Morgans Financial Limited

Morgans AM - Wednesday, 1 October 2025 by Morgans Financial

US equity markets advanced overnight, shrugging off the potential threat of a US government shutdown and shaping to record an unusually strong September - Dow edged +69-points or +0.15% higher, with Nvidia Corp (up +2.05%) the leading performer in the 30-stock index. Chevron Corp (down -2.53%) was the weakest Dow component.

US equity markets advanced on Friday (26 September), snapping a three session losing streak following benign - Dow rose +300-points or +0.65% Boeing Co (up +3.62%) was the leading performer in the 30-stock index on Friday (26 September) after the Federal Aviation Administration confirmed a report the plane maker will be allowed to issue airworthiness certificates on some of its 737 Max and 787 jets. The eased restrictions, which enable the company to conduct the final safety check on certain aircraft, could help Boeing accelerate production and delivery schedules. In addition, Turkish Airlines finalised a deal to purchase 225 Boeing planes following Turkish President Recep Tayyip Erdoğan's visit to the U.S. last week.

US equity markets retreated, with the S&P500 and Nasdaq declining for a third consecutive session - Dow fell -174-points or -0.38%, with Amgen Inc (-2.88%), Nike Inc (-2.78%) and Merck & Co Inc (-2.6%) all falling over >2.5%.International Business Machines (IBM) Corp gained +5.20% to be the leading performer in the 30-stock index after financial partner HSBC Holdings Plc said it had a "positive trial" using quantum computers from "Big Blue" for algorithmic bond trading.

US equity markets retreated for a second straight session, with investors booking some profits in the technology sector - Dow fell -172-points or -0.37% Amgen Inc -2.65% Goldman Sachs Group Inc (-1.72%) and International Business Machines (IBM) Corp (-1.73%) both fell ~1.7%.

US equity markets retreated from record highs, snapping a three-session streak that saw the three main indices post record intra-day and closing highs - Dow slipped -89-points or -0.19% to 46,292.78 after logging a fresh record intra-day high (46,447.13) shortly after the opening bell. Amazon.com Inc (down -3.04%) was the worst performer in the 30-stock index. The company squaring off against the Federal Trade Commission in court after the agency filed a lawsuit during the Biden administration alleging the company made it too onerous for customers to cancel their Prime memberships. Nvidia Corp fell -2.82% to US$178.43, handing back much of the previous session's +3.93% gain that lifted the chipmaker to record closing high (US$183.61) after the company said it's going to invest US$100B in OpenAI - the maker of ChatGPT - for the buildout of data centres based around the company's artificial intelligence (AI) chips. Boeing Co ( -0.26%) inked a lucrative contract to make planes for Uzbekistan Airways that President Trump described as “a GREAT deal” on his Truth Social network, noting that he had spoken with Uzbekistan president Shavkat Mirziyoyev last month.

Updated Outlook on the Federal Reserve and Australian Cash Rate In recent days, several people have asked for my updated view on the Federal Reserve and the Fed funds rate, as well as the outlook for the Australian cash rate. So I thought I'd walk through our model for the Fed funds rate and explain our approach to the RBA's cash rate.

The benchmark US equity indices booked another round of fresh record intra-day and closing highs to open the week - Dow edged +66-points or +0.14% to 46,381.54. Apple Inc rallied +4.31% to be the leading performer in the 30-stock index following reports of strong demand for the iPhone 17 in its first weekend of sales, aided by consumers seeking to replace aging devices. The stock is closing in on a fresh record closing high (after touching their highest intra-day level since December 2024 overnight at US$256.64) and market capitalisation of US$4 trillion. ‘Magnificent Seven' mega-capitalisation technology peer Nvidia Corp rallied +3.93% to a record closing high of US$183.61 after the company said it's going to invest US$100B in OpenAI - the maker of ChatGPT - for the buildout of data centres based around the company's artificial intelligence (AI) chips. The partnership "enables OpenAI to build and deploy at least 10 gigawatts of AI data centres with NVIDIA systems representing millions of GPUs [graphics processing unit] for OpenAI's next-generation AI infrastructure." Nvidia added it "intends to invest up to US$100B in OpenAI progressively as each gigawatt is deployed." However, Amazon.com Inc fell -1.66% as investors assessed the potential fallout from President Trump's shock decision late on Friday (19 September) to raise the H-1B visa application fee to US$100,000. Amazon employs ~14K staff on such visas.

