Morgans AM: Tuesday, 24 September 2024

The S&P 500 and Dow logged record closing highs, building on last week's Federal Reserve rate cut-induced momentum and after data showed steady business activity in September - Dow added +61-points or +0.15% to 42,124.65, logging a record closing high for a third consecutive session. Intel Corp gained +3.30% to be the leading performer in the 30-stock index after Bloomberg reported on Sunday (22 September) that Apollo Global Management has offered to invest as much as US$5B in the struggling chipmaker. Intel got a boost last week from a company update on its transformation plans as well as a Wall Street Journal report Friday (20 September) that Qualcomm Inc (down -1.75%) had made a "takeover approach". Boeing Co (+1.96%) has made its “best and final” offer to striking workers, offering a 30% raise as it tries to end a work stoppage that threatens its recovery. The 33,000 members of the International Association of Machinists and Aerospace Workers District 751 walked off the job 11 days ago after rejecting a contract negotiated by the union’s leadership.