S&P 500 at record high again, after release of Fed minutes
S&P 500 has set a record high again, marking the 18th time it has done so this year. The index rose by 0.15%, after the Fed said it will continue ultra-low interest rates policy until 2023 to support the US economy.
The Dow Jones index also rose by 0.05%, while tech heavy NASDAQ edged lower by 0.07%.
In other markets, oil prices were up by 0.4%. Iron ore continues its climb and was up 1.4%, while the 10-year US yield was trading steady at 1.67%.
Bitcoin fell to the US$56,200 level at 8am AEDT, after trading at the USD$58,200 level in the last two days. This came after billionaire Mark Cuban said Ethereum will eventually “dwarf” Bitcoin.
Closer to home
Westpac Bank (ASX:WBC) acknowledges that civil proceedings will be taken by ASIC against the bank in relation to the sale of consumer credit insurance (CCI) products to approximately 384 customers. The proceedings relate to allegations that Westpac supplied CCI to certain customers in 2015, who had not requested or agreed to acquire this product.
5 ASX small caps to watch today
The hybrid cloud company is set to rise this morning, after announcing that it has acquired Perth-based Blue Sky Telecom. The deal is for an all-share consideration of approximately $2 million, including performance hurdles that extend to FY24. The company says the acquisition will bring not only cost-cutting synergy, but also increase Nexion’s recurring revenue base.
The biotech company announced that a fast-track designation has been received from US FDA for its lead product candidate EFTI, a soluble LAG-3 protein, used in first-line treatment of recurrent metastatic head and neck cancer. The company says fast-track status was granted because of the drug’s potential to address an unmet medical need, as evidenced by encouraging data indicating a positive risk benefit ratio.
The environmental tech company reported a record quarter, delivering $2.1 million in annual recurring revenue (ARR). The quarterly ARR added was an increase of ~180% ($1.15 million) on the previous quarter, bringing the total ARR for FY21 to $42.5 million. Underpinning the result, the company says, has been the recovery in the aviation sector particularly in the North American market, as well as strong performance in growth markets of mining and waste water.
Traffic Technologies (ASX:TTI)
The traffic signals tech company announced that it has been awarded contracts for 100 electronic road signs from the Victorian Road Authority and Local Government to the value of $1.3 million. The contracts awarded are for the supply and installation of electronic speed limit signs across Metropolitan South East and Metropolitan North West Regions of Victoria.
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Barry Stroman was a reporter for Zerg Watch, before becoming the lead editor. Barry has previously worked for Wired, MacWorld, PCWorld, and VentureBeat covering countless stories concerning all things related to tech and science. Barry studied at NYU.