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.
• US equity markets advanced for a fourth consecutive session ahead of the annual 7-day "Santa Claus rally" period - Dow edged +80-points or +0.16% higher, with Nvidia Corp (+3.01%) comfortably the leading performer in the 30-stock index. McDonalds Corp (down -1.7%) and Walmart Inc (-1.51%) fell over >1.51%.
US equity markets advanced for a third consecutive session to open the holiday-shortened week - Dow rose +228-points or +0.47%, with Merck & Co (up +3.59%) the leading performer in the 30-stock index. Honeywell International fell -1.58% after the aerospace and industrial-automation company lowered its full-year earnings outlook and updated investors on its expectations surrounding the Flexjet lawsuit. Nike Inc -2.54%.
US equity markets booked a second consecutive session of solid gains on Friday (19 December) as the technology sector continued to regain its footing - Dow rose +183-points or +0.38% Nvidia Corp gained +3.93% to be the leading performer in the 30-stock index after Reuters, citing sources familiar with the matter, reported that the Trump administration is reviewing the prospect of the company selling its advanced artificial intelligence (AI) chips to China. Earlier this month, President Donald Trump said that he will allow Nvidia to ship its H200 AI chips to “approved customers” in the country. Nvidia and Alphabet Inc are the only two members of the so-called ‘Magnificent Seven' cohort of large capitalisation technology stocks to be outperforming the S&P500 in 2025. Nike Inc dropped -10.54% after the sports giant released its second quarter result after the close of the previous session and reported weaker revenue in Greater China.
In this episode, Michael Knox and Stephen Austin from the ABC unpack the economic challenges Australia faces in 2025. With electricity subsidies ending and energy supply constraints persisting, households are bracing for higher power bills and rising inflation. Here's what's on the horizon:
The Executive Focus Series 2025 – Episode 2
US equity markets were stronger overnight – Dow rose 0.14% driven by tech names Amazon up 2.4%, Nvidia up 1.8%, Microsoft up 1.65%, and Cisco 1.52%.
US equity markets retreated, with technology stocks again leading the weakness amid concerns around the level of investment spending on artificial intelligence (AI) and data centres - Dow fell -228-points or -0.47%, with Caterpillar Inc (down -4.59%) the worst performer in the 30-stock index. Nvidia Corp lost -3.81%.
US equity markets mostly weaker as investors digested the delayed November employment data - Dow fell -302-points or -0.62% to 48,114.26, logging a third straight session decline after booking a record closing high (48,704.01) last Thursday (11 December). Chevron Corp (-2.04%), Johnson & Johnson (-2.27%), Merck & Co (-1.98%) and United Health Group Inc (-2.02%) all falling ~2%.
Federal Reserve Interest Rate Outlook: What Investors Need to KnowThe Federal Reserve's latest projections reveal a surprisingly moderate outlook for inflation and interest rates. Despite tariff concerns earlier this year, the Fed expects inflation to remain subdued and rates to decline gradually. Here's what this means for markets and investors.
• US equity markets retreated top open the last full trading week of the year, with technology stocks under fresh pressure and with investors eyeing some key economic data later in the week - Dow dipped -41-points or +0.09% to 48,416.56, logging a record intra-day high (48,886.86) for a second straight session in opening trading. Salesforce Inc (down -2.92%) was the worst performer in the 30-stock index, while Amazon.com Inc (-1.61%) and 3M Co (-1.89%) fell over >1.5%.
The Executive Focus Series 2025 – Episode 1
US equity markets retreated as investors continued to exit technology stocks and move into value areas of the market - Dow lost -246-points or -0.51% to 48,458.05 after touching a record intra-day high (48,886.86) earlier in Friday's (12 December) session.
The Dow and S&P500 booked record closing highs a day after the Federal Reserve cut interest rates for a third consecutive time, with investors rotating out of technology stocks and into companies that can benefit from a growing U.S. economy - Dow rallied +646-points or +1.34% to 48,704.01. Visa Inc (up +6.11%) paced gains in the 30-stock index after analysts at Bank of America upgraded the payments giant and said investors have the chance to own part of "a great business on sale." Bank of America observed that "Tax refunds, lower interest rates and faster GDP [gross domestic product] growth are positives" for the payments industry generally,” adding "The bottom line is: If consumers have jobs, barring extenuating circumstances, they will continue to spend money and pay their bills." Walt Disney Co rose +2.42% after it announced a US$1B investment in ChatGPT maker OpenAI and will allow its copyrighted characters to be used in short-form AI video platform Sora. Chief Executive Officer (CEO) Bob Iger told CNBC in a televised interview following the announcement that the agreement is seen giving Disney “a way in” to AI and could help expand its reach with younger consumers. Coca-Cola Co dropped -1.57% after announcing CEO James Quincey will step down in March and be succeeded by operating chief Henrique Braun.
