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US equity markets were mostly weaker on Friday (22 March) but capped their biggest weekly advance in three months - Dow fell -305-points or -0.77%. Nike Inc sank -6.90% after the world's largest sportswear maker warned that its revenue in the first half of fiscal 2025 would shrink by a low-single-digit percentage, as it scales back on franchises to save costs. However, FedEx Corp rallied +7.35% after the economic bellwether raised its 2024 guidance and said it would continue to cut costs and trim its spending for the year after the close of the previous session.
Morgans AM: Thursday, 21 March 2024 by Morgans Financial
Following the RBA's recent decision to hold interest rates, RBA Governor Michelle Bullock said, "where we are now is where we need to be." Chief Economist Michael Knox gives his comments on this saying that the RBA are giving us stability for the near future. Check out more from Morgans: Visit the Morgans website: www.morgans.com.au Check out our blog: www.morgans.com.au/Blog On Facebook: www.facebook.com/MorgansAU On Instagram: www.instagram.com/Morgans.Australia On Twitter: twitter.com/MorgansAU
US equity markets advanced as investors eyed the conclusion of the Federal Reserve’s latest two-day monetary policy meeting tomorrow morning AEST (21 March) - Dow rallied +320-points or +0.83%, booking its largest one-day point and percentage gains since 22 February. Home Depot Inc (up +2.02%) was the leading performed in the 30-stock index.
US equity markets advanced despite Treasury yields hitting three week highs ahead of a busy week of key global central bank meetings - Dow added +76-points or +0.20%, with Salesforce Inc (up +2.1%) and Walt Disney Co (+1.7%) rising over >1.5 to be the leading performers in the 30-stock index.
US equity markets retreated on Friday (15 March), with mega capitalisation technology names a key drag and with investors eyeing key central bank meetings this week - Dow fell-191-points or -0.49%, with Salesforce Inc (down -2.96%) and Amazon.com Inc (-2.42%) leading losses in the 30-stock index. Microsoft Corp fell -2.07% a day after closing at a record high. McDonald’s Corp fell -0.92% after reporting system outages worldwide that caused the temporary closure of some restaurants.
US equity markets retreated as stronger-than-expected producer prices undermined an early rally, and with some major chipmakers recording fresh declines - Dow eased -138-points or -0.35%, with Amgen Inc (down -1.61%), Honeywell International (-1.69%), International Business Machines (IBM) Corp (-1.66%) and JPMorgan Chase & Co (-1.78%) all falling over >1.5%.
US equity markets mostly weaker amid selling of chipmakers and ahead of wholesale inflation data tonight AEST - Dow added +38-points or +0.10%, paring an earlier rally of almost +200-points. Intel Corp dropped -4.44% after Bloomberg reported that the Pentagon had pulled out of a plan to spend as much as US$2.5B on a chip grant to the company. McDonald’s Corp -3.89% after the chief financial officer (CFO) said the fast-food giant's international sales could fall sequentially in the current quarter, pressured by the conflict in the Middle East and demand weakness in China.
Morgans AM: Wednesday, 13 March 2024 by Morgans Financial
US equity markets opened the new trading week mixed amid subdued trading ahead of key inflation figures tonight AEST - Dow added +47-points or +0.10%. Boeing Co fell -3.02% after The Wall Street Journal reported over the weekend the Justice Department has opened a criminal investigation into the Boeing 737 MAX jet that experienced a blowout on an Alaska Airlines flight in early January.
The Morgans Network was joined by Karen Jorritsma, Managing Director and Head of Equities at RBC Capital Markets on International Women's Day 2024. Check out more from Morgans: Visit the Morgans website: www.morgans.com.au Check out our blog: www.morgans.com.au/Blog On Facebook: www.facebook.com/MorgansAU On Instagram: www.instagram.com/Morgans.Australia On Twitter: twitter.com/MorgansAU
Morgans Senior Analyst Nick Harris gives a wrap up of our stocks under coverage in the Technology, Media and Gaming sectors, following this past earning season. February 2024 results were largely in line with expectations. Services & Classified EPS forecasts were reduced by 1-2%, gaming EPS forecasts lifted by 1-2%, free cash flow for larger FCF names was largely unchanged while small cap FCF forecasts were reduced. Follow all of the Morgans Reporting Season coverage here - https://www.morgans.com.au/reporting-season Check out more from Morgans: Visit the Morgans website: www.morgans.com.au Check out our blog: www.morgans.com.au/Blog On Facebook: www.facebook.com/MorgansAU On Instagram: www.instagram.com/Morgans.Australia On Twitter: twitter.com/MorgansAU
US equity markets rallied, lifting both the S&P500 and Nasdaq back to record highs - Dow rose +130-points or +0.34%.
Morgans Analysts Alexander Mees and Emily Porter give a wrap of the Consumer Discretionary sector, following this past February Reporting Season. Investors became more positive towards the consumer discretionary sector over the course of reporting season. The 1H24 earnings performance of the stocks we cover generally exceeded expectations, leading us to increase our full year EPS estimates by 2%. See our full Reporting Season Wrap here - https://www.morgans.com.au/reporting-season Check out more from Morgans: Visit the Morgans website: www.morgans.com.au Check out our blog: www.morgans.com.au/Blog On Facebook: www.facebook.com/MorgansAU On Instagram: www.instagram.com/Morgans.Australia On Twitter: twitter.com/MorgansAU
US equity markets advanced but trimmed gains in the closing hour of trading as investors digested Federal Reserve Chair Jerome Powell’s first day of congressional testimony - Dow added +76-points or +0.20%.