The three benchmark US equity indices advanced on Friday (19 September) to book fresh record intra-day and closing highs for a second consecutive session as the US and China advanced trade talks and the "Magnificent Seven" tech stocks continued to climb - Dow rose +173-points or +0.37% to 46,315.27 Apple Inc +3.20% as the company's new iPhone 17 models went on sale globally.

US equity indices logged fresh record closing highs, driven by fresh gains for the technology sector - Dow rose +124-points or +0.27% to 46,142.42, with Caterpillar Inc (up +3.62%) the leading performer in the 30-stock index and up over >7% in the past three trading sessions.

The US equity markets advanced - Dow gained +260-points or +0.57% to 46,018.32, touching a record intra-day high of 46,261.95. Amazon.com Inc (up +2.74%) and Caterpillar Inc (+2.27%) both gained over >2% to be the leading performers in the 30-stock index.

US equity markets settled with modest losses a day after both the S&P 500 and Nasdaq hit fresh record intra-day and closing highs as investors eye tomorrow morning's AEST interest rate decision from the Federal Reserve - Dow fell -126-points or -0.27% UnitedHealth Group Inc (-2.33%) Nvuidoa Corp (-1.61%) and Travelers Companies Inc (-1.57%) all fell over >1.5%. Microsoft Corp (down -1.23%) vice chair and president Brad Smith wrote in a blog post overnight that the ‘Magnificent Seven' mega capitalisation technology company would be making a $30B investment in artificial intelligence (AI) infrastructure and ongoing operations across the United Kingdom through 2028.

Both the S&P 500 and Nasdaq hit fresh record intra-day and closing highs ahead of the Federal Reserve's latest two-day monetary policy meeting kicking off that is expected to see the central bank cut benchmark interest rates for the first time this year - Dow edged +49-points or +0.11% higher, with so-called ‘Magnificent Seven' mega-capitalisation technology names Amazon.com Inc (up +1.44%), Apple Inc (+1.12%) and Microsoft Corp (+1.07%) rising over >1% along with Caterpillar Inc (+1.02%) and International Business Machines (IBM) Corp (+1.10%). Merck & Co Inc (-1.20%) and McDonald's Corp (-1.09%) fell over >1% to be the worst performing Dow components overnight. Nvidia Corp dipped -0.04%, paring an earlier decline of almost -1.9% after China's State Administration for Market Regulation (SAMR) announced that following a preliminary investigation the chip giant was found to be in breach of antitrust rules in relation to its acquisition of Israel-based networking-technology group Mellanox. Separately, Nvidia is reportedly among investors in artificial intelligence (AI) infrastructure company Firmus Technologies, which is targeting a listing on the Australian Securities Exchange (ASX) next year.

Morgans AM - Monday, 15 September 2025 by Morgans Financial

US stocks rose on Thursday as traders anticipated that the latest reading of a key consumer inflation gauge won't stand in the way of the Federal Reserve lowering its benchmark interest rate next week.

US equity markets were mixed overnight - Dow fell 220 points or -0.48%, dragged down by tech heavyweights, Amazon and Apple, down -3.32% and -3.22% respectively.

Benchmark US equity indices booked fresh record highs - Dow gained +196-points or +0.43% to 45,711.34. UnitedHealth Group Inc (up +8.64%) was the leading component in the 30-stock index (and S&P 500) after the health insurer estimated that 78% of its Medicare Advantage membership will be in top-rated Medicare plans next year and are likely to qualify for bonus payments from the federal government. Microsoft Corp eked out a +0.04% gain following news it had inked a US$17.4B deal for Nvidia Corp (+1.46%)-backed Nebius Group NV (+49.42%) to provide artificial intelligence (AI) infrastructure for the software giant's new data centre in New Jersey. Apple Inc 1.48% after unveiling the new iPhone 17 models at its ‘Awe Dropping' event along with a number of updates that Chief Executive Officer (CEO) Tim Cook called the company's “biggest leap ever for iPhone." The company showcased four models including the iPhone 17 Air, Apple's most durable and thinnest phone ever. Apple also announced its next generation of Airpods, highlighting live translation and hearing aid functions, and updates to its Apple Watch portfolio with new health-related features such as a "sleep score" and a blood pressure monitor that can alert users to hypertension.

