Morgans Financial Limited

Morgans AM: Thursday, 13 April 2023


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US equity markets erased earlier gains in the final hour of trading following the release of the Federal Reserve’s March monetary policy meeting minutes, and as investors digested the latest inflation figures.- Dow slipped -38-points or -0.11%, snapping a four session winning streak after unwinding an earlier rally of over >200-points. International Business Machines (IBM) Corp (down -1.44%) is considering selling its weather operation, the Wall Street Journal (WSJ) reported after the market close. Any sale would come as IBM tries to become a leaner company trained on artificial intelligence (AI) and cloud infrastructure, the WSJ noted. The broader S&P500 eased -0.41% albeit recording its biggest intraday move in approximately three weeks, with the index swinging nearly 50 points from its intraday high to low. Consumer Discretionary (down -1.54%) led seven of the eleven primary sectors lower. Industrials (up +0.3%) sat atop the primary sector leaderboard overnight. American Airlines Group Inc dropped -9.22% after the carrier released weaker-than-expected updated guidance for the first quarter. The company now projects adjusted earnings per share (EPS) of US$0.01c to US$0.05c for the quarter, above prior guidance of breakeven, but below the average analyst projection for US$0.05c. United Airlines Holdings Inc shed -6.50%. The technology-centric Nasdaq lost -0.85%. The small capitalisation Russell 2000 fell -0.72%.
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