Morgans Financial Limited

Morgans AM: Friday 14 August 2020


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US equity markets - Dow down -80-points or -0.29%. 3M Co rose +1% after the maker of personal safety, industrial and consumer products reported “broad-based improvement” in sales trends last month. The company said total sales for the month increased +6% to US$2.8B. Among its business segments, sales increased +29% in health care, +9% in consumer and +6% in safety and industrial, while transportation and electronics sales fell -7%. However, network-equipment maker Cisco Systems Inc fell -11.2% following the release of their fiscal fourth-quarter numbers after the closing bell of the previous session that were accompanied by soft guidance for the current quarter. The broader S&P500 slipped -0.20% after fleetingly climbing above its 19 February record closing high (3,386.15) and touching an intra-session peak of 3,387.24. The index also logged its best 100-days of trading since the period ending 18 August, 1933, gaining 1,136-points or +50.77% from its 23 March close of 2,237.40. The technology-centric NASDAQ edged +0.27% higher. Apple Inc gained +1.77% and touched an all-time high (US$464.17).
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