US equity markets advanced to open the new trading week, resuming a rally that has pushed benchmark indexes to a series of record highs in recent weeks - Dow rose +114-points or +0.25%, with International Business Machines (IBM) Corp (up +3.04%) the leading performer in the 30-stock index. Nvidia Corp (+0.77%) presented at the annual Goldman Sachs Communacopia + Technology Conference overnight

U.S. equity markets settle with modest declines on Friday as investors digested a weaker than expected job report that bolstered the case for interest rate cuts, but also raised concerns about the health of the wider economy.

US equity markets advanced, with investors shrugging of weak private employment data and eyed the key non-farm payrolls report tonight AEST - Dow rose +350-points or +0.77%.

US equity markets mixed on the heels of steep falls to open September trading a day earlier - Dow dipped -25-points or -0.05%, with American Express Co (down -2.26%) and Chevron Corp (-2.33%) both falling over >2%.

US equity markets resumed trading following the Labour Day holiday long weekend and opened September in negative territory amid fresh uncertainty around tariffs - Dow down -249-points or -0.55% Nike Inc (down -3.48%) was the worst performer in the 30-stock index, while Nvidia Corp (-1.95%) led losses among the so-called ‘Magnificent Seven' cohort of mega-capitalisation technology stocks.

US equity and bond markets were CLOSED overnight for the Labor Day holiday. On the trade front, U.S. Trade Representative Jamieson Greer said on Sunday (31 August) the Trump administration is continuing its talks with trading partners despite a U.S. appeals court ruling that most of government's tariffs are illegal.

US equity markets declined on Friday (29 August), with declines for artificial intelligence (AI) related stocks weighing particularly heavily on the benchmark indices as investors also parsed the latest inflation figures - Dow eased -92-points or +0.20% after booking Caterpillar Inc (down -3.65%) was the worst performer in the 30-stock index a day after the maker of big farm and construction equipment warned tariffs would negatively impact its full year result by a greater amount (US$1.5B to US$1.8B) than previously forecast earlier this month when releasing its second quarter result (US$1.3B to US$1.5B). Nvidia Corp fell -3.32%, with The Wall Street Journal reporting that Alibaba Group Holdings has developed a new chip that it's now testing and that could be a domestic replacement for Nvidia's H20. Unlike a previous AI processor that relied on Taiwan Semiconductor Manufacturing Co. for fabrication, Alibaba's new chip is being manufactured directly in China, according to the report. The U.S. government has restricted TSMC from shipping advanced AI chips to Chinese customers. American Express Co (+1.31%) and JPMorgan Chase & Co (up +0.12%) touched record all-time highs.

US equity markets recorded modest gains, with the S&P 500 climbing above 6,500 for the first time as investors digested Nvidia Corp's (down -0.79%) second quarter result after the closing bell of the previous session, stronger-than-expected economic growth figures and eyed inflation figures tonight AEST - Dow added +72-points or +0.16%, with American Express Co (up +1.40%), Cisco Systems Inc (+1.45%) and Salesforce Inc (1.75%) all rising over >1%.

Morgans AM - Thursday, 28 August 2025 by Morgans Financial

US equity markets advanced as investors shrugged off President Trump's removal of Federal Reserve Governor Lisa Cook from the central bank's board and eyed Nvidia Corp's (+1.09%) second quarter result after the closing bell of tonight's AEST session - Dow rose +136-points or +0.30%. Boeing Co (up +3.51%) was the leading performer in the 30-stock index following news that Korean Air ordered 103 of the planemaker's passenger jets.

