Morgans AM - Wednesday, 3 December 2025 by Morgans Financial

US equity markets retreated to open the final trading month of the calendar year, with technology and cryptocurrency-related stocks under particular pressure - Dow fell -427-points or -0.90%. Merck & Co Inc (-2.81%) was the worst performer in the 30-stock index, while Amgen Inc (-2.31%) and McDonald’s Corp (2.06%) both fell over >2%.

US equity markets advanced in an abbreviated trading session on Friday (28 November) to cap a strong, holiday-shortened trading week - Dow rose +289-points or +0.61% with Amazon.com Inc, International Business Machines (IBM) Corp and JPMorgan Chase & Co all rising +1.77%.

US bond and equity markets bond and equity markets were CLOSED overnight for Thanksgiving Day holiday, while it is an abbreviated trading session tonight AEST.

US equity markets advanced for a fourth consecutive session ahead of the Thanksgiving holiday - Dow rose +315-points or +0.67%. Boeing Co (up +2.46%) and Walmart Inc (+1.96%) were the leading performers in the 30-stock index. Nvidia Corp +1.37%

The Fundamentals Podcast 2025 – Episode 3 🎤

In this episode, Chris Titley sits down with Doug Tynan, Chief Investment Officer and co-founder of GCQ Funds Management.

Founded in 2021, GCQ Funds Management specialises in delivering tailored investment strategies for wholesale clients, with a focus on long-term growth and risk management.

Tune in for a deep dive into how GCQ is navigating today’s investment landscape and what fundamentals matter most in 2025.

US equity markets extended their strong start to the holiday-shortened week as the latest delayed economic data releases bolstered hopes of Federal Reserve interest rate cuts - Dow rallied +664-points or +1.43%, rebounding from an earlier ~100-point decline. Merck & Co Inc (+5.24%) and Home Depot Inc (+4.34%) were the leading performers in the 30-stock index.

US equity markets rallied sharply to kick off a holiday-shortened trading week amid renewed optimism around a December interest rate cut from the Federal Reserve - Dow rose +203-points or +0.44%. Amazon.com Inc (up +2.53%) said it will spend as much as $US50B expanding its capacity to provide artificial intelligence (AI) and high-performance computing services to US government entities. Amazon Web Services (AWS) plans to break ground next year on what will ultimately be 1.3 gigawatts of additional capacity across data centres designed for federal agencies, the company said in a blog post overnight. Goldman Sachs Group Inc (+2.15%), International Business Machines (IBM) Corp (+2.25%), Merck & Co (+2.70%) and Nvidia Corp (+2.05%) also rallied over >2%. However, Procter & Gamble Co (-2.61%), Verizon Communications Inc (-2.47%) and Walt Disney Co (-2.24%) all fell over >2%.

US equity markets advanced after New York Federal Reserve President John Williams suggested the central bank could cut interest rates yet again this year - Dow rallied +493-points or +1.08%. Home Depot Inc (up +3.29%) was the leading performer in the 30-stock index. Nvidia Corp lost -0.97% after Bloomberg News reported, citing sources, that the Trump administration was mulling the sale of H200 AI chips to China. The report said President Trump held talks internally about possible shipments in recent days, though it added that a decision had not been made.

US equity markets retreated on Thursday as the Dow was on pace for its worst week in a month as strong Nvidia earnings weren’t enough to cool investor fears. Dow fell -386.51 points or 0.84%.