AU Morning Wrap | ASX Falls as Energy and Mining Stocks Weigh

The market fell Tuesday, and indexes pulled back after bank earnings came in hot, while healthcare and semiconductor company reports were more of a mixed bag. $ASML Holding (ASML.US)$ earnings semiconductors back hard, and UNH results pulled back the Dow.

Just past 4 pm ET the $S&P 500 Index (.SPX.US)$ fell 0.76%, the $Dow Jones Industrial Average (.DJI.US)$ fell 0.75%, and the $Nasdaq Composite Index (.IXIC.US)$ fell 1.01%.

Australian shares fell as they tracked losses on Wall Street, primarily driven by decreased demand for natural resources. The $S&P/ASX 200 (.XJO.AU)$ declined by 0.4% to 8282.9, stepping back from its previous record close of 8318.4. All sectors showed declines, with the energy sector leading the way following a 4% drop in oil prices. Major energy companies such as $Beach Energy Ltd (BPT.AU)$, $Origin Energy Ltd (ORG.AU)$, and $Santos Ltd (STO.AU)$ saw decreases, while $Woodside Energy Group Ltd (WDS.AU)$ saw a slight increase after raising its full-year production guidance. Mining giants $Rio Tinto Ltd (RIO.AU)$, $BHP Group Ltd (BHP.AU)$, and $Fortescue Ltd (FMG.AU)$ also experienced declines, with Rio Tinto specifically falling 1.8% due to lower-than-expected shipments in its iron ore division. Among the major banks, $CommBank (CBA.AU)$ decreased by 0.4%, while $National Australia Bank Ltd (NAB.AU)$ rose by 0.3%.

As of latest data, $Bitcoin (BTC.CC)$ is priced at $66,971, up 1.42% in the past 24 hours, while $Ethereum (ETH.CC)$ is priced at $2,602, down 0.98% in the past 24 hours.

$Rio Tinto Ltd (RIO.AU)$ announced its Q3 production results, reporting a slight increase in iron ore production from its extensive Australian operations in the third quarter of 2024. However, the company expressed concerns about inflationary pressures in the region and revised downward its annual production forecast for its iron-ore operations in Canada.

$Bank of Queensland Ltd (BOQ.AU)$ saw a nearly 4% increase in its stock price, despite reducing its dividend from 21¢ to 17¢.

$Challenger Ltd (CGF.AU)$'s stock fell 2.3% despite the company reaffirming its fiscal 2025 net profit guidance of $440 million to $480 million.

$Evolution Mining Ltd (EVN.AU)$ reported a strong 1Q25 update with gold production exceeding consensus at 193,600 ounces and AISC lower than forecasts at A$1,569/oz.

$Redox Ltd (RDX.AU)$ is expecting robust volume growth in FY25, with gross profit margins likely to ease towards the long-term average due to US expansion. The company is actively reviewing strategic M&A opportunities but has refrained from providing guidance due to geopolitical and macro uncertainties.