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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.
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18 SEP 2024 · US equity markets failed to hold initial gains that came after the Federal Reserve delivered -50 basis point interest rate cut and that had lifted both the S&P 500 and Dow to fresh record intra-day highs - Dow fell -103-points or -0.25%, having rallied ~376-points immediately following the Fed’s rate announcement and lifting the 30-stock index to a record intra-day peak just shy of 41,982. Intel Corp fell -3.26% to be the worst performing Dow component, having rallied over >10% in the preceding three sessions.
17 SEP 2024 · US equity markets mixed ahead of the latest interest rate decision and monetary policy pronouncements from the Federal Reserve tomorrow morning AEST - Dow dipped -16-points or 0.04% to 41,606.18, snapping a four session winning streak after hitting a fresh record intra-day high (41,835.28) earlier in the session. Intel Corp rallied +2.68% to be the leading Dow component for a second session running after Chief Executive Officer (CEO) Pat Gelsinger provided an update on the company's restructuring efforts, citing progress on cost-cutting and unveiling plans to turn its chipmaking arm into a separate subsidiary. The company also said it would produce chips for Amazon.com Inc’s (+1.08%) Amazon Web Services and the U.S. military. Microsoft Corp rose +0.88% after the company announced a US$60B stock buyback programme and boosted its dividend (to US$0.83c per share, up from US$0.73c previously) after the close of the previous session. Separately, BlackRock is preparing to launch a more than >US$30B artificial intelligence (AI) investment fund (via its infrastructure investment unit, Global Infrastructure Partners) with Microsoft to build data centres and energy projects to meet growing demands stemming from AI.
16 SEP 2024 · US equity markets mostly firmer in cautious trade of key central bank meetings later this week - Dow rose +228-points or +0.55% to 41,622.08, logging its 27th record close of the year-to-date. Intel Corp rallied +6.36% to be the leading Dow component after confirming press reports late last Friday (13 September) that it has been granted up to US$3B in Chips Act funding to “expand the trusted manufacturing of leading-edge semiconductors for the U.S. government.” Specifically, this award covers defence work. This deal is separate from the ~US$20B in funding that Intel announced earlier this year that it was eligible for through the Chips Act. Apple Inc fell -2.78% amid concerns about early sales for the just-launched iPhone 16. Analysing delivery lead times and whether models of the iPhone 16 will be available in stores on Friday (20 September) as scheduled, several analysts said that early indications appear disappointing for Apple's latest smartphone. Separately, the tech giant also received FDA approval for the sleep apnoea detection feature in its newest smartwatch operating system. Meanwhile, Amazon.com Inc (-0.86%) told employees to return to in-person work five days a week next year, barring any ”extenuating circumstances” or exceptions.
16 SEP 2024 · US equity markets extended their recovery from an early September sell-off on Friday (13 September), with the S&P 500 and Nasdaq recording their best weekly gains of 2024 - Dow rallied +297-points or +0.72%.
Boeing Co shed 3.69% to be the worst performer in the 30-stock index after the aerospace company’s biggest union, the International Association of Machinists and Aerospace Workers representing ~33K workers, went on strike after voting down a new, four-year labour deal. The strike will halt work on the company’s best-selling 737, 777, and 767 jets.
12 SEP 2024 · The S&P 500 and Nasdaq extended gains into a fourth straight session after the latest wholesale inflation figures helped reinforce expectations for an interest rate cut when the Federal Reserve convenes its latest monetary policy meeting next week (17-18 September) - Dow rose +235-points or +0.58%.
12 SEP 2024 · US equity markets recovered from earlier losses to advance and settle near their session highs as investors weighed the implications of the latest CPI data and the presidential debate - Dow rose +125-points or +0.31%, with American Express Co (up +3.57%) and Intel Corp (+3.48%) both rallying over >3%.
