AU Morning Wrap: ASX Slips; Deterra Falls Amid Lithium Pivot Bid

The market climbed Thursday, while the S&P 500 and Nasdaq closed at their fifth record closing highs in a row. Just past the closing bell, the $S&P 500 Index (.SPX.US)$ climbed 0.23% for the day. The $Dow Jones Industrial Average (.DJI.US)$ fell 0.17%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 0.34% after hitting an all-time high. Overall, 4300 equities fell on the U.S. market, while 7500 climbed.

On Friday, Australian shares fell by 0.2% despite Wall Street reaching record highs due to increased investor confidence in companies benefiting from the growth of artificial intelligence. Meanwhile, $Deterra Royalties Ltd (DRR.AU)$' shares plunged by 6.5% following its all-cash offer of £144 million ($277 million) or an adjusted $276 million for AIM-listed British lithium mining group, Trident Royalties, in a mutually agreed deal. The acquisition marks Deterra's pivot towards lithium and green metals, as Trident owns a 1.05% royalty stream over the Thacker Pass lithium deposit in the US. Investors should anticipate a reduction in its dividend streams over the short term.

The $AUD/USD (AUDUSD.FX)$ is trading at US66.32¢, an decrease of 0.07%.

As of latest data, $Bitcoin (BTC.CC)$ is priced at $66,748, down by 2.18% in the past 24 hours, while $Ethereum (ETH.CC)$ is priced at $3,469, down by 2.54% in the past 24 hours.

$Telix Pharmaceuticals Ltd (TLX.AU)$'s shares fell by 2.2% to $16.09 following the announcement of the company's last-minute cancellation of its planned US initial public offering.

$ASX Ltd (ASX.AU)$'s shares extended their losses by falling 1.6% to $57.18 after tumbling 8% due to a Thursday trading update.