Market Highlights: ASX to slip from near-record high; Trump delves further into crypto

The ASX is expected to drop today, pulling back from near-record high
On Friday, US stocks ended a volatile month on a high note
Trump and his family are increasingly active in the crypto world

The ASX is set to fall to start off the month of September, dropping from the near-record high last week. At 8am AEST, the SPI ASX200 futures contract was pointing down by 0.2%.

On Friday, US stocks wrapped up a shaky week and a tumultuous month with a strong finish, thanks to the latest data on the Federal Reserve’s favoured inflation measure.

The benchmark S&P 500 was up by 1%, the blue chips Dow Jones lifted by 0.55% , and the tech-heavy Nasdaq rose by 1.13%.

The PCE (Personal Consumption Expenditures) reading, which showed prices increased in line with expectations in July, has raised hopes for an interest rate cut starting in September.

“This is as Goldilocks as it gets for PCE,” said Jamie Cox at Harris Financial Group. “The consumer remains strong and disinflation is clear in the data.”

To stocks, investors are shifting their attention away from the Nvidia earnings, which had captivated the markets last week.

Intel surged almost 10% after news emerged that the chipmaker is contemplating spinning off its foundry and exploring other strategies to address challenges, particularly in competition with Nvidia.

This comes after a disappointing earnings report earlier this month that unsettled investors. Despite recent gains, the stock is still down more than 50% year-to-date.

Dell Technologies rose 4% following stronger-than-expected Q2 results and an upgrade to its full-year forecast.

Chinese e-commerce giant Alibaba climbed 3% on the NYSE after marking the end of a three-year regulatory process. This update follows a 2021 antitrust fine imposed by China’s State Administration for Market Regulation (SAMR) for monopolistic practices.

Looking ahead, US markets will be closed for Labour Day today, with focus then shifting to the crucial August jobs report scheduled for release on Friday.

Back home, investors will be closely monitoring casino operator Star Entertainment Group (ASX:SGR) after its shares were halted on Friday following the release of a scathing regulator report by Adam Bell, SC.

Trump and family embracing crypto

Meanwhile, Donald Trump and his family are increasingly engaged in the cryptocurrency world.

Trump, who was once a skeptic of digital assets, is now actively involved in various crypto ventures.

Recently, he and his sons have been promoting World Liberty Financial, a decentralised finance (DeFi) project aimed at eliminating traditional financial intermediaries.

Trump has also released several collections of non-fungible tokens (NFTs), including unique digital images of himself, and has been making significant earnings from these ventures.

In addition to his own NFT projects, Trump’s company, CIC Digital LLC, has earned millions through licensing his image for digital collectibles. The company also holds a substantial amount of Ether.

His recent activities include the launch of Trump-branded “Crypto Sneakers” and ongoing collaborations with associates in the crypto space.

Trump’s family members are also deeply involved.

His sons, Eric and Don Jr., have been promoting crypto initiatives, while Jared Kushner has previously supported digital currency projects.

https://x.com/EricTrump/status/1828933866662572229

Back to markets …

Gold price fell by 0.65% to US$2,503.12 an ounce.

Oil prices tumbled by almost 3%, with Brent crude now trading at US$76.93 a barrel.

The benchmark 10-year US Treasury yield lifted 4 basis points (bond prices lower) to 3.90%.

The Aussie dollar slipped by 0.5% to US67.70 cents.

Bitcoin meanwhile was trading dow by 3% in the last 24 hours to US$57,482 and Ethereum also fell 3% to US$2,434.

5 ASX small caps to watch today

RocketDNA (ASX:RKT)
RocketDNA has just secured two contracts for its PatrolBot, an advanced autonomous surveillance system designed to protect critical infrastructure and assets. The contracts, worth around $350k, will see PatrolBot used to secure mining sites, where it will provide continuous, unmanned perimeter monitoring. Unlike traditional security methods, which rely on static cameras and human patrols, PatrolBot uses AI-driven drones to autonomously patrol and detect irregularities in real-time. This cutting-edge technology offers constant coverage, reduces labour costs, and improves response times.

Turaco Gold (ASX:TCG)
Turaco has announced promising results from its latest drilling at Woulo Woulo. The company found substantial gold deposits, including 186 metres at 1.65 grams per tonne, 84 metres at 1.73 grams per tonne, and 47 metres at 1.06 grams per tonne. These results, which come from 21 new drill holes, are not included in the initial resource estimate but show higher grades and better continuity than before. The drilling has revealed a high-grade zone with visible gold, indicating significant potential for the project. Additional drilling has also begun on new permits, and the company will soon start optimisation tests to improve gold extraction further.

Airtasker (ASX:ART)
Airtasker has struck a deal to exchange advertising space for shares in its US arm. The company will receive $9.75 million worth of media advertising from iHeartMedia and TelevisaUnivision. In return, TelevisaUnivision gets a 17.1% stake in Airtasker USA, and iHeartMedia gets a convertible note. This advertising will help Airtasker reach millions of Americans and boost its brand visibility, especially in the US Hispanic market and through major events. CEO Tim Fung said he was enthusiastic about these partnerships, believing they will significantly grow Airtasker’s presence in the US.

EnviroSuite (ASX:EVS)
Hitachi Construction Machinery is investing $10 million in Envirosuite, buying about 12% of its shares and becoming its largest shareholder. Hitachi, a major construction machinery firm, will use its global presence and industry knowledge to boost Envirosuite’s market opportunities. This collaboration will also leverage Envirosuite’s environmental technology and Hitachi’s fleet management expertise. The deal is expected to create new product opportunities and expand Envirosuite’s market reach.

Lepidico (ASX:LPD)
Lepidico has hired Jefferies International as its financial advisor to help maximise the value of the Karibib Lithium Project. The company is exploring various options, from finding a minority equity partner to potentially selling the asset. It is reaching out to both familiar and new potential partners interested in lithium mining and its unique processing technology. Proposals are being sought globally, and the company will review all options to ensure they offer the best value for shareholders. Binding offers are expected by October. Meanwhile, Lepidico is also seeking funding support for its Phase 1 Project and will update on progress as key milestones are achieved.

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