Morgans AM: Tuesday, 17 September 2024

US equity markets mostly firmer in cautious trade of key central bank meetings later this week - Dow rose +228-points or +0.55% to 41,622.08, logging its 27th record close of the year-to-date. Intel Corp rallied +6.36% to be the leading Dow component after confirming press reports late last Friday (13 September) that it has been granted up to US$3B in Chips Act funding to “expand the trusted manufacturing of leading-edge semiconductors for the U.S. government.” Specifically, this award covers defence work. This deal is separate from the ~US$20B in funding that Intel announced earlier this year that it was eligible for through the Chips Act. Apple Inc fell -2.78% amid concerns about early sales for the just-launched iPhone 16. Analysing delivery lead times and whether models of the iPhone 16 will be available in stores on Friday (20 September) as scheduled, several analysts said that early indications appear disappointing for Apple's latest smartphone. Separately, the tech giant also received FDA approval for the sleep apnoea detection feature in its newest smartwatch operating system. Meanwhile, Amazon.com Inc (-0.86%) told employees to return to in-person work five days a week next year, barring any ”extenuating circumstances” or exceptions.