Market Highlights: Big selloff on Wall Street, Amazon sued for antitrust, and 5 ASX small caps to watch

ASX to open lower again after a selloff on Wall Street
The all-crucial August CPI data due at 11.30am AEST today
City Index has provided a list of the most common trading mistakes

Aussie shares are poised to open lower once again after a broad selloff on Wall Street overnight. At 8am AEST, the ASX 200 index futures was pointing down by -0.3%.

In New York, the S&P 500 fell by -1.47%, the blue chips Dow Jones index was down by -1.14%, and the tech-heavy Nasdaq tumbled by -1.57%.

Sentiment was crushed after US consumer confidence fell heavily to 103 in September from 108.7 in August, as Americans become more anxious about the future.

“The market is in the hands of the bears right now,” said chief global strategist of LPL Financial, Quincy Krosby.

Tech giants Apple and Microsoft fell by more than 2% each, while Amazon slipped 4% after the Federal Trade Commission (FTC) sued the company for antitrust violations.

Retail company Target was down -2.5% after announcing that it will close nine stores around the US as it grapples with a retail theft problem.

EV maker Rivian popped 5% after Baird analyst Ben Kallo sees upside in the stock to US$30 (currently at US$22.26).

Back home, the ABS will release the August CPI data at 11.30am AEST today.

“August CPI is projected to re-accelerate for the first time in seven months. Fuel prices will be a big driver of headline inflation while rent inflation is likely to be persistent,” predicted TD Securities.

In other markets …

Gold price was down -0.76% to US$1,901.09 an ounce.

Crude prices rose +0.86%, with Brent closing at US$93.92 a barrel.

Iron ore futures also fell by -0.20% to US$120.93 a tonne.

Base metals prices were lower, with nickel futures losing ground by -1.20%, and copper futures by -0.50%.

The Aussie dollar lost ground -0.4% and fell below 64c handle US63.87c.

Bitcoin meanwhile fell -0.4% in the last 24 hours to trade at US$26,193.

5 ASX small caps to watch today

NOVONIX (ASX:NVX)
NOVONIX says its Battery Technology Solutions division in Canada will receive up to CAD$3 million in research and development (R&D) funding and advisory services from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP). The company will use the funds to advance two important R&D initiatives aimed at enhancing its battery materials and technology projects.

Red Hill Minerals (ASX:RHI)
Assays results have been received from a four-hole 783m RC drilling program at the Barkley Gold and VTEM targets. Best results include: 1m at 0.9g per tonne gold from 77-78m at hole 23BKRC004, and 3m at 1.8g per tonne gold from 19-22m at hole 23BKRC005.

South Harz Potash (ASX:SHP)
SHP provided an update on the progress of the Pre-Feasibility Study (PFS) being undertaken on its flagship Ohmgebirge Potash Project in Germany. All key PFS workstreams are on time and budget, with overall progress now past 75% completion. Potential brownfield development pathway utilising existing regional shaft infrastructure is expected to deliver substantial time and capital cost advantages. And the final PFS report is on track for scheduled completion in December.

Magnetite Mines (ASX:MGT)
Magnetite recently made a proposal to the South Australian Government to access a discarded Murray Basin wastewater source for use in magnetite processing, and to supply the planned 5Mtpa operations at the Razorback Iron Ore Project. Cabinet has now approved a six-month exclusive negotiation period for the proposal.

Flynn Gold (ASX:FG1)
Drilling has commenced at the Warrentinna Project in NE Tasmania testing a high grade, near-surface gold target zone identified by historical drill results, which include: 5.0m @ 28.93g/t Au from 36.0m, and 21.7m @ 3.3g/t Au from 9.3m.