US equity markets rallied late in the session as investors digested the latest monetary policy pronouncements from the Federal Reserve - Dow rallied +497-points or +1.05%, with 26 of the 30 index components advancing. JPMorgan Chase & Co rebounded +3.19% after dropping -4.66% in the previous session after Marianne Lake, the investment bank's Chief Executive Officer (CEO) of Consumer & Community Banking, disclosed higher-than-expected expense projections of US$105B for next year (versus current consensus forecasts of US$101B) at the Goldman Sachs Group Inc (up +1.44%) U.S. Financial Services Conference and said that she "would characterize the environment as being a little bit more fragile." American Express Co (+3.2%), Caterpillar Inc (+3.53%) and Nike Inc (+3.88%) also all rose over >3%.
In this episode, Chris Titley chats with Leo Barry, Executive Director and Portfolio Manager at Fairview Equity Partners. Leo plays a key role in managing Fairview's Australian Small Companies Fund, which focuses on identifying high-quality growth opportunities within the small-cap sector. With extensive experience in portfolio management and a strong track record in equity markets, Leo shares insights into how Fairview approaches small-cap investing and the strategies shaping performance in 2025.
US equity markets mixed ahead of tomorrow morning's AEST interest rate decision from the Federal Reserve - Dow fell -179-points or -0.38%. JPMorgan Chase & Co dropped -4.66% and was the worst performer in the 30-stock index after Marianne Lake, the investment bank's Chief Executive Officer (CEO) of Consumer & Community Banking, disclosed higher-than-expected expense projections of US$105B for next year (versus current consensus forecasts of US$101B) at the Goldman Sachs Group Inc (up +1.14%) U.S. Financial Services Conference and said that she "would characterize the environment as being a little bit more fragile." Boeing Co (-2.86%) and Verizon Communications Inc (-2.81%) both fell over >2.5%. Nvidia Corp eased -0.31% after President Trump said the U.S. will allow the firm to ship its H200 chips to "approved customers" in China and other countries.
Morgans AM - Wednesday, 10 December 2025 by Morgans Financial
• US equity markets opened the week on a softer footing ahead of the Federal Reserve's latest interest rate decision on Thursday morning AEST (11 December) - Dow fell -216-points or -0.45%, with Nike Inc (down -3.52%) and Procter & Gamble Co (-3.56%) both falling ~3.5%. Boeing Co (up +2.17%) and Walt Disney Co (+2.21%) both climbed ~2.2%.
US equity markets advanced after a delayed, tame inflation report reinforced expectations that the Federal Reserve will cut interest rates at its final meeting of the year this week - Dow added +104-points or +0.22%, with Salesforce Inc (up +5.3%) the clear outperformer in the 30-stock index on Friday (5 December). Goldman Sachs Group Inc +2% Amgen Inc fell -3.02%
US equity markets logged modest gains following a subdued session ahead of key inflation figures tonight AEST and the Federal Reserve's latest interest rate decision next week - Dow slipped -32-points or -0.07%, with diversified technology services company 3M Co (down -2.21%) the worst performer in the 30-stock index. Salesforce Inc +3.66% and was the leading Dow component a day after posted better-than-expected quarterly profit after the close of the previous session and raised its outlook on the back of growth from its data products and AI offerings. Nvidia Corp +2.12%
US equity markets advanced after an unexpectedly weak private-sector hiring report further bolstered expectations of an interest rate cut by the Federal Reserve next week - Dow rose +408-points or +0.86%
In this episode, Chris Titley speaks with Dawn Kanelleas, Head of Australian Small and Mid Cap Companies at First Sentier Investors. Dawn manages a range of Small and Mid Cap portfolios and brings over 20 years of experience in the investment industry, including 15 years as a dedicated Small Companies Portfolio Manager. At First Sentier Investors, she focuses on researching and analysing Australian listed stocks in the Small and Mid Cap sectors, helping clients navigate opportunities in this dynamic space.
