US equity markets retreated as policymakers paused negotiations over the debt ceiling deal and nerves over the health of the US regional banking sector resurfaced - Dow fell -109-points or -0.33%, The broader S&P500 slipped -0.14%, with Consumer Discretionary (down -0.84%) leading seven of the eleven primary sectors lower. Energy sat atop the primary sector leaderboard on Friday (19 May) with a +0.73% gain. The Nasdaq eased -0.24%. The small capitalisation Russell 2000 lost -0.62%.

Morgans AM: Monday, 22 May 2023

US equity markets mixed in what was a muted session as investors continued to eye developments around the debt ceiling negotiations, although the Nasdaq scaled a nine month high - Dow fell -140-points or -0.42%. JPMorgan Chase & Co (down -0.83%) hosted an investor day and said it is planning an “unmatched” spending spree on new initiatives this year of more than $15B, which would include hiring, marketing and investment in technology. JPMorgan also lifted its outlook for how much it expects to earn this year from its lending business following the recent purchase of First Republic. The investment bank raised its 2023 target for net interest income, excluding its trading division, to ~US$84B from $81B previously. The broader S&P500 eked out a +0.02% gain, recording its second highest settlement (4,192.63) this year. Communication Services rose +1.17% to lead seven of the eleven primary sectors higher. Consumer Staples sat at the foot of the primary sector leaderboard with a -1.47% decline. Chevron Corp fell -1.80% after announcing an agreement to buy Colorado-based oil and gas producer PDC Energy Inc (up +7.22%) in an all-stock deal valued at US$6.3B. Exxon Mobil Corp lost -1.21%, with The Wall Street Journal reporting that the company spent ~US$100M buying land from an exploration company called Galvanic Energy, a firm created for development of lithium from the brine-rich Smackover Formation of Southern Arkansas. The technology-centric Nasdaq gained +0.50% to 12,720.78, logging its highest close since 18 August last year. Meta Platforms Inc settled+1.09% higher, shaking off pre-market weakness seen after the social-media giant was fined €1.2B by Ireland’s Data Protection Commission over allegations it violated European Commission rules on data protection. Micron Technology Inc fell -2.85% following a weekend report that China’s government told users of computer equipment deemed sensitive to stop buying products from the biggest U.S. memory chipmaker. The small capitalisation Russell 2000 rallied +1.22%.

Morgans AM: Tuesday, 23 May 2023

US equity markets retreated after a volatile session as the drawn out debt ceiling negotiations continued to weigh on sentiment, with losses accelerating in afternoon trading - Dow fell -231-points or -0.69%, The broader S&P500 -1.12%, with Materials (down -1.54%) and Information Technology (-1.50%) falling ~1.5% to lead ten of the eleven primary sectors lower. Energy (up +1.04%) was the sole primary sector to advance overnight.  The Nasdaq -1.26%. Apple Inc lost -1.52% after announcing a multibillion-dollar chip production deal with Broadcom Inc (up +1.20%). Apple said the partnership, which centres on 5G radio frequency components and builds on its existing relationship with Broadcom, was part of its 2021 commitment to spend US$430B with US suppliers and manufacturers over five years. The small capitalisation Russell 2000 lost -0.43%. The American Depository Receipts (ADRs) of Alibaba Group Holdings Ltd fell -3.74% after a strong session a day earlier, with reports that the company’s cloud and artificial intelligence (AI) arm has begun cutting 7% of staff (source: Barron’s). The move is a bid to optimise business operations on strategic areas - like AI - in the midst of a historic restructuring, and not representative of a wider downsizing, a person familiar with the matter and cited in the report said. Alibaba announced earlier this year the biggest restructuring in its history, a bid to unlock value by splitting into six units and to foster market competitiveness, a nod to regulators who have hammered the Chinese tech sector since late 2020.

Morgans AM: Wednesday, 24 May 2023

US equity markets retreated as concern about the impasse in the debt-ceiling talks continued to grow - Dow fell -256-points or -0.77%. The broader S&P500 lost -0.73%, with Real Estate (down -2.21%) leading ten of the eleven primary sectors lower. Financials (down -1.31%), Financials (-1.31%) and Industrials (-1.27%) all fell over >1%. Energy (up +1.04%) was the sole primary sector to advance for a second straight session. The Nasdaq eased -0.61%. The small capitalisation Russell 2000 lost -1.16%.

Morgans AM: Thursday, 25 May 2023

US equity markets advanced, led by fresh solid gains for the technology sector - Dow slipped -35-points or -0.11%, extending declines into a fifth consecutive session. The broader S&P500 rose +0.88%, with Information Technology (up +4.45%) comfortably the leading primary sector performer and leading five of the eleven primary sectors higher. The Nasdaq jumped +1.71%, posting its best daily percentage gain since 5 May as the artificial intelligence (AI) thematic continued to power gains.  Advanced Micro Devices Inc rallied +11.16% and Palo Alto Networks Inc +1.80%. The small capitalisation Russell 2000 lost -0.70%.

