AU Morning Wrap: Australian Stocks Dip at Market Open Amid Anticipation of US Tech Earnings and Biden's Political Move

U.S. stocks pulled back Friday, as the largest IT crash in history sent tech even lower for the week following a semiconductor sector pullback.The $Nasdaq Composite Index(.IXIC.US)$ declined 0.81, with the $S&P 500 Index(.SPX.US)$ down 0.71%, and the $Dow Jones Industrial Average(.DJI.US)$ 0.93%. All sectors except healthcare were down intraday.

The $S&P/ASX 200(.XJO.AU)$ saw a decline of 0.8 percent, translating to a 62.5-point fall, opening at 7,909.1. This downturn follows the Index's milestone achievement of reaching the 8,000 mark in the previous week. Notably, the materials and energy sectors were among those that suffered the most significant losses in early trading.

The $AUD/USD(AUDUSD.FX)$ is trading at US67.60¢, an increase of 0.01%.

As of latest data, $Bitcoin(BTC.CC)$ is priced at $68,165, up by 1.31% in the past 24 hours, while $Ethereum(ETH.CC)$ is priced at $3,536, up by 0.22% in the past 24 hours.

Shares of $South32 Ltd(S32.AU)$ nosedived by over 10 percent subsequent to the company's announcement of reduced production forecasts for several key commodities, including alumina, Sierra Gorda payable copper equivalent, and Cannington payable zinc equivalent for the fiscal year 2025 (FY25). Despite this setback, the mining firm affirmed its commitment to meeting the previously stated operating unit cost targets for the fiscal year 2024 (FY24). Furthermore, South32 reported achieving an impressive 98 percent of its projected copper equivalent production for FY24, showcasing a near-complete adherence to its operational goals.

$Woodside Energy Group Ltd(WDS.AU)$'s share price experienced a 1.9 percent decline following its strategic move to acquire the Gulf Coast Driftwood LNG project situated near Lake Charles, Louisiana, at a price tag of $US900 million. Chief Executive Meg O’Neill emphasized the significance of this acquisition, stating it "positions Woodside to be a global LNG powerhouse," signaling the company's ambitious expansion in the liquefied natural gas market.