Morgans Financial Limited

Morgans AM: Wednesday 3 June 2020


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US markets advanced late in the session as investors continued to shrug off the civil unrest and instead focus on the re-opening of the economy - Dow gained +268-points or +1.05% The broader S&P500 advanced +0.82%, with Energy (up +2.65%) and Materials (+1.76%) leading all eleven primary sectors higher. The latest gains saw the S&P 500 settle more than >40% above its late-March intraday low. Union Pacific Corp rose +1.1% after the railroad operator provided an optimistic volume outlook at the UBS Global Industrials and Transportation Conference. Chief Financial Officer (CFO) Jennifer Hamann was quoted as saying that the company was "feeling just a tad more optimistic" on volumes, and "it does feel like things have maybe bottomed a little bit". NASDAQ rose +0.59%. Big technology stocks lagged the broader market for most of the day, but eked out slight gains in the final minutes of trading. Facebook Inc (up +0.35%), Netflix Inc (+0.33%) and Apple Inc (+0.46%) all closed at least 0.3% higher while Google parent Alphabet Inc gained +0.52%. Amazon.com Inc inched +0.06% higher.
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