The Dow and S&P500 booked record closing highs a day after the Federal Reserve cut interest rates for a third consecutive time, with investors rotating out of technology stocks and into companies that can benefit from a growing U.S. economy - Dow rallied +646-points or +1.34% to 48,704.01. Visa Inc (up +6.11%) paced gains in the 30-stock index after analysts at Bank of America upgraded the payments giant and said investors have the chance to own part of "a great business on sale." Bank of America observed that "Tax refunds, lower interest rates and faster GDP [gross domestic product] growth are positives" for the payments industry generally,” adding "The bottom line is: If consumers have jobs, barring extenuating circumstances, they will continue to spend money and pay their bills." Walt Disney Co rose +2.42% after it announced a US$1B investment in ChatGPT maker OpenAI and will allow its copyrighted characters to be used in short-form AI video platform Sora. Chief Executive Officer (CEO) Bob Iger told CNBC in a televised interview following the announcement that the agreement is seen giving Disney “a way in” to AI and could help expand its reach with younger consumers. Coca-Cola Co dropped -1.57% after announcing CEO James Quincey will step down in March and be succeeded by operating chief Henrique Braun.

US equity markets rallied late in the session as investors digested the latest monetary policy pronouncements from the Federal Reserve - Dow rallied +497-points or +1.05%, with 26 of the 30 index components advancing. JPMorgan Chase & Co rebounded +3.19% after dropping -4.66% in the previous session after Marianne Lake, the investment bank’s Chief Executive Officer (CEO) of Consumer & Community Banking, disclosed higher-than-expected expense projections of US$105B for next year (versus current consensus forecasts of US$101B) at the Goldman Sachs Group Inc (up +1.44%) U.S. Financial Services Conference and said that she "would characterize the environment as being a little bit more fragile." American Express Co (+3.2%), Caterpillar Inc (+3.53%) and Nike Inc (+3.88%) also all rose over >3%.

In this episode, Chris Titley chats with Leo Barry, Executive Director and Portfolio Manager at Fairview Equity Partners.

Leo plays a key role in managing Fairview’s Australian Small Companies Fund, which focuses on identifying high-quality growth opportunities within the small-cap sector. With extensive experience in portfolio management and a strong track record in equity markets, Leo shares insights into how Fairview approaches small-cap investing and the strategies shaping performance in 2025.

US equity markets mixed ahead of tomorrow morning’s AEST interest rate decision from the Federal Reserve - Dow fell -179-points or -0.38%. JPMorgan Chase & Co dropped -4.66% and was the worst performer in the 30-stock index after Marianne Lake, the investment bank’s Chief Executive Officer (CEO) of Consumer & Community Banking, disclosed higher-than-expected expense projections of US$105B for next year (versus current consensus forecasts of US$101B) at the Goldman Sachs Group Inc (up +1.14%) U.S. Financial Services Conference and said that she "would characterize the environment as being a little bit more fragile." Boeing Co (-2.86%) and Verizon Communications Inc (-2.81%) both fell over >2.5%. Nvidia Corp eased -0.31% after President Trump said the U.S. will allow the firm to ship its H200 chips to "approved customers" in China and other countries.

Morgans AM - Wednesday, 10 December 2025 by Morgans Financial

• US equity markets opened the week on a softer footing ahead of the Federal Reserve’s latest interest rate decision on Thursday morning AEST (11 December) - Dow fell -216-points or -0.45%, with Nike Inc (down -3.52%) and Procter & Gamble Co (-3.56%) both falling ~3.5%. Boeing Co (up +2.17%) and Walt Disney Co (+2.21%) both climbed ~2.2%.

US equity markets advanced after a delayed, tame inflation report reinforced expectations that the Federal Reserve will cut interest rates at its final meeting of the year this week - Dow added +104-points or +0.22%, with Salesforce Inc (up +5.3%) the clear outperformer in the 30-stock index on Friday (5 December). Goldman Sachs Group Inc +2% Amgen Inc fell -3.02%

US equity markets logged modest gains following a subdued session ahead of key inflation figures tonight AEST and the Federal Reserve’s latest interest rate decision next week - Dow slipped -32-points or -0.07%, with diversified technology services company 3M Co (down -2.21%) the worst performer in the 30-stock index. Salesforce Inc +3.66% and was the leading Dow component a day after posted better-than-expected quarterly profit after the close of the previous session and raised its outlook on the back of growth from its data products and AI offerings. Nvidia Corp +2.12%

US equity markets advanced after an unexpectedly weak private-sector hiring report further bolstered expectations of an interest rate cut by the Federal Reserve next week - Dow rose +408-points or +0.86%

In this episode, Chris Titley speaks with Dawn Kanelleas, Head of Australian Small and Mid Cap Companies at First Sentier Investors.

Dawn manages a range of Small and Mid Cap portfolios and brings over 20 years of experience in the investment industry, including 15 years as a dedicated Small Companies Portfolio Manager.

At First Sentier Investors, she focuses on researching and analysing Australian listed stocks in the Small and Mid Cap sectors, helping clients navigate opportunities in this dynamic space.