Morgans AM: Thursday, 13 June 2024

The S&P 500 and Nasdaq posted record closing highs for a third straight session, buoyed by a softer-than-expected consumer inflation reading for May and signs that Federal Reserve officials could start to cut interest rates this year - Dow slipped -35-points or -0.09%. Apple Inc gained +2.86%, logging a record closing high (US$213.07) for a second straight session and settled US$12B shy of Microsoft Corp (+1.94%) in market capitalisation terms. Caterpillar Inc added +0.43% the board of the manufacturer of construction and mining equipment approved an additional US$20B in share buybacks and raised its dividend (by +US$0.11c to US$1.41).