Morgans AM

US equity markets declined ahead of the latest inflation figures tonight AEST - Dow retreated for a fourth straight session, down -154-points or -0.35%.  Nvidia Corp fell  -2.69%, extending its two-day slide to over >5% after China’s State Administration for Market Regulation said it was investigating the company over possible violations of the country’s antimonopoly law, opening an investigation into the chipmaker in relation to the acquisition of Mellanox and some agreements made during the acquisition. Nvidia’s revenue in China totalled US$13.5B in the past four quarters, accounting for ~12% of its global total, according to The Wall Street Journal (WSJ). Caterpillar Inc (-2.72%) and Merck & Co Inc (-2.69%) both fell over >2.5%. Boeing Co rallied +4.50% after the aerospace giant said it had restarted production of its 737 MAX jets. Production was paused for more than 12 weeks because of a seven-week labour strike that began in mid-September and settled in early November.

US equity markets retreated, with the S&P 500 and Nasdaq pulling back from record closing highs set last Friday (6 December) - Dow fell -241-points or -0.54%, with International Business Machines (IBM) Corp (down 3.38%) and Travelers Companies (-3.53%) both down over >3%.  Nvidia Corp fell  -2.55% after China’s State Administration for Market Regulation said it was investigating the company over possible violations of the country’s antimonopoly law, opening an investigation into the chipmaker in relation to the acquisition of Mellanox and some agreements made during the acquisition.

Benchmark US equity indices retreated from record highs ahead of the release of key employment figures tonight AEST  - Dow fell -248-points or -0.55%. Unitedhealth Group Inc fell 5.21% after day after the CEO of the US’s largest health insurer, Brian Thompson, was murdered on the streets on New York in a seemingly targeted attack.

Technology stocks led a fresh rally on US equity markets, lifting all three (3) benchmark indices to fresh record highs - Dow rose +309-points or +0.69% to 45,014, the first close above the >45,000 level. Salesforce Inc jumped +10.99% following the release of the enterprise software company’s third quarter result after the close of the previous session that saw revenue top consensus expectations and the full year revenue guidance range lifted. Nvidia Corp rose +3.48% and Amazon.com Inc +2.21%.

 The S&P 500 and Nasdaq logged fresh intra-day and record closing highs - Dow eased -76-points or -0.17%, with Procter & Gamble Co (down -2.38%) the worst performer in the 30-stock index. Honeywell International Inc fell -1.3% after the industrial conglomerate cut its full-year outlook after signing a strategic agreement with Bombardier to supply advanced avionics, propulsion, and satellite communications technologies for Bombardier’s aircraft. Nvidia Corp rose +1.18%, with the chipmaker’s Chief Financial Officer (CFO) Colette Kress addressing the UBS Global Technology and AI Conference and saying the company would consider some mergers and acquisition (M&A) activity.

US equity markets retreated, with the post Trump election rally fading ahead of inflation figures tonight AEST  - Dow fell 382-points or 0.86% to 43,911, having closed above >44,000 for the first time a day earlier. Amgen Inc slumped -7.14% to be the worst performer in the 30-stock index after investment bank Cantor Fitzgerald flagged possible safety issues with MariTide, the biotechnology firm's experimental anti-obesity drug. According to analysts, data from clinical trials increased concerns about bone mineral density loss among patients taking the weight-loss treatment. Honeywell International Inc rose +3.87% to a record high following news that activist investor Elliott Investment Management had taken a US$5B stake in the company. Nvidia Corp rose +2.10%

The benchmark US indices edged their way to fresh record highs, with the Dow and S&P 500 settling above 44,000 and 6,000 respectively for the first time ever - Dow gained +304-points or +0.69% to 44,293.13. Salesforce Inc (up +6.14%) was the leading performer in the 30-stock index, while Goldman Sachs Group Inc (+2.22%) and Honeywell International Inc (+2.62%) gained over >2%.

The broader S&P500 edged +0.10% higher to 6,001.35, recording its fifth consecutive session gain and longest winning streak since mid-September. Consumer Discretionary (up +1.75%) and Financials (+1.41%) leading six of the eleven primary sectors higher. Information Technology (down -0.89%) sat at the foot of the primary sector leaderboard overnight. Bristol Myers Squibb Co rallied +10.55% after rival pharmaceutical company Abbvie Inc (down -12.58%) reported a disappointing Phase 2 trial result of an experimental schizophrenia drug purchased as part of an US$8.7B acquisition last year. In September, the U.S. Food and Drug Administration (FDA) approved Bristol Myers Squibb’s schizophrenia drug Cobenfy. Monolithic Power Systems Inc dropped -14.97% after analysts at Edgewater Research warned that Nvidia Corp (-1.60%) has cancelled orders with the power solutions company.

US equity markets extended their rally, lifting the benchmark indices to fresh record highs to cap their best week in a year following Donald Trump’ sweeping election victory and after the Federal Reserve cut its benchmark interest rate by -25 basis points - Dow rose +260-points or +0.59% to 43,988.99, briefly crossing 44,000 for the first earlier in the session. Salesforce Inc +3.59% was the leading performer in the 30-stock index on Friday (8 November).  Nvidia Corp (down -0.84%) became a member of the Dow on Friday (8 November), replacing beleaguered chipmaker Intel Corp (-0.11%). Paint maker Sherwin-Williams Co (up +0.70%) also joined the blue-chip index, supplanting chemical giant Dow Inc (-4.93%).

The post-election rally rolled on, lifting the S&P 500 and Nasdaq to fresh record highs for a second session in-a-row as investors also digested the latest rate cut and monetary policy pronouncements from the Federal Reserve. - Dow flat.

Goldman Sachs Group Inc (down -2.32%) and JPMorgan Chase & Co (-4.32%) handed back some of the previous session’s double-digit gains.  

The broader S&P500 +0.74% to 5,973.10, logging its 49th record closing high of 2024.

Communication Services (up +1.92%), Information Technology (+1.83%), Consumer Discretionary (+1.37%) and Real Estate (+1.19%) all gained over >1% to lead eight of the eleven primary sectors higher.