The Dow and S&P500 booked modest gains to open May, with companies leveraged to the re-opening of the economy trading strongly - Dow gained +238-points or +0.70% to 34,113.23, logging its third highest settlement in history. The broader S&P500 added +0.27% to 4,192.66 and its second highest close ever. Energy (up +2.91%) and Materials (+1.53%) led six of the eleven primary sectors higher. Consumer Discretionary (down -0.66%) was the worst performing primary sector overnight. Baker Hughes Co (up +%) was the leading S&P500 constituent after General Electric Co (down -.70%) disclosed last Friday (30 April) that it sold off more of its holding in the oilfield services company, likely raising ~US$1B. Royal Caribbean Cruises Ltd (up +1.10%) and American Airlines Group (+1.06%) were also notable performers, both rising more than >1% each. Tesla Inc fell -3.46% after a German trade magazine (Automobilwoche) reported that the company’s Gigafactory in Berlin is likely to be delayed by six months. Tesla had hoped to open the facility on 1 July, but permitting issues and plans to also build a battery-cell factory at the site have reportedly contributed to the delay. The massive factory will be Tesla’s fourth worldwide, and first in Europe. Domino’s Pizza Inc (up +2.66%) said in a filing overnight that it has entered into a US$1B accelerated share repurchase agreement with Barclays for ~2M shares. The agreement is expected to be completed by the third quarter of 2021.The technology-centric Nasdaq lost -0.48%. The small capitalisation Russell 2000 rose +0.49%. Berkshire Hathaway Inc’s A shares rose +1.82% after the industrial conglomerate reported a surge in first quarter earnings over the weekend and after Warren Buffet reportedly effectively confirmed vice-chair Greg Abel as his heir apparent.

Today’s Morgans Conversations Podcast is with Simon Kidston, Executive Director of Genex Power. Simon talks about the history of Genex and how they are positioned with a suite of renewable assets. Simon talks about the broader sources of energy, the long life of some of the assets they manage, the technological cost curve as well as how their portfolio is contributing to local economies.

Corporate disclosure: Morgans Corporate Limited was Joint Lead Manager and Underwriter to the Placement and Entitlement Offer of shares in Genex Power Limited in April 2021 and received fees in this regard.

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US equity markets retreated on the final trading day April - Dow fell -186-points or -0.54%. The broader S&P500 lost -0.72% to 4,181.17, pulling back from the previous session’s record closing high (4,211.47). General Electric Co (down -.70%) disclosed on Friday (30 April) that it sold off more of its holding in oilfield services firm Baker Hughes Co (-2.2%), likely raising nearly US$1B. The Nasdaq -0.85%. Amazon.com Inc slipped -0.11% Apple Inc fell -% after European regulators accused the company of abusing its dominant position in the music-streaming market by imposing restrictive rules on the App Store. The statement followed a complaint made by music streaming service Spotify Inc in 2019 about Apple’s license agreements. The small capitalisation Russell 2000 fell -1.26%.

How did a pharmacist end up as Chairman of AU Cloud as well as the Director of the Australian Rules Football Club, the Brisbane Lions? Cathie Reid AM shared her impressive story of delivering value through technology at our recent Brisbane Breakfast.

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#Tech #SOV #Cybersecurity

Another round of upbeat quarterly earnings from technology heavyweights and a surge in first quarter gross domestic product (GDP) growth lifted the S&P500 to fresh record closing high - Dow gained +240-points or +0.71% . The broader S&P500 rose +0.68% to a record settlement of 4,211.47, also hitting a fresh record intra-day peak (4,218.78). Communication Services (up +2.75%) and Financials (+1.82%) led nine of the eleven primary sectors higher. Health Care (down -0.46%) and Information Technology (-0.03%) were the only sectors not to advance. Ford Motor Co tumbled -9.41% despite announcing after the close of the previous session that it had swung to a profit in the first quarter and maintained its full year pre-tax profit guidance, with the automaker warning that it expected to lose half of its second-quarter production due to the global semiconductor shortage. Elsewhere, the Centers for Disease Control and Prevention said cruise ships might be able to resume sailings as early as mid-July. Carnival Corp fell -2.12%. The Nasdaq edged +0.22% higher, hitting a fresh record intra-day high of 14,211.57. Facebook Inc jumped +7.30% after posting a strong first quarter result after the close of the previous session Apple Inc dipped -0.07% despite posting a better-than-expected March quarter result all of its product categories after the close of the previous session that saw the company boost it buyback programme by US$90B and lift its dividend by +7%. The small capitalisation Russell 2000 lost -0.38%.

PPE demand remains strong and headwinds appear manageable for ANN. Morgans' Senior Analyst Derek Jellinek discusses with the network.

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#Health #PPE #ANN

Growth surprises on the high side, inflation surprises on the low side. Michael Knox details his perspective with the Morgans network.

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#Growth #Inflation #Economy

US equity markets retreated as investors parsed the latest monetary policy pronouncements from the Federal Reserve and a host of notable corporate earnings releases - Dow fell -165-points or -0.48% . Visa Inc rose +1.5% after the financial services giant’s better-than-expected fiscal second quarter numbers after the close of the previous session. The broader S&P500 dipped -0.08% after recording a fresh record intra-day high (4,181.78), with the Information Technology sector (down -0.96%) offsetting strong gains for the Energy sector (up +3.35%). The Nasdaq eased -0.28%. Microsoft Corp (down -2.83%) and Advanced Micro Devices (-1.40%) both retreated despite logging solid quarterly results after the close of the previous session. However, Google parent Alphabet Inc rose +3.16% after the company’s better-than-expected first quarter numbers and US$50B share buyback announcement after the closing bell of Tuesday’s (28 April) session. The small capitalisation Russell 2000 inched +0.13% higher. In merger and acquisition (M&A) news, Verizon Communications Inc is reportedly exploring a sale of assets including Yahoo and AOL, as the telecommunications giant looks to exit an expensive and unsuccessful bet on digital media. The sales process, which includes private-equity firm Apollo Global Management Inc could lead to a deal worth US$4B to US$5B, according to people familiar with the matter.

Morgans adviser Chris Titley chats to Tim Poskitt from Envestnet Yodlee. Tim talks about Yodlee’s involvement within the fintech ecosystem here and in New Zealand. Tim also talks about the Buy Now Pay Later Sector, the changing views and industries within fintech as well as how Yodlee is innovating as new industries and entrepreneurs emerge.

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Brodie Haupt from WLTH is the latest guest on the Bank to the Future podcast. Brodie tells the story of why he created WLTH , the state of fintech in Australia, their growth initiatives including some philanthropic partnerships as well as why he is most excited about the future of WLTH.

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