Morgans Financial Limited

Morgans AM: Wednesday, 11 January 2023


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US equity markets climbed as investors continue to eye inflation figures and fourth quarter corporate earnings later in the week - Dow rose +186-points or +0.56%, Boeing Co (down -0.90%) reported that it had delivered 69 planes in December and 152 planes in the 2022 fourth quarter overall, marking its best month of deliveries in four years and the highest quarterly delivery figure since the fourth quarter of 2018, when the planemaker delivered 238 planes. Deliveries dropped off in 2019 after the 737 MAX was grounded worldwide that March, with that plane not flying commercially again until late 2020. After the MAX’s issues came COVID-19, which hurt demand for air travel and airline profits and saw deliveries bottom out at 20 planes in the second quarter of 2020. For the full year, Boeing delivered 480 jets in 2022, up from 340 delivered in 2021. Boeing delivered 806 jets in 2018, the year before any impact from the 737 MAX’s grounding or the COVID-19 pandemic. The broader S&P500 gained +0.70%, with Communication Services (up +1.29%), Consumer Discretionary (+1.26%) and Materials (+1.02%) all rising over >1% to lead ten of the eleven primary sectors higher. Consumer Staples (down -0.16%) was the only sector to decline overnight. The technology-centric Nasdaq rallied +1.01%, securing its first three day winning streak since November. The small capitalisation Russell 2000 outperformed with a +1.49% advance.
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