Morgans AM

All three major US equity indices retreated overnight, with the Dow Jones snapping a five-session winning streak, as investors paused to consolidate gains following a strong rally that had propelled markets to fresh record highs. Dow fell 464.02-points or -0.85%. The Walt Disney Company (+2.87%), Microsoft Corporation (+2.54%) and Chevron Corp (+1.51%) were among the leading performers in the 30-stock index.
Boeing Co (-3.33%), Salesforce Inc (-3.22%), Honeywell Technologies Inc (-2.97%) and Goldman Sachs Group Inc (-2.62%) all fell over >2.5%.

US equity markets rallied strongly, lifting both the Dow and S&P 500 to record closing highs – Dow climbed +907-points or +1.71% to a fresh record closing high of 26,584.99, with Cisco Systems Inc (+5.08%) and International Business Machines (IBM) Corp (+3.91%) among the leading performers in the 30-stock index.

US equity markets opened August with strong gains as signs of de-escalating tensions in the Middle East dragged crude prices sharply lower ahead of another busy week on the corporate earnings calendar  – Dow rallied +693-points or +1.32% to a fresh record closing high of 53,178.41. Boeing Co jumped +8.03% after the aerospace and defence company cleared an important regulatory hurdle, with the Federal Aviation Administration clearing for commercial service the smallest of the 737 Max planes, the 737 Max 7. The news bodes well for the eventual certification of Boeing’s 737 Max 10, with that aircraft completing final tests last month. ‘Magnificent Seven’ mega capitalisation technology stocks continued to trade strongly, with Microsoft Corp climbing +4.93% to book its best three-day performance in 26 years (+23.46%) and turn positive for the calendar year-to-date (+0.83%) following the company’s second quarter result after the closing bell last Wednesday (29 August). Amazon.com Inc rose +4.58% to a fresh record closing high of US$284.02, with the company’s market capitalisation climbing above >US$3 trillion for the first time.

US equity markets fell sharply as oil prices continued to soar and mega cap technology names sold off amid concerns around the level of AI spending. Dow down 507 points or almost 1%. Google parent Alphabet down 6.9% after posting its second quarter result after the close of the previous session and reporting negative cash flow of 5.9 billion.

US equity markets weaker with fresh falls for chip makers overshadowing generally upbeat economic data, down 106 points or 0.2%. Alphabet, Caterpillar and Goldman Sachs all dropping over 4%. On the upside, Nike rallied 4.2%, while Amgen, IBN, McDonald's, Merck & Co, and Salesforce all rallied over 3%.

US equity markets logged modest gains as investors balanced rising US Iran tensions against cooler than expected June inflation data and a wave of major bank earnings. Dow edged 10 points higher as investors digested second quarter results from a number of components. Broader S&P 500 adding 0.4 of a percent.