AU Morning Wrap: ASX Flat; Life360 Climbs Over 3%

US stocks were mixed, with the $Dow Jones Industrial Average (.DJI.US)$ weighed down by weak manufacturing data, while the $S&P 500 Index (.SPX.US)$ and $Nasdaq Composite Index (.IXIC.US)$ got a boost from gains in $NVIDIA (NVDA.US)$.

At the beginning of the trading session, the Australian share market was mostly flat, as lower commodity prices dragged down mining stocks while healthcare shares rose. The $S&P/ASX 200 (.XJO.AU)$ index slipped 2.9 points to 7758.1, while the All Ordinaries index dropped 3.7 points to 8020.4.

Energy and materials sectors were among the weakest performers, with $BHP Group Ltd (BHP.AU)$, $Rio Tinto Ltd (RIO.AU)$, and $Fortescue Ltd (FMG.AU)$ losing ground due to a sharp fall in iron ore prices.

Oil prices declined and put pressure on energy companies, as OPEC's announcement of increasing its output caught many analysts off guard, who had anticipated that the production cuts would remain in place until the year-end. $Woodside Energy Group Ltd (WDS.AU)$'s stock fell by 0.9%, $Beach Energy Ltd (BPT.AU)$'s by 1.2%, and $Santos Ltd (STO.AU)$' by 0.8%. However, coal producers saw their stocks rise, with $New Hope Corp Ltd (NHC.AU)$ up by 0.8% and $Whitehaven Coal Ltd (WHC.AU)$ 1.5% higher.

On the other hand, a rebound in gold prices boosted shares of $Perseus Mining Ltd (PRU.AU)$, $St Barbara Ltd (SBM.AU)$, and $West African Resources Ltd (WAF.AU)$.

The $AUD/USD (AUDUSD.FX)$ is trading at US66.96¢, a decrease of 0.04%.

As of latest data, $Bitcoin (BTC.CC)$ is priced at $68,867, up 1.57% in the past 24 hours, while $Ethereum (ETH.CC)$ is priced at $3,768, down 0.32% in the past 24 hours.

$Life360 Inc (360.AU)$, the developer of a well-known app that tracks family members, intends to raise funds for its operations by going public in the US.

$AFT Pharmaceuticals Ltd (AFP.AU)$ has partnered with Alexso to market Combogesic, a non-opioid painkiller, in the US, where the New Zealand-based firm aims to grow its presence in the top pharmaceutical market worldwide.

Oil and gas company $Cooper Energy Ltd (COE.AU)$ saw a 3.5% drop in its stock, despite affirming its guidance for fiscal 2024.