The local share market’s likely to drop another 0.3 per cent on open, as US indexes continued to fall overnight. The ASX200 shed nearly 1.4 per cent yesterday.
Overnight, the tech-heavy Nasdaq dropped more than a per cent while the Dow Jones and S&P 500 both lost around 0.8 per cent.
Tesla and Nvidia fall
Tesla Inc (NASDAQ:TSLA) dropped 4 per cent, in the wake of news its being outsold by China’s BYD electric vehicles, and chip maker Nvidia Corp (NASDAQ:NVDA) is down one and a half per cent, marking a decline of almost 7 per cent since reaching a record high between Christmas and New Year.
Apple pain plays key part in Nasdaq’s decline
Apple (NASDAQ:AAPL) declined a further 0.75 per cent in the wake of a Barclay’s analyst downgrade. Apple’s pain has been significant in the Nasdaq’s falls this week.
Airline stocks dropped on surging oil prices, prompted by disruptions at Libya’s primary oilfield, as well as shipping tensions in the Red Sea.
Stocks to watch
Back home, small cap stocks to watch include Westgold Resources (ASX:WGX), which has just announced a gold production update. It produced more than 59,200 ounces of gold in the December quarter and attained an average sale price of $3041 an ounce.
There’s also news from M3 Mining (ASX:M3M), which is explaining its low grade gold assay results from its El Capitan Prospect northeast of Kalgoorlie.
Dollar & commodities
The Australian dollar is buying US67 cents, Bitcoin’s down to $63,848.66.
Iron ore has continued to rally and has been up almost 1.5 per cent to just shy of US$145 a tonne, crude oil has risen almost 4 per cent to nearly US$73 a barrel. Gold is at US$2040 and natural gas has reversed some recent losses, gaining more than 4 per cent to US$2.68.
That’s Market Open for Thursday, January 4, happy trading!