Morgans Equity Strategist Tom Sartor runs through our Reporting Season review with Australian corporates again shrugging another reporting test, navigating slowing demand and higher interest rates to post respectable half-year results in February. See our full Reporting Season Wrap here - www.morgans.com.au/reporting-season Check out more from Morgans: Visit the Morgans website: www.morgans.com.au Check out our blog: www.morgans.com.au/Blog On Facebook: www.facebook.com/MorgansAU On Instagram: www.instagram.com/Morgans.Australia On Twitter: twitter.com/MorgansAU
Technology stocks led declines on US equity markets overnight, with investors also eyeing Federal Reserve Chair Jerome Powell’s congressional testimony tonight AEST and labour market data later in the week - Dow fell -405-points or -1.04%. Apple fell -2.84% after a report by Counterpoint Research reported that the company sold 24% fewer iPhones in in China in the first six weeks of 2024 versus a year earlier. Overall smartphone sales declined 7% in the period, though sales for rival firm Huawei jumped 64%, according to the report. Apple is still rapidly losing market share in China, a country that also serves as a manufacturing base for the company, after Beijing last year banned government officials from using Apple phones. In another sign of weakness, Foxconn (or Hon Hai Precision Industry Co., Ltd), the Taiwanese company that assembles iPhones for Apple, said on Tuesday (5 March) that February sales fell -12% from a year earlier. Meanwhile, Intel Corp (down -5.37%) and Salesforce Inc (-5.05%) both declined over >5% to be the worst performers in the 30-stock index.
The US equity market rally stalled overnight, with both the S&P 500 and Nasdaq retreating from record highs - Dow eased -98-points or -0.25%. Apple Inc fell -2.54% after the European Commission, the European Union’s executive arm, hit the company with a €1.8B antitrust fine for abusing its dominant position in the market for the distribution of music streaming apps. Separately, the Federal Aviation Administration said its audit of 737 Max manufacturing at airplane-maker Boeing Co (up +0.27) and its key supplier turned up “multiple instances” of them failing to make sure manufacturing met quality standards.
Stephanie Commons, Acting Chief Executive Officer of Dalrymple Bay Infrastructure (ASX:DBI) gives the Morgans network an update following their full year result. Check out more from Morgans: Visit the Morgans website: www.morgans.com.au Check out our blog: www.morgans.com.au/Blog On Facebook: www.facebook.com/MorgansAU On Instagram: www.instagram.com/Morgans.Australia On Twitter: twitter.com/MorgansAU
Morgans AM: Thursday, 29 February 2024 by Morgans Financial
Morgans Analyst Alex Lu gives his analysis of the 1H FY24 result from Woolworths Group (WOW). Follow our Reporting Season coverage here: https://www.morgans.com.au/reporting-season Check out more from Morgans: Visit the Morgans website: www.morgans.com.au Check out our blog: www.morgans.com.au/Blog On Facebook: www.facebook.com/MorgansAU On Instagram: www.instagram.com/Morgans.Australia On Twitter: twitter.com/MorgansAU
US equity markets mostly firmer as investors digested the latest round of corporate earnings releases and eye gross domestic product (GDP) figures tonight AEST and inflation figures on Thursday night AEST (29 February) - Dow fell -97-points or -0.25%. UnitedHealth Group Inc (down -2.27%) after the Wall Street Journal (WSJ) reported that the Justice Department has launched an antitrust investigation into the health-insurance giant. Antitrust investigators have asked how UnitedHealth’s acquisitions of doctor groups might affect competitors and consumers, the Journal reported, citing people familiar with the meetings.
George Lippiatt, Chief Financial Officer of Aurizon Holdings (ASX:AZJ) gives the Morgans network an update following their 1H24 Result. Follow our Reporting Season coverage here: https://www.morgans.com.au/reporting-season Check out more from Morgans: Visit the Morgans website: www.morgans.com.au Check out our blog: www.morgans.com.au/Blog On Facebook: www.facebook.com/MorgansAU On Instagram: www.instagram.com/Morgans.Australia On Twitter: twitter.com/MorgansAU
US equity markets settled with modest declines following the recent Nvidia Corp (up +0.35%) fuelled rally, with traders eyeing gross domestic product (GDP) and inflation data later in the week - Dow eased -62-points or -0.16% to 39,069.23 after logging its 14th record close of 2024 last Friday (23 February). Amazon.com Inc (down -0.15%) joined the 30-stock index overnight, replacing Walgreens Boots Alliance Inc (-3.41%). The Dow’s holdings are weighted according to stock price, not market capitalisation. Chevron Corp (down -0.14%) warned that its $53B acquisition of Hess Corp (fell over >4% in extended trading after rising +0.57% in the regular session) could be thwarted by rival oil groups ExxonMobil Corp (+0.39%) and China National Offshore Oil Corporation, which are asserting their right to pre-empt its purchase of a stake in a massive oil project off the coast of Guyana.
Following the latest meeting of the Reserve Bank of Australia (RBA), Morgans Chief Economist Michael Knox explains that the RBA minutes don’t say rate cuts are a shoo in at all. Check out more from Morgans: Visit the Morgans website: www.morgans.com.au Check out our blog: www.morgans.com.au/Blog On Facebook: www.facebook.com/MorgansAU On Instagram: www.instagram.com/Morgans.Australia On Twitter: twitter.com/MorgansAU
The Dow and S&P500 eked out fresh record highs on Friday (26 February) - Dow added +62-points or +0.16% to a fresh record losing high of 39,131.53. Amazon.com Inc (up +0.23%) will replace Walgreens Boots Alliance (up +0.74%) as one of the 30 members of the Dow before the start of trading tonight AEST.
