AU Morning Wrap: ASX Extends Losses; BHP Falls by Over 1%

The market fell but the $S&P 500 Index (.SPX.US)$ and $Nasdaq Composite Index (.IXIC.US)$ hit all-time closing highs, and intraday records just before the bell. $Apple (AAPL.US)$ also hit records in a delayed reaction following its AI presentation.

By the numbers, the $S&P 500 Index (.SPX.US)$ climbed about 0.27%, the $Dow Jones Industrial Average (.DJI.US)$ fell 0.31%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 0.88%. Overall, 7600 equities fell on the U.S. market, while 5400 climbed.

The Australian sharemarket opened on Wednesday with losses, continuing the trend from a mixed performance on Wall Street. The benchmark $S&P/ASX 200 (.XJO.AU)$ Index declined by 0.4%, or 29.6 points to 7725.8. The local shares recorded their biggest daily drop in six weeks on Tuesday, decreasing by 1.3% as traders prepared for the US Federal Reserve to resist immediate rate cuts at its policy meeting this week.

The materials sector was the worst performer, mirroring the previous day's sharp drop in the iron ore price due to concerns over demand in top consumer China. Index heavyweight $BHP Group Ltd (BHP.AU)$ fell 1.1%, $Rio Tinto Ltd (RIO.AU)$ lost 1.2%, and $Fortescue Ltd (FMG.AU)$ declined 1.3%.

The $AUD/USD (AUDUSD.FX)$ is trading at US66.07¢, an increase of 0.01%.

As of latest data, $Bitcoin (BTC.CC)$ is priced at $67,352, down by 3.07% in the past 24 hours, while $Ethereum (ETH.CC)$ is priced at $3,498, down by 4.57% in the past 24 hours.

Macquarie analysts have upgraded $Woodside Energy Group Ltd (WDS.AU)$'s rating to "outperform," arguing that the market is overpricing commodity, project, and climate risks in the company's valuation. Shares in Woodside rose by 1.4 per cent.

The independent review of $SkyCity Entertainment Group Ltd (SKC.AU)$ Adelaide has resumed after the Federal Court's approval of the $67 million fine imposed on the ASX-listed casino operator.

$Super Retail Group Ltd (SUL.AU)$'s board has appointed Judith Swales, Fonterra's global markets CEO, as the company's chairwoman. Super Retail owns Supercheap Auto, Rebel, BCF, and Macpac, and had previously announced that chairwoman Sally Pitkin would step down from her position at the 2024 annual general meeting.