Morgans AM - Wednesday, 3 December 2025 by Morgans Financial
US equity markets retreated to open the final trading month of the calendar year, with technology and cryptocurrency-related stocks under particular pressure - Dow fell -427-points or -0.90%. Merck & Co Inc (-2.81%) was the worst performer in the 30-stock index, while Amgen Inc (-2.31%) and McDonald's Corp (2.06%) both fell over >2%.
US equity markets advanced in an abbreviated trading session on Friday (28 November) to cap a strong, holiday-shortened trading week - Dow rose +289-points or +0.61% with Amazon.com Inc, International Business Machines (IBM) Corp and JPMorgan Chase & Co all rising +1.77%.
US bond and equity markets bond and equity markets were CLOSED overnight for Thanksgiving Day holiday, while it is an abbreviated trading session tonight AEST.
US equity markets advanced for a fourth consecutive session ahead of the Thanksgiving holiday - Dow rose +315-points or +0.67%. Boeing Co (up +2.46%) and Walmart Inc (+1.96%) were the leading performers in the 30-stock index. Nvidia Corp +1.37%
The Fundamentals Podcast 2025 – Episode 3
US equity markets extended their strong start to the holiday-shortened week as the latest delayed economic data releases bolstered hopes of Federal Reserve interest rate cuts - Dow rallied +664-points or +1.43%, rebounding from an earlier ~100-point decline. Merck & Co Inc (+5.24%) and Home Depot Inc (+4.34%) were the leading performers in the 30-stock index.
US equity markets rallied sharply to kick off a holiday-shortened trading week amid renewed optimism around a December interest rate cut from the Federal Reserve - Dow rose +203-points or +0.44%. Amazon.com Inc (up +2.53%) said it will spend as much as $US50B expanding its capacity to provide artificial intelligence (AI) and high-performance computing services to US government entities. Amazon Web Services (AWS) plans to break ground next year on what will ultimately be 1.3 gigawatts of additional capacity across data centres designed for federal agencies, the company said in a blog post overnight. Goldman Sachs Group Inc (+2.15%), International Business Machines (IBM) Corp (+2.25%), Merck & Co (+2.70%) and Nvidia Corp (+2.05%) also rallied over >2%. However, Procter & Gamble Co (-2.61%), Verizon Communications Inc (-2.47%) and Walt Disney Co (-2.24%) all fell over >2%.
US equity markets advanced after New York Federal Reserve President John Williams suggested the central bank could cut interest rates yet again this year - Dow rallied +493-points or +1.08%. Home Depot Inc (up +3.29%) was the leading performer in the 30-stock index. Nvidia Corp lost -0.97% after Bloomberg News reported, citing sources, that the Trump administration was mulling the sale of H200 AI chips to China. The report said President Trump held talks internally about possible shipments in recent days, though it added that a decision had not been made.
US equity markets retreated on Thursday as the Dow was on pace for its worst week in a month as strong Nvidia earnings weren't enough to cool investor fears. Dow fell -386.51 points or 0.84%.
US equity markets advanced, with the Dow and S&P500 snapping four session losing streaks ahead of the release of Dow component Nvidia Corp's (up +2.85% in the regular session) third quarter result after the closing bell and tonight's AEST delayed September jobs report - Dow edged +47-points or +0.10% higher. Boeing Co (down -2.07%) and Salesforce Inc (-2.41%) both fell over >2%.
US equity markets retreated as concerns about valuations for artificial intelligence (AI) stocks continued to weigh on sentiment and with investors eyeing Nvidia Corp's (-2.81%) third quarter result after the closing bell of tonight' AEST session - Dow rose -499-points or -1.07%, having been down almost -700-points at its worst levels of the session. E-commerce and cloud giant Amazon.com Inc lost -4.43%, while International Business Machines (IBM) Corp (-2.43%), Honeywell International (-2.36%) and UnitedHealth Group Inc (-2.17%) were among seven Dow components that fell over >2%.
