate outlook.

The Dow Jones rose by 0.20%, S&P 500 by 0.51%, and tech heavy Nasdaq by 0.79%.

Nasdaq closed at its all time high again, with major tech stocks rising.

Microsoft was higher by 1.1%, and reached a US$2 trillion market cap for the first time.

It was reported that Amazon saw over US$5.6 billion in sales for its first day of Prime event, with its share price rising by 1.5% overnight.

In other markets, iron ore rose by 3% to US$214.32 a tonne, while Bitcoin rebounded after trading as low as US$28,000 during New York hours.

BTC is currently trading at the US$32,600 level at 8am AEST, from the US$31,700 level on Tuesday.
 

ASX rebounded on Tuesday

The ASX 200 rebounded by 1.48 per cent on Tuesday, following a fall of 1.81 per cent on Monday.

The key sectors behind yesterday’s gains were energy and financials, which both gained over 2 per cent while resources fell just short of that figure. Healthcare was the only laggard, retreating 0.63 per cent.

The ANZ-Roy Morgan Consumer Confidence rose 1.4 points to 112.4 on June 19/20, as more Australians said they are ‘better off’ financially than this time a year ago, and more Australians expecting ‘good times’ for the Australian economy over the next 12 months.
 

5 ASX small caps to watch today

NeuroScientific Biopharmaceuticals (ASX:NSB)
NSB has partnered with Perth-based clinical contract research organisation Linear Clinical Research, to commence Phase I clinical trials of lead drug candidate EmtinB in the second half of 2021. The planned trial will be a first-in-human study of EmtinB in healthy volunteers with the primary end point of assessing safety, tolerability, and pharmacokinetics to treat Alzheimer’s disease and multiple sclerosis.

Althea (ASX:AGH)
The company has exported from Australia its first commercial shipment of products destined for sale in the emerging South African medicinal cannabis market. The legal medicinal cannabis industry in South Africa is estimated to be worth approximately US$667 million by 2023.

ikeGPS (ASX:IKE)
IKE has signed an extension agreement with an engineering company supporting communications infrastructure development. This follow-on contract will generate approximately $1.2m of transaction revenue in IKE’s FY22 results. IKE is a specialist in collecting, managing and analysing pole and overhead asset information for electric utilities and communications companies.

Decmil Group (ASX:DCG)
The construction services company has secured two contracts worth circa $47 million in FY22. The first contract is with QGC to design and construct a modular accommodation village in Queensland. The other contract is with Main Roads WA to undertake works on the Great Eastern Highway.

Respiri (ASX:RSH)
The medtech company focusing on respiratory health announced the commencement of sales of wheezo across 570+ pharmacies within the Sigma Healthcare network Australia-wide. Sigma is a national wholesaler and the owner of pharmacy brands Amcal, Chemist King, Discount Drug Store, Guardian, Pharmasave & Wholelife. The wheezo device analyses breath sounds for wheeze, and the eHealth App assists patients with managing their asthma.

At Stockhead, we tell it like it is. While NeuroScientific Biopharmaceuticals is a Stockhead advertiser, it did not sponsor this article.