AU Morning Wrap | ASX 200 edges lower; NRW Holdings plunges 8% on Whyalla steelworks concerns

U.S. markets showed mixed results on Wednesday in a relatively calm trading session. The $Nasdaq Composite Index (.IXIC.US)$ outperformed, gaining 0.72%, while the $S&P 500 Index (.SPX.US)$ edged up slightly. However, the $Dow Jones Industrial Average (.DJI.US)$ dipped 0.21%. The quiet day was marked by an absence of major trade-related news or economic reports, leading to subdued market activity.

$Bitcoin (BTC.CC)$ and oil pull back after recent rallies. Tech sector outperforms, led by $NVIDIA (NVDA.US)$'s 16.02% weekly surge following eased chip export rules to Saudi Arabia. $Tesla (TSLA.US)$ also gains over 4%.

Australian shares opened lower on Thursday, breaking a six-day upward streak, as Wall Street's buying momentum faded with investors awaiting new market catalysts. The $S&P/ASX 200 (.XJO.AU)$ dropped 0.14%. Mining stocks led losses, with seven of 11 sectors in the red.

Mining stocks retreated as commodity prices wavered. Iron ore giants felt the pressure, with $BHP Group Ltd (BHP.AU)$ dipping 0.96% to A$39.07 and $Rio Tinto Ltd (RIO.AU)$ sliding 1.08% to A$119.19. The recent rally in precious metals also lost steam, dragging gold producers lower.

As of the latest data, $Bitcoin (BTC.CC)$ is priced at $103,510.66, down 0.62% in the past 24 hours, while $Ethereum (ETH.CC)$ is priced at $2,610.42, down 2.6% over the previous 24 hours.

$NRW Holdings Ltd (NWH.AU)$ plunged 8.97% to A$2.64. The company expressed concerns over the South Australian government's intervention in the Whyalla steelworks sale process, potentially jeopardizing over A$100 million owed to the mining contractor.

$Treasury Wine Estates Ltd (TWE.AU)$ fell 5.92% to A$8.58. CEO Tim Ford announced his departure after five years at the helm, with Sam Fischer from Lion set to take over later this year.

$Northern Star Resources Ltd (NST.AU)$ dipped 1.39% to A$18.065. The gold miner reported increased mineral resources and ore reserves for the year ending March, citing successful exploration efforts.

$Insurance Australia Group Ltd (IAG.AU)$ surged 3.56% to A$8.72. The company acquired The Royal Automobile Club of Western Australia's insurance arm for A$400 million and secured a 20-year distribution agreement with the Perth-based insurer.

$Lendlease Group (LLC.AU)$ gained 1.82% to A$5.58. The property group is reportedly close to forming a joint venture with King Charles' UK property company to fund six development projects.