AU Morning Wrap: Australian Shares Gain; Kathmandu, Mosaic Brands Dip Amid Slow Retail Sales

The $S&P 500 Index(.SPX.US)$ and the $Nasdaq Composite Index(.IXIC.US)$ retreated from record highs as $NVIDIA(NVDA.US)$ shares pulled back, accelerating declines for the semiconductor industry.

The S&P 500 fell 0.25% to 5473.17 on Thursday, while Nasdaq Composite declined 0.79% to 17721.59. The $Dow Jones Industrial Average(.DJI.US)$ bucked the downtrend, closing 0.77% higher at 39134.76.

Australian shares opened 0.2% higher, following a mixed close on Wall Street. $Guzman y Gomez Ltd(GYG.AU)$ saw its shares rise by 0.5% in early trading to $30.15, before dropping 10% to a low of $27 as investors took profits after a 36% surge on its first day of trading on Thursday. Meanwhile, outdoor retailer $KMD Brands Ltd(KMD.AU)$ reported a warning of softening sales in 2024, citing rising living costs that are impacting consumers. The stock lost 8% to 36¢. Additionally, women's fast fashion group $Mosaic Brands Ltd(MOZ.AU)$ warned of a projected loss this financial year due to a drop in sales, causing a 9% loss in early trade.

The $AUD/USD(AUDUSD.FX)$ is trading at US66.59¢, an increase of 0.05%.

As of latest data, $Bitcoin(BTC.CC)$ is priced at $64,713, down by 0.25% in the past 24 hours, while $Ethereum(ETH.CC)$ is priced at $3,499, down by 1.52% in the past 24 hours.

$Pilbara Minerals Ltd(PLS.AU)$ has recently revised its potential production guidance for its lithium hard rock mining operations in Western Australia. The company has made adjustments to its production strategy in response to market conditions and other factors.

$Mosaic Brands Ltd(MOZ.AU)$ has announced that it expects to report a loss this financial year due to weak sales in 2024. The company attributed the updated forecast to inventory and logistical issues, in addition to the decline in sales.