Morgans AM: Thursday, 26 September 2024

The Dow Jones Industrial Average and S&P 500 retreated from record highs - Dow fell -293-points or -0.7%, snapping a four session winning streak. Amgen Inc dropped -5.46% to be the worst performing Dow component overnight after the biotechnology company posted disappointing results from two Phase 3 trials. Visa Inc fell -1.15%, extending the previous session’s -5.49% decline that came after report that the U.S. Department of Justice plans to file a lawsuit against the payments network operator, alleging that it illegally monopolised the country's debit card market. A US$1 move in any one of the 30 Dow components results in a 6.57-point swing.