US equity markets opened the week sharply lower, with traders eyeing quarterly results from Nvidia Corp (down -1.88%) and some major retailers later in the week as well as delayed economic data - Dow fell -627-points or -1.33% American Express Co dropped -4.46% and was the worst performer in the 30-stock index after the financial-services giant said its U.S. Consumer Card Member loans net write-off rate was 2.2% in October, up from 1.9% in September, while its U.S. Small Business Card Member loans net write-off rate ticked up to 2.6% from 2.5%.
US equity markets were mixed on Friday (14 November) but recovered from an early, steep sell-off to settled well of their worst levels of the session - Dow fell 310-points or -0.65%, having been down as much as -600-points or ~1.3% earlier in the session. UnitedHealth Group Inc (down -3.21%) was the worst performer in the 30-stock index. Nike Inc lost -2.82%, with Moody's downgrading its ratings on debt issued by the footwear and athletic apparel company, pointing to elevated competition and cost pressures related to tariffs as factors behind its more cautious outlook. Walmart Inc dipped -0.06% after it announced Chief Executive Officer (CEO) Doug McMillon will retire on 31 January 2026, and be succeeded by Walmart U.S. CEO John Furner. Nvidia Corp (+1.77%) and Microsoft Corp (+1.37%) were the leading Dow components on Friday (14 November).
US equity markets mixed as investors continued to monitor progress on resolving the US government shutdown - Dow rose +327-points or +0.68% to 48,254.82, the 30-stock index's first close above >48,000 after setting a fresh record intra-day peak (48,431.57). Goldman Sachs Group Inc (+3.54%) and United Health Group Inc (+3.55%) both rallied ~3.5%. International Business Machines (IBM) Corp +0.40% after the company the company announced several quantum-computing "breakthroughs."
US equity markets mixed as investors continued to monitor progress on resolving the US government shutdown - Dow rose +327-points or +0.68% to 48,254.82, the 30-stock index's first close above >48,000 after setting a fresh record intra-day peak (48,431.57). Goldman Sachs Group Inc (+3.54%) and United Health Group Inc (+3.55%) both rallied ~3.5%. International Business Machines (IBM) Corp +0.40% after the company the company announced several quantum-computing "breakthroughs."
Morgans AM - Wednesday, 12 November 2025 by Morgans Financial
US equity markets rallied amid signs that a historic U.S. government shutdown could be nearing its end - Dow rose +382-points or +0.81% Nvidia Corp (up +5.79%) was the clear outperformer in the 30-stock index.
US equity markets settled narrowly mixed on Friday (7 November), recovering from steeper declines earlier in the session to cap a volatile week - Dow added +75-points or +0.16%, recovering from an earlier slide of ~400-points or -0.9%. Coca-Cola Co (up +2.16%) and Sherwin-Williams Co (+1.95%) were the leading performers in the stock index.
• Fresh selling in the technology sector led US equity markets lower overnight - Dow fell 399-points or -0.84%, with Salesforce Inc (down -5.31%) the worst performing component in the 30-stock index. So-called ‘Magnificent Seven' mega-capitalisation technology companies Nvidia Corp (down -3.65%) and Amazon.com Inc (-2.86%) also fell sharply, while Microsoft Corp (down -1.98%) extended declines into a seventh consecutive session to book its longest losing streak since 6 September 2022
Technology stocks led a rebound for US equity markets - Dow rose +226-points or +0.48% Amgen Inc (up +7.81%) was the leading performer in the 30-stock index after the pharmaceutical company posted a better-than-expected third quarter result and raised its full-year sales outlook after the close of the previous session Economic bellwether Caterpillar Inc gained +3.94%. Home Depot (down -2.41%) was the worst performing Dow component overnight.
• US equity markets retreated, with the Chief Executive Officers (CEOs) of investment banking giants Goldman Sachs Group Inc (up +0.68%) and Morgan Stanley (+0.22%) cautioning that equity markets could be heading for a drawdown of around 10% to 15% - Dow fell -251-points or -0.53%, with Caterpillar Inc (down -4.03%) and Nvidia Corp (-3.96%) both falling ~4%.
