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Morgans AM: Friday, 31 March 2023 by Morgans Financial

Morgans AM: Thursday, 30 March 2023 by Morgans Financial

Morgans AM: Wednesday, 29 March 2023 by Morgans Financial

US equity markets mostly advanced as investors welcomed waning signs of banking sector stress - Dow rose +195-points or +0.60%, with International Business Machines (IBM) Corp (up +3.21%) and JPMorgan Chase & Co (+2.87%) among the notable positive contributors. The broader S&P500 added +0.20%, with the Energy (up +2.10%) leading eight of the eleven primary sectors higher. Communication Services (down -1.08%) and Information technology (-0.85%) sat at the bottom of the primary sector leaderboard. The Nasdaq settled -0.47% lower. Apple Inc fell -1.23%, with a filing with the Securities and Exchange Commission (SEC) revealing that Chief Operating Officer (COO) Jeff Williams sold US$30M in stock last week. Mr Williams sale of 187,730 shares at an average price of US$159.76 was made in conjunction with a 10b5-1 trading plan, which lets executives and other company insiders arrange for stock sales to take place under certain conditions like timing and pricing. The small capitalisation Russell 2000 rose +1.08%.

US equity markets advanced after another volatile session as investors tried to shake off latest bank fears - Dow up +132-points or +0.41%. The broader S&P500 rose +0.56%, with more defensive sectors outperformed. Utilities (up +3.12%) and Real Estate (+2.57%) both rose over >2.5% to lead nine of the eleven primary sectors higher. Consumer Discretionary (down -0.35%) and Financials (-0.06%) were the only primary sectors to settle in the red. The Nasdaq added +0.31%. The small capitalisation Russell 2000 gained +0.85%. Block Inc fell -1.94%, extending the previous session’s -14.82% tumble after short seller Hindenburg Research announced that the payment company was its latest short position, alleging that Block allowed criminal activity to operate with lax controls and “highly” inflates Cash App’s transacting user base, a key metric of performance.

US equity markets advanced following another volatile session, clawing back some of the selloff as investors attempted to shake off concerns about banking-sector stability - Dow added +75-points or +0.23%, paring an earlier rally of as much as +481-points. The broader S&P500 settled +0.30% higher, having been as much as +1.8% higher at its session peak. However, the gains were concentrated, with Communication Services (up +1.83%) and Information Technology (+1.65%) the only primary sectors to advance. Energy (down -1.36%) sat at the bottom of the primary sector leaderboard The Nasdaq gained +1.01%, having jumped ~2.5% in earlier trading. Apple Inc (up +0.70%), whose market capitalisation tops the S&P500 at ~US2.5 trillion, touched a 6-month high of US$161.55. Apple now trades 7% above both its 50-day moving average of US$148.34 and its 200-day moving average of US$147.8. Microsoft Corp, the second largest stick by market capitalisation at ~US$2.06 trillion, gained +1.97%. Netflix Inc rallied +9.01% following a report from YipitData that said the streaming giant’s gross additions in Canada have improved. Chipmaker Nvidia Corp (+2.73%) extended its recent rally into an eight consecutive session. The small capitalisation Russell 2000 lost -0.41%.

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Morgans AM: Thursday, 23 March 2023 by Morgans Financial

Morgans AM: Wednesday, 22 March 2023 by Morgans Financial

US equity markets rebounded amid optimism that the banking sector crisis may be easing, and with the Federal Reserve’s latest monetary policy meeting getting underway tonight AEST - Dow rebounded +383-points or +1.20%, recouping last Friday’s (17 March) losses and logging its best single session percentage gain since 6 January. The broader S&P500 +0.89%, wit Energy (up +2.11%) and Materials (+2.01%) up over >2% and leading all eleven primary sectors higher. The Nasdaq +0.39%. Amazon.com Inc settled -1.25% lower after the company announced a further 9,000 layoffs over the next few weeks. The move primarily affects Amazon Web Services, People Experience and Technology Solutions, advertising and Twitch. The small capitalisation Russell 2000 gained +1.11%.