Morgans AM

A mixed session for US equity markets , with the recent rally stalling amid some fresh US-China trade uncertainty yet again - Dow slipped -15-points or -0.06% The broader S&P500 inched +0.07% higher, with the Energy sector (down -2.29%) the laggard sector after leading all eleven primary sectors in the preceding two sessions. The more defensive sectors found some renewed support after underperforming recently, with Utilities (up +0.56%) the leading sector performer overnight. The technology-centric NASDAQ eased -0.28%. In merger and acquisition headlines (M&A), HP Inc surged more than >6% after Xerox Holdings Corp (+3.55%) reportedly made a cash-and-stock offer for the personal-computer and printer maker.

US markets eked out modest gains a day after all three benchmark indices logged record closing highs - Dow up +31-points or +0.11% The broader S&P500 dipped -0.12%, with the more defensive Real Estate (down -1.76%) and Utilities (-1.02%) lagging once again. Energy (up +0.45%) was the best performing primary sector for a second session in-a-row. The NASDAQ eked out a +0.02% gain, with Walgreens Boots Alliance Inc rallying +3.19% following a Reuters report that the company has been exploring a deal to go private. A 13D/A filing with the Securities and Exchange Commission on Tuesday showed that Luxembourg-based Alliance Sante Participations S.A. (ASP) controlled 144.8M shares, or 16.2% of the shares outstanding. Uber Technologies Inc (down -9.85% to US$28.02) declined to its lowest closing price on record a day after the company reported yet another quarterly loss of more than >$1b and ahead of a lockup expiration that could release millions of new shares to the market. Netflix Inc (down -%)

The benchmark US equity indices made it a clean sweep overnight, with all three gauges carving out fresh record all-time closing highs - Dow up +115-points or +0.42% The broader S&P500 +0.37%, NASDAQ +0.55%.
In US corporate earnings, Under Armour Inc tumbled after the company confirmed it was the subject of a federal investigation into its accounting practices. The athletic gear company reported a third-quarter decline in North America sales and cut its full year earnings outlook. After the closing bell, Uber Technologies Inc announced earnings that beat analyst estimates on the top and bottom lines for its third quarter or 2019 but the stock fell more than 5% after the company reported over $1 billion in net losses. Sprint Corp and Roku Inc report tonight AEST.
In US economic data, Durable Goods and Factory Orders data for September Both the Institute of Supply Management (ISM) and Markit release their Services Purchasing Manager's Indices (PMI) for October tonight AEST (5 October), while Balance of Trade figures for September (with the trade deficit forecast to decrease to US$52.5B from US$54.9B) are also scheduled for release.

US equity markets opened November sharply higher, with both the S&P 500 and Nasdaq Composite indices climbing to fresh records - Dow rallied +301-points or +1.11% The broader S&P500 +0.97% to 3,066.91, logging its third record close in five trading sessions. The technology-centric NASDAQ gained +1.13% to 8,386.40, also a fresh record closing high. Apple Inc rose +2.84% Google parent Alphabet Inc announced that it will acquire smartwatch maker Fitbit Inc for US$2.1B or ~US$7.35 per share in cash. Fitbit jumped +15.53% (to US$7.14) following the announcement, having traded to an all time high of US$51.90 back on 5 August, 2015 - a couple months after its stock market debut at $30.40. The latest gains for equity markets came as concerns about an economic slowdown were allayed by the latest US jobs report and factory activity figures in China. Note: with the clocks changing in the US over the weekend the US markets now close at 8am AEDT (or 7am AEST)

US equity markets retreated, with the S&P500 pulling back from the previous session's record close as some uncertainty re-emerged on the US-China trade front - Dow down -140-points or -0.52% with 3M Co (down -2.01%) and Walgreens Boots Alliance Inc (-1.93%) alone knocking a combined ~30-points off the index. The broader S&P500 -0.30%, NASDAQ -0.11%. For the month of October, the Dow rose +0.48%, S&P 500 +2.04% and Nasdaq +3.66%.

U.S. markets rose after the Federal Reserve cut interest rates again and signalled it may hold off on further cuts this year.
The S&P 500 hit an all-time high, climbing 0.3% to 3,046.77. The Dow Jones Industrial Average closed 115.27 points higher, or 0.4% at 27,186.69. The Nasdaq Composite ended the day up 0.3% at 8,303.98. Utilities and health care were the best-performing sectors in the S&P 500, rising 0.9% and 0.8%, respectively. General Electric was among the S&P 500′s biggest advancers on the back of strong earnings. Johnson & Johnson outperformed all other Dow stocks, rising 2.9% after the company said it found no asbestos in its baby powder after testing.

U.S. markets ended a lacklustre session lower as trade headlines and a spate of corporate earnings weighed on shares ahead of tomorrow’s expected rate cut by the Federal Reserve.
The broader S&P500 index fell less than -0.1%, failing to build on Tuesday’s record close. The Dow Jones Industrial Average fell 20 points, or -0.07%, after rising as much as 75 points earlier in the session. The Nasdaq Composite declined -0.6% as technology stocks stumbled in the wake of Alphabet's disappointing earnings report. Major stock indexes have been largely rangebound the past few months, and observers aren't convinced yet that the range has been broken with the latest move up.

U.S. stocks climbed to a record high as rising optimism for a trade deal with China combined with solid earnings and bets the Federal Reserve will cut rates.
The S&P 500 finished the day up +0.55% to 3039, its highest close on record and up more than 20% year to date completing a rebound from an August sell-off. The Nasdaq gained +1.0% to 8326, a few points shy of its highest close in history. The Dow, meanwhile, gained +0.5% and is within 1% of July’s high. Microsoft shares contributed to Monday’s gains, rising 2.5% on news the company won a $10 billion cloud contract from the Defense Department. Shares of Tiffany surged 30% after LVMH Moet Hennessy Louis Vuitton confirmed it is talks for a potential takeover that would value the iconic jewellery brand at $14.5 billion.

Another round of largely upbeat corporate earnings lifted the benchmark US equity indices, with the S&P500 touching a fresh record intra-day high (3,027.39) - Dow gained +153-points or +0.57% to move within 1.5% of its record all time closing high of 27,359.16. The broader S&P500 +0.41% (to 3,022.55), briefly pushing above its record close set on 26 July of 3,025.86. The NASDAQ +0.70%. The US Defense Department announced last Friday night AEST that it had awarded its US$10B Joint Enterprise Defense Infrastructure (JEDI) cloud computing contract to Microsoft Inc's Azure, a surprise outcome given most analysts expected Amazon.com Inc and Amazon Web Services division to be awarded the contract. Microsoft Inc gained +3% in after hours trading, while Amazon.com fell -0.77%. Amazon.com Inc shed 1% in regular trading after the tech giant reported a 26% fall in profit late Thursday (24 October) as it invested heavily to speed up shipping times.

Technology shares led gains in U.S. stocks as investors assessed a raft of corporate earnings against the backdrop of a global economic slowdown.

The Dow was in the red, dragged by a 4.2% fall in shares of 3M Co. after the industrial bellwether lowered its full-year profit forecast. The broader S&P500 traded above the 3,000 level, approaching its all-time high. The NASDAQ composite gained 0.8% to close at 8,185 and cap off a directionless session for the major indexes.

In terms of trade, China has said it is willing to buy $20 billion of US farm goods in a year if it signs a partial trade deal with the US. The purchase would take imports of US farm goods back to around the level in 2017, before the US began imposing tariffs. U.S. Vice President Mike Pence criticized China’s actions against protesters in Hong Kong while calling for greater engagement between the world’s two biggest economies.