Morgans AM

US equity markets resumed trading following the Labour Day holiday long weekend and opened September in negative territory amid fresh uncertainty around tariffs - Dow down -249-points or -0.55% Nike Inc (down -3.48%) was the worst performer in the 30-stock index, while Nvidia Corp (-1.95%) led losses among the so-called ‘Magnificent Seven’ cohort of mega-capitalisation technology stocks.

US equity markets recorded modest gains, with the S&P 500 climbing above 6,500 for the first time as investors digested Nvidia Corp’s (down -0.79%) second quarter result after the closing bell of the previous session, stronger-than-expected economic growth figures and eyed inflation figures tonight AEST - Dow added +72-points or +0.16%, with American Express Co (up +1.40%), Cisco Systems Inc (+1.45%) and Salesforce Inc (1.75%) all rising over >1%.

US equity markets advanced, with investors eyeing the release of artificial intelligence (AI) bellwether Nvidia Corp’s second quarter result after the closing bell - Dow rose +147-points or +0.32% Salesforce Inc +2.63% was the leading performer in the 30-stock index, while Chevron Corp (+1.19%) and UnitedHealth Group Inc (+1.15%) rose over >1%. Goldman Sachs Group Inc (+0.10%) touched a record all-time high (US$753.00).


The broader S&P500 added +0.24% to a fresh all-time closing high of 6,481.40, also touching a record intra-day peak (6,487.06). Energy (up +1.15%) led eight of the eleven primary sectors higher. Communication Services (down -0.09%), Health Care (-0.03%) and Industrials (-0.02%) dipped into the red. Albemarle Inc rallied +7.54% to be the S&P 500's leading performer overnight a day after UBS upgraded the world's largest lithium producer  to "neutral" from "sell" and lifted its price target on the stock. UBS has raised its lithium price forecasts after warning that Chinese supply disruptions could be deeper and more prolonged than previously expected. Paramount Skydance Corp dropped -6.50%, falling the most of any S&P 500 constituent and extending the volatility recorded since the completion of the merger between Skydance Media and Paramount Global earlier this month. Morgan Stanley also trimmed its price target on Paramount Skydance stock, citing a steep valuation and muted growth expectations for adjusted operating income. Eli Lilly & Co has temporarily paused shipments of its weight-loss drug Mounjaro in the UK, ahead of a new price hike for the treatment set to come into effect starting next month. There are legal protections in place to prevent inappropriate stockpiling of medicines by providers, the pharmaceutical company said, adding that it will resume orders on 1 September.

US equity markets advanced as investors shrugged off President Trump’s removal of Federal Reserve Governor Lisa Cook from the central bank’s board and eyed Nvidia Corp’s (+1.09%) second quarter result after the closing bell of tonight’s AEST session - Dow rose +136-points or +0.30%. Boeing Co (up +3.51%) was the leading performer in the 30-stock index following news that Korean Air ordered 103 of the planemaker's passenger jets.

US equity markets rebounded strongly on Friday (22 August) after Federal Reserve Chair Jerome Powell hinted at a near-term interest-rate cut during his Jackson Hole Economic Policy Symposium speech - Dow rallied +846-points or +1.89% to a record closing high of 45,631.74, marking the 30-stock indice’s first record close since 4 December last year. Caterpillar Inc (+4.25) was the leading Dow component, while American Express Co (+3.57%), Goldman Sachs Group Inc (+3.62%), and Home Depot Inc (+3.79%) all gained over >3.5%. Nvidia Corp (+1.72%)  has told suppliers to suspend production of its H20 chip, according to toa report by The Information citing unnamed sources, after Beijing asked local firms to avoid using the chip tailored for the Chinese market due to security concerns. Reuters separately reported that Nvidia had asked Foxconn to suspend work related to the H20 chips.

Technology stocks came under selling pressure for a second session to weigh on the benchmark US equity indices, while investors also digested the minutes from the Federal Reserve’s July monetary policy meeting - Dow edged +16-points or +0.04% higher. Travelers Companies Inc (up +2.02%) was the leading performer in the 30-stock index, while technology heavyweight Amazon.com Inc (-1.84%) and Apple Inc (-1.97%) were the key drags. Home Depot Inc fell -1.34% a day after the home improvement giant released its second quarter result.

US equity markets opened the week little changed  - Dow slipped -34-points or -0.08%. UnitedHealth Group Inc (up +1.47% after jumping +11.98% last Friday (15 August)) was the leading Dow component for a second session running after filings with the Securities and Exchange Commission (SEC) released late last week recorded that Berkshire Hathaway Inc took a new positions in the health insurer.    

The broader S&P500 dipped -0.01%, with Real Estate (down -0.95%) leading seven of the eleven primary sectors lower. Industrials and Consumer Discretionary both rose ~0.4%. Dayforce Inc (up +25.98%) was the leading performer in the S&P 500 following a report that private equity firm Thoma Bravo is in discussions to acquire the human resources software provider. First Solar Inc (+9.69%) and other solar stocks gained in the wake of new guidance from the Treasury Department on federal tax incentives for clean energy projects.