Morgans Financial Limited

Morgans AM: Monday 16 September 2019


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US equity markets were mixed last Friday but the benchmark indices logged their third consecutive week of gains - Dow up +37-points or +0.14%, marking the index's eighth straight advance. Trade bellwethers Caterpillar Inc and Boeing Co rose +1.5% and +1.1%, respectively. The broader S&P500 dipped -0.07%, with Materials (up+1.14%), Financials (0.84%) and Energy (+0.8%) the best performing sectors. Major banks Bank of America Corporation (up +1.69%), Citigroup Inc (+1.57%) and J.P.Morgan Chase and Co (+1.97%) all rose more than >1.5%. The NASDAQ eased -0.22%. Apple Inc fell -1.94%, with Goldman Sachs cutting their target price on the stock to US$165 from US$187 (but retaining their 'neutral' rating on the company) on concerns that Apple TV+ may act as a drag on earnings. The fall saw Apple's market capitalisation fall back below
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