Morgans Financial Limited

Morgans AM: Tuesday 16 June 2020


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US equity markets settled higher after a volatile session, with the Federal Reserve announcing revisions to its corporate bond purchase programme - Dow up +158-points or +0.62%, recovering from an earlier drop of over >760-points or almost 3%. The broader S&P500 gained +0.83%, rebounding from an earlier fall of as much as +2.5%. Financials (up +1.38%), Consumer Staples (+1.06%), Real Estate (+1.01%) and Communication Services (+1.00%) led all eleven primary sectors higher with gains of 1%+. The NASDAQ advanced +1.43% after trading down as much as -1.9% earlier in the session. All of Facebook Inc (up +1.71%), Amazon.com Inc (+1.09%), Netflix Inc (+1.78%) and Apple Inc (+1.24%) rose over >1%. Zoom Video Communications (up +8.88%) hit a fresh intra-day record high (US$239.59). Moderna Inc gained +7.4% following a report that Israel is in advanced talks to buy its coronavirus vaccine. The New York Stock Exchange will allow a limited number of market makers to return to its trading floor on Wednesday (17 June) according to a spokesperson, nearly three months after closing it and moving to electronic trading for the first time in its 228-year history due to the coronavirus pandemic.
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