AU Morning Wrap: ASX Drops; Bendigo Bank Rises 4%

The market simmered from all-time highs Thursday morning to close lower with 7000 decliners compared to 5900 advancing equities. Still, the $Dow Jones Industrial Average (.DJI.US)$ burst through 40k for the first time, and traded -0.1% at the time of the closing bell.The $S&P 500 Index (.SPX.US)$ fell 0.21% after hitting an all-time high close Wednesday and setting a new record Thursday morning at 5325.46. The $Nasdaq Composite Index (.IXIC.US)$ fell 0.26% and hit an all-time intraday high at 18,797.83.

The $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ was 4.38, the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ was 4.38.

On Friday morning, Australian shares experienced a 0.3% drop, with declines in the healthcare, technology, and utilities sectors offsetting some gains for the mining industry. The $S&P/ASX 200 (.XJO.AU)$ had nearly reached a record high on Thursday, closing just 0.2% lower, after jobs data suggested the Reserve Bank's next interest rate move would likely be a cut.

Copper also continued to rise, increasing by 2% overnight to its highest level since mid-April 2022, according to $National Australia Bank Ltd (NAB.AU)$.

The $AUD/USD (AUDUSD.FX)$ is trading at US66.81¢, an increase of 0.06%.

As of latest data, $Bitcoin (BTC.CC)$ is priced at $65,408, up 1.38% in the past 24 hours, while $Ethereum (ETH.CC)$ is priced at $2,947, up 2.79% in the past 24 hours.

$Bendigo and Adelaide Bank Ltd (BEN.AU)$, a regional lender, has reported a 2.3% decrease in cash profit for the ten months ending on April 30, amounting to $464 million. Despite this, the bank reported that credit expenses remain low, and its net interest margin (post revenue share arrangements) is 1.87%.

The suspension of $The Star Entertainment Group Ltd (SGR.AU)$'s Queensland casino licenses has been extended until December 2024.