Morgans AM Morgans Financial Limited
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- Business
A daily bulletin featuring an overnight sharemarket summary and economic news from across the globe, broadcast in the Morgans studio before the Australian stock market opens each morning.
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Tuesday, 18 June 2024 - Tech sector rises and Apple leads the way in the 30-stock index
US equity markets rallied, buoyed by fresh gains for the technology sector - Dow rose +189-points or +0.49% to snap a four session losing streak, with Apple Inc (up +1.97%) the leading performer in the 30-stock index after scrapping its “buy now, pay later” service, which it launched in the US only last year. The tech giant says it is pivoting to a new instalment loans service offered through third-party credit and debit cards. Merck & Co rose over >1% in after-hours trading (having declined -0.94% in the regular session) after receiving US regulatory approval for its next-generation vaccine (Capvaxive) to protect adults from pneumococcal disease, which is set to challenge Pfizer Inc’s (down -2%) blockbuster Prevnar shot
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Monday, 17 June 2024: US equity markets settle mixed after inflation updates
US equity markets settled mixed on Friday (14 June) to close out a big week of inflation updates and Federal Reserve interest rate forecasts, with the technology sector powering to fresh records - Dow fell for a fourth straight session, easing -58-points or -0.15%. Caterpillar Inc (down -1.50%) and Dow Inc (-1.86%) both fell 1.5%+ to be the worst performers in the 30-stock index on Friday (14 June).
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Friday, 14 June 2024: Salesforce and Amazon down after a fourth closing high in S&P500
US equity markets logged modest gains, with fresh gains for technology stocks lifting the S&P 500 and Nasdaq to their fourth consecutive record close - Dow eased -65-points or -0.17%, with Salesforce Inc (down -2.87%) and Amazon.com Inc (-1.64%) the worst performers in the 30-stock index. Boeing Co fell -1.08% said it has found improperly torqued fasteners on some of its undelivered 787 Dreamliners, the latest in a series of quality problems. The fastener problem does not make the wide-body plane unsafe to fly, and it has not stopped delivering the aircraft to customers. Apple Inc rose +0.55% to US$214.24, lifting the company’s market capitalisation to US$3.285 trillion to usurp Microsoft Corp (+0.12%, market cap US$3.282 trillion) as the most valuable US company. Apple hadn’t closed with a market cap above Microsoft’s since 24 January, according to Dow Jones Market Data.
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Thursday, 13 June 2024: S&P 500 and Nasdaq post record highs for a third straight session
The S&P 500 and Nasdaq posted record closing highs for a third straight session, buoyed by a softer-than-expected consumer inflation reading for May and signs that Federal Reserve officials could start to cut interest rates this year - Dow slipped -35-points or -0.09%. Apple Inc gained +2.86%, logging a record closing high (US$213.07) for a second straight session and settled US$12B shy of Microsoft Corp (+1.94%) in market capitalisation terms. Caterpillar Inc added +0.43% the board of the manufacturer of construction and mining equipment approved an additional US$20B in share buybacks and raised its dividend (by +US$0.11c to US$1.41). Nike Inc fell -2.28% after a European court dismissed its bid to trademark the term “Footware,” a portmanteau combining “foot” and “software” or “hardware.”
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Tuesday, 11 June 2024: S&P 500 and Nasdaq log fresh record closing highs
US equity markets ticked higher, with the S&P 500 and Nasdaq logging fresh record closing highs ahead of US inflation figures and the Federal Reserve’s latest monetary policy decision later in the week - Dow added +69-points or +0.18%. Walmart Inc gained +1.64%, buoyed by an upgrade from analysts at Bank of America, who cited the potential benefits from “a new wave of tech diffusion.” Apple Inc shed -1.91% after the company’s latest Worldwide Developers Conference (WWDC) kicked off overnight (running through until Friday night AEST (14 June)) with a with a demonstration of Apple Intelligence, the tech giant's highly anticipated custom artificial intelligence (AI) system built into the newest iPhone, iPad, and Mac operating systems.
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Friday, 7 June 2024: Little changed ahead of the release of the key non-farm payrolls figures
US equity markets settled little changed ahead of the release of the key non-farm payrolls figures tonight AEST - Dow added +79-points or +0.20%, with Amazon.com Inc (up +2.05%) and Salesforce Inc (+2.63%) rising over >2%.
The broader S&P500 dipped -0.02%, with Utilities (1.03%), Industrials (-0.60%) and Information Technology (-0.47%) settling in the red. Consumer Discretionary (up +0.97%) and Energy (+0.55%) both climbed over >0.50%. PayPal Inc rallied +5.49%, logging its largest single-day percentage increase since 19 January, after striking a bullish tone at an investor conference and as investors become more positive on the company’s new Fastline product. Uber Technologies Inc gained +4.68% after competitor Lyft Inc (+1.03%) offered an optimistic forecast for future bookings at its first investor day.