11 SEP 2024 · US equity markets mixed ahead of the first presidential debate later this morning AEST and inflation figures tonight AEST - Dow eased -93-points or -0.23%. JPMorgan Chase & Co shed -5.19% to be the biggest decliner in the 30-stock index after president Daniel Pinto, speaking at a Barclays financial services conference in New York, tempered full-year net interest income (NII) expectations for the largest US bank by assets. The current forecast of US$91.5B in 2024 was, he said, “not very reasonable” in light of the Federal Reserve’s impending interest rate cuts. Goldman Sachs Group Inc fell -4.39% after chief executive David Solomon warned investors at the same conference a day earlier that the investment bank’s trading business was on track to see revenues fall about 10% in the third quarter due to a “more challenging macro environment, particularly in the month of August”. Boeing Co lost -1.74%, with Reuters reporting that the aircraft manufacturer had informed its suppliers that it now expects MAX production to reach 42 planes per month in March 2025, compared with its prior estimate of September 2024. Apple Inc, which unveiled its new artificial intelligence (AI)-enabled iPhone on Monday (9 September), lost -0.36% after the Court of Justice of the European Union (EU) overturned a lower court ruling on Irish tax breaks for the tech giant.
Tuesday, 10 September 2024: US equity markets rebounded from their biggest weekly losses of the year
10 SEP 2024 · US equity markets rebounded from their biggest weekly losses of the year last week, with investors eyeing key inflation figures in the coming days - Dow rallied +484-points or +1.20%, more than recouping last Friday’s (6 September) -410-point or -1.01% fall. Boeing Co gained +3.36% after the aircraft manufacturer and its biggest union (the International Association of Machinists and Aerospace Workers) reached a tentative deal covering more than 32,000 workers, averting a possible strike. Apple Inc inched +0.04% higher following its product launch event called “It’s Glowtime” that saw the unveiling of the iPhone 16, Apple Watch Series 10 and AirPods 4. Chief executive Tim Cook said the iPhone 16 - which will go on sale on 20 September with pre-orders starting this Friday (13 September) - was the first of its smartphones to be “designed from the ground up” for artificial intelligence “and its breakthrough capabilities”. Goldman Sachs Group Inc fell ~1% in extended trading (after rising +1.87% in the regular session) after chief executive David Solomon warned investors that the investment bank’s trading business was on track to see revenues fall about 10% in the third quarter. “With respect to trading . . . we had an extremely strong third quarter in 2023,” Mr Solomon said at an industry conference organised by Barclays. “This quarter, given what I’d say is a more challenging macro environment, particularly in the month of August, that business is trending down close to 10 per cent, largely due to FICC [fixed income, currencies and commodities trading],” Mr Solomon said. Mr Solomon also flagged that Goldman’s earnings in the third quarter would also take a US$400M hit from its continued pullback from consumer trading.
8 SEP 2024 · US equity markets retreated sharply on Friday (6 September) as the latest employment report underscored labour market weakness and spurred further debate about how aggressive the Federal Reserve will be when it starts cutting interest rates - Dow lost -410-points or -1.01%, with Amazon.com Inc (down -3.65%) and American Express Co (-3.09%) both falling over >3%. Intel Corp fell -2.63%, with Reuters reporting that Qualcomm Inc (-3.37%) is looking at buying segments of the company, potentially including its PC chip design business. Separately, Bloomberg reported that Intel is considering selling off some of its stake in MobilEye Global (-8.48%), which provides hardware and software for self-driving vehicles, as part of the chipmaker's effort to improve its financial position. Apple Inc (down -0.7%) hosts its product launch event called “It’s Glowtime” tonight AEST and is expected to announce its new iPhone 16 lineup alongside new Apple Watch models, and potentially other products. Boeing Co (-2.79%) and its largest union said Sunday (8 September) they reached agreement on a new contract that, if ratified, will avoid a strike that threatened to shut down aircraft production by the end of the coming week.
4 SEP 2024 · US equity markets ended mostly to the downside overnight as the S&P 500’s September struggles continued following weak labour market data - Dow was the outlier rising -38-points or +0.09%. Intel Corp (down -3.33%) was amongst the worst performers in the 30-stock index, amid a broader selloff of chip stocks as well as Reuters reporting that recent tests of the chip giant's most advanced manufacturing process conducted by Broadcom (AVGO) failed.
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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Categories | Investing |
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