US equity markets advanced on the first day of the third quarter ahead of the 4 July holiday long weekend, with both the S&P500 and Nasdaq snapping a four-session losing streak - Dow rose +322-points or +1.05%. The broader S&P500 gained +1.06%, with Utilities (up +2.48%) leading all eleven primary sectors higher.  General Motors Co rose +1.35% despite the automaker warning of a second-quarter earnings shortfall, as vehicle wholesale volumes were hurt by the timing of semiconductor shipments and other supply chain disruptions. GM expects net income for the quarter to 30 June to be between US$1.6B and US$1.9B, well below current consensus analyst forecasts of US$2.46B. However, the company affirmed its full-year outlook (for net income of US$9.6B to US$11.2B) as the supply disruptions are expected to be temporary. The Nasdaq +0.9%. Meta Platforms Inc closed down -0.76% following news that it’s cutting its hiring plans for engineers as it prepares for a potential downturn. Chief Executive Officer (CEO) Mark Zuckerberg said “one of the worst downturns we’ve seen in recent history” is ahead, according to a recording heard by Reuters. Tesla Inc (up +1.24%) disclosed on Saturday (2 July) that sales of cars and SUVs fell -18% in the second quarter to 254,695 (versus consensus expectations for 256,250), snapping a two year streak of gains and marking their lowest quarterly level since last the third quarter of 2021 as supply-chain issues and pandemic restrictions in China hobbled production of its electric vehicles. Tesla delivered 310,048 vehicles in the first quarter of 2022 and 201,250 vehicles in the second quarter of 2021. Tesla is slated to release its second quarter result on 20 July.  Micron Technology Inc fell -2.95% after the chipmaker provided a weak fourth quarter outlook after the closing bell of last Thursday’s (30 June) session. The small capitalisation Russell 2000 lost -0.49%. Retailer Kohl’s Corp slumped -19.63% after confirming a CNBC report that it had ceased talks with Franchise Group, saying that the retail environment has worsened since bidding began. Kohl’s also cut its outlook for the current quarter. US equity and bond markets are CLOSED tonight AEST for the Independence Day holiday.

Morgans AM: Monday, 4 July 2022

At the Noosa Mining and Exploration Conference 2022, Malcolm Norris, Managing Director of Sunstone Metals, spoke to Senior Analyst Chris Brown about their current projects taking place in Ecuador, the Bramaderos Gold-Copper Project and El Palmar Copper-Gold Project.

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Malcolm Norris, Managing Director of Sunstone Metals (ASX:STM) | Noosa Mining Conference 2022

At the Noosa Mining and Exploration Conference 2022, Chris Cairns, Managing Director of Stavely Minerals, spoke to Senior Analyst Chris Brown about their latest project in Victoria, a high-grade, copper-gold-silver mineralisation, the Cayley Lode, its current progress, and its initial Mineral Resource Estimate results.

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Chris Cairns, Managing Director of Stavely Minerals (SVY:ASX) | Noosa Mining Conference 2022

At the Noosa Mining and Exploration Conference 2022, Richard Laufmann, Managing Director of Rex Minerals, spoke to Senior Analyst Chris Brown about their Hillside Copper Project in South Australia.

You can watch back the presentations from the conference by following this link: https://www.noosaminingconference.com.au/

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Richard Laufmann, Managing Director of Rex Minerals (ASX:RXM) | Noosa Mining Conference 2022

More rate hikes are still to come this year, but the RBA is confident they will master inflation in 2023  and 2024.