US equity markets retreated, failing to sustain the Federal Reserve fuelled momentum of late last week - Dow fell -349-points or -0.77% to 45,282.47 after logging its first record closing high (45,631.74) since 4 December last Friday (22 August). Merck & Co Inc (down -2.36%) was the worst performer in the 30-stock index. Nvidia Corp +1.02% and was one of just three Dow components to advance overnight, with investors continuing to eye the chip giant's second quarter result on Wednesday night AEST (27 August).

US equity markets rebounded strongly on Friday (22 August) after Federal Reserve Chair Jerome Powell hinted at a near-term interest-rate cut during his Jackson Hole Economic Policy Symposium speech - Dow rallied +846-points or +1.89% to a record closing high of 45,631.74, marking the 30-stock indice's first record close since 4 December last year. Caterpillar Inc (+4.25) was the leading Dow component, while American Express Co (+3.57%), Goldman Sachs Group Inc (+3.62%), and Home Depot Inc (+3.79%) all gained over >3.5%. Nvidia Corp (+1.72%) has told suppliers to suspend production of its H20 chip, according to toa report by The Information citing unnamed sources, after Beijing asked local firms to avoid using the chip tailored for the Chinese market due to security concerns. Reuters separately reported that Nvidia had asked Foxconn to suspend work related to the H20 chips.

US equity markets declined amid a further rotation out of large capitalisation technology stocks and with investors eyeing a speech from Federal Reserve Chair Jerome Powell tonight AEST - Dow fell -153-points or -0.34% Boeing Co (down -0.51%) is in discussions to sell as many as 500 jets to China, according to Bloomberg News. While the two sides are working out the details, including the number and kinds of aircraft included, Chinese officials have already begun asking domestic airlines how many planes they want, according to the report. Boeing has only made a handful of sales to Chinese carriers over the past few years.

Chris Titley sits down with Michael Skinner, Managing Director and Chief Investment Officer at Blackwattle Investment Partners. Blackwattle is a new-generation Australian fund manager, established in 2023, investing in high quality Australian and global equities. Based in Sydney, the firm's ethos centers on alignment, with all team members owning equity and investing significant personal capital alongside clients. Blackwattle focuses on delivering exceptional long-term returns by targeting high-quality companies with sustainable competitive advantages, driven by a culture of alignment, transparency, and rigorous fundamental research.

Technology stocks came under selling pressure for a second session to weigh on the benchmark US equity indices, while investors also digested the minutes from the Federal Reserve's July monetary policy meeting - Dow edged +16-points or +0.04% higher. Travelers Companies Inc (up +2.02%) was the leading performer in the 30-stock index, while technology heavyweight Amazon.com Inc (-1.84%) and Apple Inc (-1.97%) were the key drags. Home Depot Inc fell -1.34% a day after the home improvement giant released its second quarter result.

Major technology companies led declines on US equity markets overnight - Dow inched +10-points or +0.02% higher to 44,922.27, touching a fresh record intra-day high (45,207.39). Nvidia Corp (down -3.50%) and Boeing Co (-3.19%) both fell over >3%. Reuters reported that Nvidia could look to deliver samples of a new artificial intelligence (AI) chip, entatively known as the B30A, to Chinese clients for testing as early as next month. Separately, there were reports that Chief Executive Officer (CEO) Jensen Huang sold 150,000 shares in the AI semiconductor giant.

US equity markets opened the week little changed - Dow slipped -34-points or -0.08%. UnitedHealth Group Inc (up +1.47% after jumping +11.98% last Friday (15 August)) was the leading Dow component for a second session running after filings with the Securities and Exchange Commission (SEC) released late last week recorded that Berkshire Hathaway Inc took a new positions in the health insurer.

US equity markets mixed to close out a strong week as Wall Street tempered its rate-cut hopes following the latest inflation and retail sales data - Dow added +35-points or +0.08% to 44,946.12, logging its first record intra-day high (45,203.52) since December in the opening minutes of last Friday's (15 August) session. UnitedHealth Group Inc jumped +11.98% after filings released after the close of the previous session with the Securities and Exchange Commission (SEC) recorded that Berkshire Hathaway Inc took a new positions in the health insurer. Cisco Systems Inc (down -4.47%) was the worst performing Dow component, with HSBC downgrading the networking giant to a ‘hold' recommendation from ‘buy' following the company's fiscal fourth quarter result a day earlier.

