AU Morning Wrap: Banks, Miners Lift ASX; May Jobs Data Pending

The $S&P 500 Index (.SPX.US)$ spent the morning in the green, but gyrated after the Fed's 2 p.m. announcement. The central bank held rates steady at between 5% and 5.25%, but signaled that it expects its target to rise to about 5.6% by the end of 2023. In March, the Fed had projected a 5.1% year-end rate, and many traders had hoped that interest rates were already peaking.

The major indexes then pared their losses as Fed Chair Jerome Powell said in a press conference that central bankers believe inflation is in the process of moderating. The S&P rose by less than a tenth of a percentage point and the tech-heavy $Nasdaq Composite Index (.IXIC.US)$ climbed 0.4%. The $Dow Jones Industrial Average (.DJI.US)$ fell 232.79 points, or 0.7%, to 33979.33, though it was dragged down by a decline in UnitedHealth Group stock.

The $S&P/ASX 200 (.XJO.AU)$ added 0.2 per cent in early trade as the miners climbed again on hope commodity prices will recover in the second half of 2023.

While healthcare giant $CSL Ltd (CSL.AU)$ lost 2.8 per cent to $279.35 after brokers moved to cut earnings forecasts following yesterday's trading update.

Elsewhere, $Insurance Australia Group Ltd (IAG.AU)$ jumped 2.9 per cent to $5.37.

$Lovisa Holdings Ltd (LOV.AU)$: Broker Citi has taken a second look at the valuation of jewellery retailer Lovisa and weak consumer confidence to downgrade its rating on the stock from neutral to sell.

$Patriot Battery Metals Inc (PMT.AU)$: Canada-based lithium hopeful Patriot Battery Metals has announced new drilling results at its Corvette property and says it's on track to announce an initial mineral resource estimate by July.

$Australian Ethical Investment Ltd (AEF.AU)$: Fund manager Australian Ethical lifted its funds under management 3 per cent to a record $9.03 billion for the quarter to March 31.

$Decmil Group Ltd (DCG.AU)$: Industrial waste transport group Decmil Group has blamed rising costs for a move to cut its guidance for FY 2023 EBITDA to between $71.5 million and $73.5 million from $64 million to $66 million.

$Australian Vintage Ltd (AVG.AU)$: Wine merchant Australian Vintage Group has flagged a $9 million write down and blamed challenging trading conditions for a decision to suspend its final dividend.

Trading Ex-div: $Incitec Pivot Ltd (IPL.AU)$

Dividends Paid: $ResMed Inc (RMD.AU)$, $Dalrymple Bay Infrastructure Ltd (DBI.AU)$, $Waterco Ltd (WAT.AU)$