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A daily bulletin featuring an overnight sharemarket summary and economic news from across the globe, broadcast in the Morgans studio before the Australian stock market opens each morning.
13 NOV 2024 · - US equity markets settled little changed as investors digested a benign October inflation report - Dow added +47-points or +0.11%, unwinding an earlier rally of as much as +230-points. Amazon.com Inc (up +2.48%) and Chevron Corp (+2.21%) both gained over >2%. Boeing Co (down -3.58%) was the worst performer in the 30-stock index overnight.
12 NOV 2024 · US equity markets retreated, with the post Trump election rally fading ahead of inflation figures tonight AEST  - Dow fell 382-points or 0.86% to 43,911, having closed above >44,000 for the first time a day earlier. Amgen Inc slumped -7.14% to be the worst performer in the 30-stock index after investment bank Cantor Fitzgerald flagged possible safety issues with MariTide, the biotechnology firm's experimental anti-obesity drug. According to analysts, data from clinical trials increased concerns about bone mineral density loss among patients taking the weight-loss treatment. Honeywell International Inc rose +3.87% to a record high following news that activist investor Elliott Investment Management had taken a US$5B stake in the company. Nvidia Corp rose +2.10%
11 NOV 2024 · The benchmark US indices edged their way to fresh record highs, with the Dow and S&P 500 settling above 44,000 and 6,000 respectively for the first time ever - Dow gained +304-points or +0.69% to 44,293.13. Salesforce Inc (up +6.14%) was the leading performer in the 30-stock index, while Goldman Sachs Group Inc (+2.22%) and Honeywell International Inc (+2.62%) gained over >2%.
The broader S&P500 edged +0.10% higher to 6,001.35, recording its fifth consecutive session gain and longest winning streak since mid-September. Consumer Discretionary (up +1.75%) and Financials (+1.41%) leading six of the eleven primary sectors higher. Information Technology (down -0.89%) sat at the foot of the primary sector leaderboard overnight. Bristol Myers Squibb Co rallied +10.55% after rival pharmaceutical company Abbvie Inc (down -12.58%) reported a disappointing Phase 2 trial result of an experimental schizophrenia drug purchased as part of an US$8.7B acquisition last year. In September, the U.S. Food and Drug Administration (FDA) approved Bristol Myers Squibb’s schizophrenia drug Cobenfy. Monolithic Power Systems Inc dropped -14.97% after analysts at Edgewater Research warned that Nvidia Corp (-1.60%) has cancelled orders with the power solutions company.
10 NOV 2024 · US equity markets extended their rally, lifting the benchmark indices to fresh record highs to cap their best week in a year following Donald Trump’ sweeping election victory and after the Federal Reserve cut its benchmark interest rate by -25 basis points - Dow rose +260-points or +0.59% to 43,988.99, briefly crossing 44,000 for the first earlier in the session. Salesforce Inc +3.59% was the leading performer in the 30-stock index on Friday (8 November). Nvidia Corp (down -0.84%) became a member of the Dow on Friday (8 November), replacing beleaguered chipmaker Intel Corp (-0.11%). Paint maker Sherwin-Williams Co (up +0.70%) also joined the blue-chip index, supplanting chemical giant Dow Inc (-4.93%).
7 NOV 2024 · The post-election rally rolled on, lifting the S&P 500 and Nasdaq to fresh record highs for a second session in-a-row as investors also digested the latest rate cut and monetary policy pronouncements from the Federal Reserve. - Dow flat.
Goldman Sachs Group Inc (down -2.32%) and JPMorgan Chase & Co (-4.32%) handed back some of the previous session’s double-digit gains. Â
The broader S&P500 +0.74% to 5,973.10, logging its 49th record closing high of 2024.
Communication Services (up +1.92%), Information Technology (+1.83%), Consumer Discretionary (+1.37%) and Real Estate (+1.19%) all gained over >1% to lead eight of the eleven primary sectors higher.
5 NOV 2024 · Large capitalisation technology stocks led US equity markets higher as investors awaited the results U.S. presidential election - Dow rose +427-points or +1.02%. Intel Corp rose +3.55%, more than recouping the previous session’s -2.93% decline to be the leading performer in the 30-stock index. Goldman Sachs Group Inc rose +3.03%. Boeing Co lost -2.62% despite workers voting by 59% to end their strike and return to work, securing a 38% raise over the next four years and paving the way for the troubled manufacturer’s Washington factories to restart production.
3 NOV 2024 · US equity markets made a positive start to November as investors digested the latest results from large technology companies and labour market data that reinforced expectations that the Federal Reserve will continue cutting interest rates - Dow gained +289-points or +0.69%. Intel Corp (up +7.81%) and Amazon.com Inc (+6.19%) were the leading performers in the 30-stock index, with both companies posting quarterly results after the close of the previous session. Boeing Co +3.54% after the aircraft manufacturer reached a tentative deal with International Association of Machinists (IAM) on a new contract, potentially ending a crippling seven-week strike. The new offer includes a 38% general wage increase over four years, higher than the previous offer of 35%, with union members expected to vote on the deal tonight AEST.
29 OCT 2024 · US equity markets firmer as investors eyed earnings from a number of large capitalisation technology companies and key economic data - Dow lost -155-points or -0.36%. Home Depot Inc (down -1.94%) and Coca-Cola Co (-1.66%) both fell over >1.5%.
The broader S&P500 edged +0.16% higher to settle ~0.5% below its record all-time closing high. Communication Services (up +1.56%) and Information Technology (+1.12%) both climbed over >1% to be the only primary sectors to advance overnight. Utilities (down -2.13%) and Energy (-1.44%) sat at the foot of the primary sector leaderboard. Ford Motor Co dropped -% after the carmaker reported lower-than-expected third-quarter profits after the close of the previous session.
27 OCT 2024 · US equity markets mixed on Friday (25 October) to cap off a bumpy few days of trading as investors eye a huge week of economic data and earnings reports - Dow fell -260-points or -0.61%.
McDonald’s Corp fell -2.97% and was the worst performer in the 30-stock index on Friday (25 October) and the stock has been under pressure in recent days following news that an E. coli outbreak in several states was tied to onions on the fast food chain's Quarter Pounder burgers.
23 OCT 2024 · US equity markets declined as bond yields continued to climb - Dow dropped -410-points or -0.96%, paring an earlier decline of as much as 632 points but still marking the 30-stock index’s largest one-day decline since 6 September. McDonald’s Corp fell -5.12% to be the worst performer in the 30-stock index after the Centers for Disease Control and Prevention (CDC) said they were investigating an E. coli outbreak. Amazon.com Inc (down 2.6%) and Apple Inc (-2.16%) both fell over >2%. Verizon Communications Inc rose 3.28% to be the leading Dow component overnight, recouping some of the previous session’s -5.3% decline in the wake of telecom giant’s third quarter result falling short of consensus expectations despite continuing to add wireless phone and internet subscribers
A daily bulletin featuring an overnight sharemarket summary and economic news from across the globe, broadcast in the Morgans studio before the Australian stock market opens each morning.
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| Author | Morgans Financial Limited |
| Organization | Morgans Financial Limited |
| Categories | Investing |
| Website | - |
| marketing@morgans.com.au |
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