Morgans Financial Limited

Morgans AM: Wednesday, 5 April 2023


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US equity markets retreated as investors weighed fresh declines in factory orders, and data hinting at a softening labour market ahead of Friday’s (7 April) March jobs report - Dow fell -199-points or -0.59%. Walmart Inc slipped -~0.9% in extended trading (after falling -0.98% in regular trading) after the world’s largest retailer reiterated its guidance for the first three months of the 2023 and the full year at its investor day. In February, the Walmart forecast consolidated net sales in the first quarter to be 4.5% to 5% higher than a year ago, and adjusted earnings per share (EPS) of US$1.25-US$1.30. Johnson and Johnson rose over >2.5% in extended trading (extending a +1.05% rise in the regular session) after said it will pay US$8.9B over the next 25 years to settle allegations that the company’s baby powder and other talc products caused cancer. The company proposed the settlement in a securities filing. J&J’s subsidiary LTL Management also refiled for Chapter 11 bankruptcy protection after its first attempt was thwarted, the filing said. The broader S&P500 -0.58%, with Industrials (down -2.25%) and Energy (-1.72%) leading seven of the eleven primary sector lower. Ford Motor Co (up +0.32%) reported a +10.1% bump in U.S. vehicle sales during the first quarter as it sold 475,906 units. The Nasdaq -0.52%. The small capitalisation Russell 2000 lost -1.81%.
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