Morgans Financial Limited

Morgans AM: Wednesday 24 July 2019


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US markets rallied as investors digested some positive corporate earnings results and the latest news on the US-China trade front - Dow up +177-points or +0.65% at 27,349.19, just shy of its 15 July record closing high of 27,359.16. Caterpillar Inc (up +2.1%) and Deere (+1.9%) hit their session highs following news that face-to-face talks between Washington and Beijing's trade negotiators were set to begin next week. The broader S&P500 gained +0.68% to close back above >3,000 (and best close since 3 July), with Materials (up +1.99%) leading ten of the eleven primary sectors higher. Utilities (down -0.61%) was the only sector to close in the red. NASDAQ +0.58%. However, major technology companies fell in extended trading (Google parent Alphabet Inc down -1.1%, Facebook Inc -1.3%, Amazon.com Inc -1%, Apple Inc -0.6%) following confirmation that the US government is going to pursue a broad antitrust inquiry into the sector. “The Department’s antitrust division is reviewing whether and how market-leading online platforms have achieved market power and are engaging in practices that have reduced competition, stifled innovation, or otherwise harmed consumers,” the Justice Department announced.
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