Morgans AM

Monday, 24 May 2021: US equity markets closed out another volatile week


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US equity markets closed out another volatile week on a mixed note - Dow gained +124-points or -0.36%. Boeing Co gained +3.1% after industry sources said the planemaker had drawn up preliminary plans to increase 737 MAX output to as many as 3 jets per month in 2022. Construction and mining equipment manufacturer Caterpillar Inc (up +0.96%) and investment banks Goldman Sachs Group Inc (+1.80%) and JPMorgan Chase & Co (+1.14%) also traded strongly. The broader S&P500 slipped -0.08% Consumer Discretionary (down -0.59%) and Information Technology (-0.52%) both down over >0.5% to lead six of the eleven primary sectors lower. Financials (up +0.9%) was the leading primary sector performer. Ford Motor Co jumped +6.73% after announcing plans late last Thursday (20 May) to form a battery joint venture un the US with South Korean battery manufacturer SK Innovation to support its electric vehicle rollout. The Nasdaq -0.48%. NVIDIA Corp rose +2.6% after the chipmaker announced a four-for-one stock split. Since the company’s last share spilt (3-for-2) in 2007, NVIDIA shares have rallied 1,640.7% as the company cemented its essential position in the realm of artificial intelligence. Shareholders will vote on the proposed split at the company’s annual meeting on 3 June, with the stock trading on a split-adjusted basis beginning on 20 July if the resolution is passed. J.P. Morgan kicks off its three-day virtual Global Technology, Media, and Communications conference tonight AEST, featuring companies in sectors such as hardware, semiconductors, and media. The small capitalisation Russell 2000 +0.34%.
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Morgans AMBy Morgans Financial Limited


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