• ASX 200 Index snaps its winning streak, following losses in energy and consumer stocks.
• The shutdown of South32's GEMCO led to Jupiter Mines share rallying almost 20% in the last two sessions.
• Apple's stock declined by 4.1% following news of a lawsuit from the US Department of Justice for alleged monopolistic practices.

The ASX 200 Index edges lower to near 7,750, down by approximately 0.16% on Friday, snapping its winning streak that began on March 15. The index's downturn was primarily attributed to losses in energy and consumer stocks. The A-VIX has experienced a sharp decline, dropping by 0.92% to 12.92. Additionally, the All Ordinaries Index is down by 0.32%, currently standing at 8,019.

In the ASX 200 Index, Genesis Minerals experienced a significant decline, plunging to 1.792, marking a decrease of 7.45%. Telix Pharmaceuticals dropped to 12.620, down by 4.97%. On the positive side, Fisher & Paykel Healthcare showed strong performance, trading near 23.560, with an increase of 5.0%. Additionally, Light & Wonder rose to 165.02, up by 2.30%.

However, Wall Street experienced upward momentum overnight, with all three major benchmarks setting record highs. This surge followed positive sentiment stemming from the US Federal Reserve (Fed) reaffirming its outlook for three interest rate cuts this year in its latest policy decision.

The surge was somewhat tempered by a 4.1% decline in Apple stock, as the company faces a lawsuit from the US Department of Justice for alleged monopolistic practices. The Justice Department alleges that Apple makes it challenging for competitors to integrate with the iPhone's hardware and software features.

South32's Groote Eylandt Mining Company (GEMCO) has halted operations due to Cyclone Megan, resulting in the disruption of approximately 10% of the global manganese supply. For the fiscal year 2024, prior guidance indicated production of 1.7 million tonnes from GEMCO. The supply disruption could potentially lead to a tighter manganese market in the short term.

The shutdown of GEMCO has had a positive impact on Jupiter Mines, the largest ASX-listed manganese producer, with its share rallying almost 20% in the last two sessions. This surge has lifted the company's 12-month performance to break even. Jupiter Mines aims to increase production by 300% over the next five years.

Altech Batteries has disclosed favorable outcomes from a definitive feasibility study (DFS) for its Cerenergy sodium chloride solid-state battery project in Germany. The project, slated for construction on Altech's land at the Schwarze Pumpe Industrial Park in Saxony, is anticipated to establish a new benchmark in sustainable energy solutions. It is projected to have an annual capacity of 120 1MWh grid packs