Top 10 at 11: ASX stumbles 0.89pc; US markets fall as Trump pressures Fed for rate cuts

Morning, and welcome to Stockhead’s Top 10 (at 11… ish), highlighting the movers and shakers on the ASX in early-doors trading.

With the market opening at 10am sharp eastern time, the data is taken at 10:15, once trading kicks off in earnest.

In brief, this is what the markets have been up to this morning.

It seems the Easter long weekend allowed the ASX to dodge a bit of a bullet yesterday.

US markets slumped on Monday after US President Donald Trump went on the attack against Federal Reserve chair Jerome Powell, calling him a ‘major loser’ in an effort to pressure the Fed into an interest rate cut.

The salvo against the central bank had the opposite effect from what Trump likely intended, wiping out any progress US indices made since the tariff pause offered a little breathing room.

While all sectors fell on the S&P 500 yesterday, tech was a particular pain point with a 2.72% drop.

The Philly semiconductor index slid 2.1%. That, coupled with news Chinese company Huawei Technology would begin mass shipments of an advanced AI-capable chip to customers in China next month, drove Nvidia shares down 4.5%.

Reuters’ report on a delayed production launch for Tesla’s new streamlined version of the Model Y also had an impact, with Tesla shares losing 5.8%.

Rounding out losses for the Magnificent 7, Amazon also fell 3.1% and Meta Platforms 3.4%.

Overall, the Dow slid 2.5%, the S&P500 2.4% and the Nasdaq 2.6%.

European markets were closed for the Easter Monday public holiday.

Back in Australia, the market has taken an early morning tumble to slide 0.89% as of 10.15am AEST. All 11 sectors are in the red, none blushing harder than info tech, which has slid 2.13%.

Gold rose to fresh all-time highs yesterday, which alongside a 1% rise in aluminium futures could offer some wind in resource stock sails, but a 2% slump in oil prices is likely to weigh down energy stocks.

WINNERS

Making news this morning…

Jindalee Lithium (ASX:JLL) shares are higher after the flagship McDermitt lithium project was named one of only 10 resource projects listed as a FAST-41 Transparency Project, under the US Fixing America’s Surface Transportation Act (FAST41) permitting framework.

The company says this FAST-41 designation will improve coordination, predictability, and transparency of federal permitting, allowing McDermitt to benefit from faster decision making with fewer unnecessary delays.

Firm commitments for a $2.4m placement has boosted Somerset Minerals (ASX:SMM) shares, with the funding to support a maiden exploration campaign at the flagship Coppermine project in early July. The project has historically produced rock samples of up to 45.4% copper and 263 g/t silver.

LAGGARDS

Triangle Energy (ASX:TEG) fell after the Becos-1 well in the Perth Basin failed to encounter hydrocarbons in economical quantities. The company has subsequently plugged and abandoned the well.

Critical Resources (ASX:CRR) added two new geological consultants to its team with an eye to developing the gold and antimony potential at the Halls Peak project. The project’s Mayview Homestead prospect returned high-grade results of up to 52.3% antimony and 2.71 g/t gold.

Tasfoods (ASX:TFL) failed to impress investors with its quarterly earnings report, which showed a 16% decline in the poultry division compared to the previous corresponding period due to an oversupply of poultry.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.