Morgans AM - Monday, 22 December 2025

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.