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RBA Says Inflation Falls in 2023: Michael Knox, Morgans Chief Economist

Positive corporate earnings releases set a strong tone on US equity markets overnight, lifting the benchmark indices solidly across-the-board - Dow up +416-points or +1.29% to 32,812.50, settling ~9.8% above its 52-week closing low (29,653.29) hit on 17 June.  The broader S&P500 +1.56%, Information Technology (up +2.69%), Consumer Discretionary (+2.52%) rising over >2.5% to lead ten of the eleven primary sectors higher. Energy (down -2.97%) was the only primary sector to close in the red.  The Nasdaq rallied +2.58%. PayPal Holdings Inc rallied +9.52% after it raised its full year earnings guidance after the close of the previous session, announced a new US$15B share-buyback authorisation, a cost-savings program, and confirmed  activist investor Elliott Management had acquired an over >US$2B stake in the financial technology firm.  Apple Inc (3.82%) and Amazon.com Inc (+4.01%) both climbed over >3.5%, while Facebook parent Meta Platforms Inc (+5.37%) gained over >5%. There were reports that Meta may become the latest technology company to turn to the bond markets in a bid to raise capital.  The S&P 500 and the Nasdaq are now up ~13% and ~19% respectively from their mid-June lows. The small capitalisation Russell 2000 rose +1.41%.

Morgans AM: Thursday, 4 August 2022

At the Noosa Mining and Exploration Conference 2022, Tony Schreck, Managing Director of Pacgold Limited, spoke to Senior Analyst Chris Brown about their recent high-grade gold discovery at its 100% owned Alice River Gold Project in North Queensland.

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Tony Schreck, Managing Director of Pacgold Limited (ASX:PGO) | Noosa Mining Conference 2022

A mixed session on US equity markets ahead of the key monthly jobs report tonight AEST - Dow eased -86-points or -0.26%, The broader S&P500 dipped -0.08%, Consumer Discretionary (up +0.54%) and Information Technology (+0.42%) leading seven of the eleven primary sectors higher. The Nasdaq added +0.41% to  a fresh 3-month high of 12,720.58, with Amazon.com Inc (up +2.19%) and Advanced Micro Devices (+5.93%) notable performers. Energy (down -3.60%)  was the worst performing sector for a second consecutive session. The small capitalisation Russell 2000 lost -0.49%.  Coinbase Global Inc jumped +10.01% after it announced a tie-up with BlackRock (+0.79%) to provide its institutional clients access to crypto trading and custody services.

Morgans AM: Friday, 5 August 2022

Senior Analyst Nick Harris previews the Technology and Telecommunication sector stocks under his coverage. These include stocks that have and also have yet to report their results. 

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Technology & Telecommunication Sector Preview: Reporting Season, August 2022

US equity markets a little weaker on Friday (5 August) after a solid July jobs report undermined recent optimism that the Federal Reserve might let up its aggressive campaign to reign in decades-high inflation - Dow added +77-points or +0.23%, JPMorgan Chase & Co (up +3.03%) and Goldman Sachs Group Inc (+0.84%) The broader S&P500 slipped -0.16%, with Consumer Discretionary (down -1.66%) leading six of the eleven primary sectors lower. Energy (up +2.04%) returned to the top of primary sector leaderboard. Tesla Inc fell -6.63%, with shareholders at last Thursday’s (4 August) Annual General Meeting (AGM) approving a proposal expected to lead to a 3-for-1 stock split and sided with the company on most of the proposals up for a vote. The Nasdaq fell -0.5%. Meta Platforms Inc fell -2.03% and Amazon.com Inc -1.25%.  The small capitalisation Russell 2000 rose +0.81%.  Carvana Co soared +40.07% following the used car group’s second quarter result after the close of last Friday’s (5 August) session.

Morgans AM: Monday, 8 August 2022

At the Noosa Mining and Exploration Conference 2022, Barry Cahill, Managing Director of Cyprium Metals Limited, spoke to Senior Analyst Chris Brown about their Nifty Copper Mine Project in Western Australia.

You can watch back the presentations from the conference by following this link: https://www.noosaminingconference.com.au/

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Barry Cahill, Managing Director of Cyprium Metals Limited (ASX:CYM) | Noosa Mining Conference 2022

Morgans is Australia's largest national full-service retail stockbroking and wealth management network with more than 240,000 client accounts, 500 authorised representatives and 950 employees operating from offices across all states and territories in Australia.

Morgans AM: Monday, 4 July 2022

Morgans Financial Limited

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