A mixed start to November for US equity markets ahead of another busy week of quarterly earnings releases - Dow fell -226-points or -0.48%, with Merck & Co Inc (down -4.06%) the worst performer in the 30-stock index. 3M Co (down -2.59%), UnitedHealth Group Inc (-2.27%) and Chevron Corp (-2.33%) all declined over >2%. Microsoft Corp (down -0.15%) announced it has secured export licenses to ship Nvidia Corp (+2.23%) chips to the United Arab Emirates amid Gulf's ambitions to become an AI leader. Amazon.com Inc rallied +4.03% to be the leading Dow component overnight, hitting a fresh record high (US$258.60) after signing a multi-year US$38B deal to supply cloud computing services to OpenAI, affording the ChatGPT maker access to Nvidia's graphics processors. Amazon soared +9.58% in the previous session after releasing stronger-than-expected third-quarter earnings after the close last Thursday's (30 October), underpinned by a sharp acceleration in cloud revenue. Separately, an intense lobbying effort by Jensen Huang, chief executive of Nvidia, to persuade President Donald Trump to sell its chips to customers in China was thwarted by top US officials, The Wall Street Journal
US equity markets advanced on Friday (31 October) after a choppy session to cap a solid week and month for the benchmark indices - Dow edged +41-points or +0.09% higher Apple Inc settled -0.38% lower at US$270.37, unwinding an gain that saw the mega-capitalisation technology stock touch a fresh record intraday high of US$277.32 after reporting better-than-expected third quarter earnings after the close of last Thursday's (30 October) session and forecast holiday-quarter iPhone sales and overall revenue that surpassed Wall Street expectations thanks to strong demand for its iPhone 17 models. Nvidia Corp slipped -0.20% following news it is partnering with Samsung and other South Korean firms to deploy 250,000 of its chips across the Asian country.
• US equity markets settled mixed albeit the benchmark indices logged record intra-day highs for a third straight session as investors digested the latest monetary policy pronouncements from the Federal Reserve and eyed corporate earnings releases from three mega-capitalisation technology companies after the closing bell - Dow eased -74-points or -0.16% to 47,632, touching a record intra-day high (48,040.64) earlier in the session. Nike Inc (-3.08%) and UnitedHealth Group Inc (-3.42%) both fell over >3%. Nvidia Corp +2.99% following a well-received presentation from Chief Executive Officer (CEO) Jensen Huang at the company's GPU Technology Conference, becoming the first company to close with a US$5 trillion market capitalisation just 78-days after closing with a market capitalisation of US$4 trillion for the first time. A US$5 trillion market capitalisation is larger than the 2024 gross domestic product (GDP) of every country except the U.S. and China, and it would roughly equal what the International Monetary Fund (IMF) projects for Germany's nominal GDP this year.
Morgans AM - Thursday, 30 October 2025 by Morgans Financial
Benchmark US equity indices advanced to book record closing highs for a third consecutive session - Dow rose +162-points or +0.34% to 47,706.37.
US equity markets climbed to fresh record highs for a second consecutive session running on optimism that the U.S. and China will strike a trade deal when US President Trump meets Chinese President Xi Jinping on Thursday (30 October) at the Asia-Pacific Economic Cooperation summit in South Korea - Dow rose +337-points or +0.71% to a record closing high of 47,544.19. Apple Inc (up +2.28% to US$268.81) and Microsoft Corp (+1.51% to US$531.52) are close to joining Nvidia in the US$4 trillion market capitalisation club, needing to close at US$269.54 and US$538.13 respectively to achieve the mark. Amazon.com Inc rose +1.23% after Reuters reported that the technology giant is planning to cut as many as 30,000 corporate jobs beginning on Tuesday (28 October) as the company works to pare expenses and compensate for over-hiring during the peak demand of the pandemic, according to three people familiar with the matter. The figure represents a small percentage of Amazon's 1.55M total employees, but nearly 10% of the company's ~350K corporate employees.
Benchmark US equity indices rallied to fresh record highs after delayed inflation figures bolstered expectations for two interest rates cuts before calendar year end - Dow rose +473-points or +1.01% 47,207.12, booking its first close above 47,000 ever a logging a record intra-day high (47,326.73). International Business Machines (IBM) Corp rallied +7.88% following a Reuters report the firm determined it could run certain quantum computing algorithms on an easily accessible Advanced Micro Devices (AMD) Inc (+7.63%) chip. Investment banks Goldman Sachs Group Inc (+4.41%) and JPMorgan Chase & Co (+2%) traded strongly.
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