Morgans AM - Wednesday, 8 July 2026

US equity markets weaker amid a fresh rotation out of semiconductor stocks into areas like healthcare and financials – Dow fell -131-points or -0.25% to 52,925.15 after scaling a fresh record intra-day high of 53,289.30 earlier in the session. Caterpillar Inc fell -3.07% to be the worst performer in the 30-stock index after announcing that it had acquired Skycatch, which it described as “a leading provider of spatial data capture, processing and analysis solutions for the mining industry.” Some analysts also cited a broker downgrade to European power generation equipment provider Siemens Energy (see below) as a drag on Caterpillar and GE Vernova Inc (-6.51%). Chevron Corp (up +3.52%) was the leading Dow component, tracking a spike on crude markets.