AU Morning Wrap: ASX 200 to Bounce; Droneshield Slumps, South32 Jumps

$NVIDIA(NVDA.US)$ and $Netflix(NFLX.US)$ fueled the sell-off in tech stocks that dragged the $S&P 500 Index(.SPX.US)$ and the $Nasdaq Composite Index(.IXIC.US)$ lower.

The Nasdaq fell 2.05% to close at 15,282.01 while the S&P 500 index slipped 0.88% to 4967.23. The $Dow Jones Industrial Average(.DJI.US)$ was the outperformer, gaining 0.56% to 37,986.40.

$American Express(AXP.US)$ and $JPMorgan(JPM.US)$ led gains in the financial sector, helping push the Dow higher, defying wider market sell-off.

AmEx, as the credit-card issuer is known, saw its shares climb more than 6%, to become the best performer on the Dow after the company reported first quarter earnings that beat analysts' estimates.

$S&P/ASX 200(.XJO.AU)$ is up 1.4 per cent to 7671 points, recovering some of the 2.8 per cent loss it posted last week.

The $AUD/USD(AUDUSD.FX)$ is trading at US64.42¢, a slight increase of 0.38%.

As of latest data, $Bitcoin(BTC.CC)$ is priced at $64844, up 0.24% in the past 24 hours, while $Ethereum(ETH.CC)$ is priced at $3147, up 0.41% in the past 24 hours.

$South32 Ltd(S32.AU)$ says it does not expect Australian manganese production to come back online until the third quarter of 2025, as it continues to assess the damage to its Groote Eylandt operations following tropical Cyclone Megan earlier this year. Shares are 5.3 per cent higher at $3.36.

$Air New Zealand Ltd(AIZ.AU)$ said its profits could come in lower than it had previously forecast and has accordingly dropped its earnings guidance by around $NZ10 million. The drop in guidance was due in part to weaker performance in New Zealand and North America.

$The Star Entertainment Group Ltd(SGR.AU)$ will once again be in focus as the inquiry into its operations enters a second week. Shares are 1.2 per cent lower at 41.5¢.

Shares in defence tech developer $Droneshield Ltd(DRO.AU)$ have fallen 19.6 per cent, following strong demand for an equity raise over the weekend and news of a share purchase plan.