US equity markets settled little changed, paring earlier declines that came following wholesale inflation data that revived some concerns about tariffs inducing price pressures - Dow slipped -11-points or -0.02%, paring an earlier decline of more than >200-points. 3M Co -2.22% Amazon.com Inc +2.86%

US equity markets advanced, with both the S&P 500 and Nasdaq booking fresh record highs - Dow rose +464-points or +1.04% to 44,922.27, settling within 0.2% of its record closing high in December. UnitedHealth Group Inc (up +3.91%) was the leading performer in the 30-stock index for a second session running, while Merck & Co Inc (+3.00%) and Nike Inc (+3.07%) both rose ~3%.

The S&P500 and Nasdaq booked fresh record closing highs after tame inflation figures raised the likelihood of a Federal Reserve interest rate cut in September - Dow rose +484-points or +1.10% UnitedHealth Group Inc (up +3.65%) was the leading performer in the 30-stock index overnight. Goldman Sachs Group Inc (+3.36%) also gained over >3% despite President Trump criticising the investment bank's Chief Executive Officer (CEO), David Solomon, on the Truth Social platform. "David Solomon and Goldman Sachs refuse to give credit where credit is due," President Trump wrote on Truth Social. "They made a bad prediction a long time ago on both the Market repercussion and the Tariffs themselves, and they were wrong, just like they are wrong about so much else." American Express Co (+2.36%), Boeing Co (+2.94%) and Home Depot Inc (+2.19%) all rose over >2%.

US equity markets retreated ahead of key inflation figures tonight AEST, shrugging off widely anticipated news that President Trump had signed an executive order that extended the deadline for tariffs on Chinese goods by another 90-days into early November - Dow fell -201-points or -0.45%, with Salesforce.com (down -3.26%) and International Business Machines (IBM) Corp (-2.46%) the biggest decliners in the 30-stock index. Apple Inc (down -0.83%) snapped a three-session winning streak that had lifted the stock ~12.5% over that timeframe. The company's next major iPhone product launch date is rumoured to be 9 September.

US equity markets closed out a strong week on a positive footing, with the Nasdaq hitting a fresh record high as investors eye inflation figures and key geopolitical negotiations later in the week - Dow rose +207-points or +0.47% to 44,175.61, settling less than

US equity markets mixed after a choppy session - Dow settled -224-points or -0.51% lower after trading in a 690-point range for the session and recording its biggest intra-day reversal since 18 June). Caterpillar Inc fell -2.48%

Technology majors led the latest advance on US equity markets - Dow rose +81-points or +0.18% Apple Inc rallied +5.09% to be the leading performer in the 30-stock index after a White House official confirmed that the iPhone maker will announce an additional US$100B investment in the U.S., building on a commitment from earlier this year for US$500B in investments over the next four years. The company is also expected to announce a new American manufacturing program that aims to move more of its supply chain and advanced manufacturing stateside and that is meant to encourage other companies to boost manufacturing of critical components in the U.S. Chief Executive Officer (CEO) Tim Cook and President Trump formally confirmed the announcement after the close of the session. Amazon.com Inc (+4.0%) and Walmart Inc (+4.08%) both gained ~4%.

US equity markets retreated as investors digested the latest wave of corporate earnings, economic data, and various tariff updates - Dow slipped -62-points or -0.14% , with Salesforce Inc down -1.91% and McDonald's Corp -1.79%, while Cisco Systems Inc (-1.42%), Microsoft Corp (-1.47%) and Visa Inc (-1.38%) all fell ~1.5%.