Morgans AM: Friday, 26 May 2023

European bourses settled with modest losses, with the Technology sector (down -0.7%) handing back some of last Friday’s (26 May) +3% gain and leaving the pan-European Stoxx 600 index (which includes UK equities) -0.12% lower. The Oil and Gas sector added +0.2%.  Germany's DAX slipped -0.20%. France's CAC eased -0.21%. In broader stock moves, Swedish property group SBB SE rose +2.62% after announcing it was exploring strategic options including a sale of the company or of specific assets and segments. Shares of the company have sunk ~80% over the last year as it struggles with the higher interest rate environment. Elsewhere, President Tayyip Erdogan secured victory in a presidential election in Turkey on Sunday (28 May), extending his increasingly authoritarian rule into a third decade. In economic data, a final reading of eurozone Consumer Confidence for May, and Consumer Inflation Expectations for May are released tonight AEST.

Morgans AM: Tuesday, 30 May 2023

US equity markets were mixed after resuming trading following the Memorial Day long weekend fell on Tuesday as Wall Street considered the likelihood of Congress passing a tentative deal on raising the U.S. debt ceiling - Dow fell -51-points or -0.15%, The broader S&P500 unchanged, with gains for the Consumer Discretionary (up +0.76%) and Information Technology (+0.63%) sectors offsetting declines for the Consumer Staples (down -1.08%) and Energy (-0.94%) sectors. Tesla Inc rallied +4.14% as excitement built around Chief Executive Elon Musk’s first visit to China in about three years. Mr Musk is expected to spend time meeting key officials in Beijing, which may even include Premier Li Qiang. The Nasdaq added +0.32% to 13,017.43, paring an earlier rally of as much as +1.4% but still marking the technology-centric index’s highest close since August, 2022. The small capitalisation Russell 2000 lost -0.32%.

Morgans AM: Wednesday, 31 May 2023

US equity markets retreated but settled off their worst levels of the session ahead of a House vote on the federal debt-ceiling deal this morning AEST to prevent a potential default - Dow fell -135-points or -0.41%, The broader S&P500 lost -0.61%, with Energy (down -1.88%), Industrials (-1.40%), Financials (-1.22%), Materials (-1.12%) and Information Technology (-1.09%) all falling over >1% to lead seven of the eleven primary sectors lower. More defensive sectors outperformed, including Utilities (up +0.96%), Health Care (+0.85%) and Real Estate (+0.66%) all advancing over >0.50%. The Nasdaq -0.63%. The small capitalisation Russell 2000 lost -1.00%.

Morgans AM: Thursday, 1 June 2023

US equity markets opened the new month on the front foot as concerns around a US debt default faded, with the S&P500 and Nasdaq logging their highest closes since August 2022 - Dow rose +153-points or +0.47%, The broader S&P500 rose +0.99% to 4,221.02, with Information Technology (up +1.33%) resuming its place at the top of the primary sector leaderboard and leading nine of the eleven primary sectors higher. Utilities (down -0.78%) and Consumer Staples (-0.09%) were the only two primary sectors to settle in the red. The Nasdaq rallied +1.28% to 13,100.98. The small capitalisation Russell 2000 climbed +1.05%.

Morgans AM: Friday, 2 June 2023

US equity markets rallied, starting Friday’s (2 June)on the front-foot after the US Senate on Thursday (1 June) approved a deal between the White House and congressional Republicans to lift the debt ceiling for two years in exchange for cuts to government spending, and then further buoyed by a robust May jobs report - Dow jumped +701-points or +2.12%, logging its biggest daily points gain since the end of November last year and largest percentage rise since 6 January. The broader S&P500 rallied +1.45% to 4,282.37, and on the cusp of exiting its longest bear market run since 1948. It marked the highest close for the S&P500 since 18 August, 2022 after the index touched its highest intra-day level (4,290.67) since April 2022. Palo Alto Networks Inc gained +5.38% in extended trading (after adding +0.21% in the regular session) after it was confirmed that the cybersecurity platform company would replace Dish network Inc (+16.24%) in the S&P500 as part of the quarterly rebalancing of the index when it takes effect on 20 June.  The Nasdaq gained +1.07%. Apple Inc added +0.48% to US$180.95, recording its second highest close on record ahead of its Worldwide Developer Conference tonight AEST at which it’s expected to unveil new product and operating system releases. The small capitalisation Russell 2000 jumped +3.56%, logging its best daily performance since November 10, 2022 and rising above its 200-day moving average for the first time since 8 March, just before Silicon Valley Bank collapsed. The Russell has gained +3.96% year-to-date, well behind the S&P 500′s advance of +11.53%.

Morgans AM: Monday, 5 June 2023

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.

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