Morgans Financial Limited

Morgans AM: Tuesday 12 May 2020


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US markets mixed as investors weighed fresh increases in coronavirus infections against expectations that the economy will continue to re-open - Dow down -109-points or -0.45%. The broader S&P500 inched +0.01% higher, with Healthcare (up +1.67%) and Information Technology (+0.70%) the leading primary sector performers. Financials (down -1.94%) and Energy (-1.69%) were the worst performing sectors. Packaged food company General Mills Inc rose +1.76% after saying it expects to surpass its fiscal 2020 sales (of 1% to 2% organic sales growth) and constant currency adjusting operating profit growth (of 4% to 6%) expectations as consumers stock their pantries amid lockdowns. NASDAQ rose +0.78%, with the technology-centric index climbing for a sixth straight session – its longest such streak since gaining 11-days in-a-row in December last year. Amazon.com Inc (up +1.08%), Apple Inc (+1.69%), Alphabet (+1.07%), Netflix (+1.11%) and Microsoft Corp (+1.12%) all rose more than >1% AMC Entertainment Holdings Inc jumped +33.90% on heavy volume following a media report that the struggling movie theatre chain had held buyout talks with Amazon.com Inc.
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