US equity markets rebounded from last Friday's (1 August) steep falls amid increased bets for a September interest rate cut in the wake of weaker-than-expected jobs data - Dow rose +585-points or +1.34%, more than erasing last Friday's (1 August) -542-point/-1.23% decline. Nvidia Corp rallied +3.62% to be the leading performer in the 30-stock index, while Cisco Systems Inc (+2.06%), Goldman Sachs Group Inc (+2.32%), Johnson & Johnson (2.22%), 3M Co (+2.40%), Microsoft Corp (+2.20%) and Walt Disney Co (+2.37%) all climbed over >2%. Boeing Co (+0.20%) is facing its second work stoppage in less than a year after more than 3,000 workers went on strike at midnight following a rejection of the plane maker's latest offer on Sunday (3 August).

US equity markets fell sharply to open August as new U.S. tariffs on dozens of trading partners and Amazon.com Inc's underwhelming earnings weighed on sentiment, while a weaker payrolls report added to risk aversion - Dow fell -542-points or -1.23% to 43,588.58, marking the 30-stock index's biggest one-day drop since 13 June. with Amazon (down -8.27%) the worst performer in the 30-stock index. Ten Dow components logged declines of more than >2%, including UnitedHealth Group Inc (-4.72%) and 3M Co (-3.22%).

US equity markets weaker as investors eyed some fresh ‘Big Tech' earnings after the closing bell and tonight's AEST key jobs data - Dow fell -330-points or -0.74%. UnitedHealth Group Inc lost -6.19% to be the worst performer in the 30-stock index, while Merck & Co Inc lost -4.44% International Business Machines (IBM) Corp (-2.73%), Nike Inc (-2.60%) and Salesforce Inc (-2.45%) all fell ~2.5%. Microsoft Corp +3.95%, with the company's market capitalisation briefly climbing above >US$4 trillion

US equity markets settled with modest losses as investors digested the latest monetary policy pronouncements from the Federal Reserve and eyed results after the closing bell from two of the so-called ‘Magnificent Seven' cohort of mega-capitalisation technology companies - Dow fell -172-points or -0.38% , with 3M Co (down -3.41%) the worst performer in the 30-stock index. Procter & Gamble Co lost -2.38% after the company posted better-than-expected fourth quarter results after the close of the previous session and named Shailesh Jejurikar as its new chief executive. Nvidia Corp (up +2.14%) was the leading Dow component overnight.

The S&P 500 and Nasdaq pulled back from record highs as investors waded through a fresh round of corporate earnings releases and eyed the Federal Reserve's latest interest rate tomorrow morning AEST (31 July) - Dow fell -205-points or -0.46%

US equity markets kicked off an extremely busy week with modest gains, lifting the S&P500 and Nasdaq to fresh record highs following news that the US and European Union (EU) had reached a framework for a trade deal on Sunday (27 July) - Dow slipped -64-points or -0.14% to 44,837.56. Nike Inc rallied +3.89% to US$79.24 and was the leading performer in the 30-stock index after J.P. Morgan upgraded the stock to "overweight" from "neutral" with a target price of US$93 and said investors should "just buy it" ahead of next year's football World Cup co-hosted by the US, Canada and Mexico.

Chris Titley sits down with Jason Orthman, Deputy Chief Investment Officer / Lead Portfolio Manager / Investment and Executive Deputy Committee Chairs / Executive Director at Hyperion Asset Management Limited. Hyperion Asset Management is an Australian boutique fund manager, established in 1996, specializing in high-conviction growth-style investments in Australian and global equities. Based in Brisbane, the company is 50.1% owned by its executives, with Pinnacle Investment Management holding the remaining stake. Hyperion focuses on sustainably growing clients' wealth over the long term (minimum five years) by investing in high-quality companies with strong value propositions, sustainable competitive advantages, innovative cultures, and large addressable markets.

US equity markets advanced, with the S&P and Nasdaq logging fresh record closing highs ahead of a busy week that includes key central bank monetary policy meetings, fresh corporate earnings releases and President Trump's 1 August deadline for negotiating trade deals - Dow rose +208-points or +0.47% to 44,901.92, settling just 0.25% shy of a its all-time record closing high set on 4 December (45,014.04). American Express Co (up +1.09%), Goldman Sachs Group Inc (+1.36%), McDonald's Corp (+1.35%), 3M Co (+1.32%) and Nike Inc (+1.13%) all gained over >1%.