Morgans AM Thursday, 22 August 2024

US equity markets logged modest gains as investors digested earnings reports from various retailers, the minutes from the Federal Reserve’s late July monetary policy meeting and a sharp downward revision to annual payrolls data - Dow edged +56-points or +0.14% higher, with Intel Corp (up +2.0%) the leading performer in the 30-stock index. American Express Co fell -2.68% to US$246.30 after Bank of America Securities downgraded the payments giant to ‘Neutral’ from ‘Buy’ with a US$263 price target, with the analysts pointing to the stock’s current premium valuation and the potential for subdued growth in billings volume.