US equity markets logged modest gains ahead of the Federal Reserve kicking off their latest two day monetary policy meeting tonight AEST - Dow up +197-points or +0.64%, recovering from an earlier session decline of as much as -263-points. The broader S&P500 added +0.69%, with Materials (up +1.63%), Consumer Discretionary (+1.34%), Industrials (+1.33%), Utilities (+1.32%) and Financials (+1.12%) all rebounded over >1% to lead nine of the eleven primary sectors higher. Healthcare (down -0.54%) and Real Estate (-0.21%) were the only primary sectors to close in the red. Vaccine manufacturers Pfizer Inc (-1.28%), Moderna Inc (down -7.14%), BioNTech SE (-8.60%) and Novavax Inc (-6.51%) all declined a day after President Joe Biden said in a CBS interview that "the pandemic is over". Ford Motor Co fell over >4% in extended trading after the automaker told investors it saw a +US$1B increase in supply chain costs during the third quarter. Ford reiterated its full-year guidance for adjusted earnings before interest and taxes (EBIT) of between US$11.5B and US$12.5B. The company is slated to release its third quarter result on 26 October. The Nasdaq rose +0.76%. Chipmaker Nvidia Corp (up +1.39%) hosts a GTC Financial Analyst Q&A tonight AEST. The small capitalisation Russell 2000 gained +0.81%.

Morgans AM: Tuesday, 20 September 2022

Money News

Money News | 047102023 Dianne Colledge, Private Client Advisor at Morgans

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: Tuesday, 20 September 2022

Morgans Financial Limited

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