Morgans AM: Friday, 17 May 2024

US equity markets settled with modest declines a day after all three (3) benchmark indices logged record closing highs - Dow slipped -39-points or -0.10% to 39,869.38, briefly topping >40,000 for the time earlier in the session. American Express Co (-0.16%) and Amazon.com Inc (-1.27%) are the two top performing Dow stocks so far this year, up +28.81% and +20.86% respectively year-to-date. However, given the Dow is a price-weighted average it’s Caterpillar Inc (down -2.59%) and Goldman Sach Group Inc (-0.34%) that have been the biggest points contributors to the 30-stock index this year to date.