Morgans AM: Friday 23 August 2024

US equity markets retreated as central bankers will gather in Jackson Hole, Wyoming for the Federal Reserve’s annual Monetary Policy Symposium, with the S&P 500 and Nasdaq logging their worst daily decline since 5 August - Dow fell -178-points or -0.43%. Intel Corp slumped -6.12% to be worst performer in the 30-stock index overnight following reports that the semiconductor giant's progress on constructing two new chip fabrication facilities in Germany may be stalled. Intel expected the Magdeburg plants to be online and producing high-performance semiconductors as soon as 2027. However, according to media reports this week, the schedule now appears uncertain. Amazon.com Inc (-2.21%) and Microsoft Corp (-2.03%) both fell over >2%.