Morgans Financial Limited

•Technology stocks again lifted the S&P500 and Nasdaq to back-to-back intraday and closing peaks despite oil prices advancing and ahead of inflation figures tonight AEST – Dow rose +95-points or +0.19%. Caterpillar Inc (up +3.27%) was the leading performer in the 30-stock index, while Honeywell International Inc (+2.81%) and Cisco Systems Inc +2.23%) gained over >2%. Nvidia Corp rose +1.97% to a fresh record closing high US$219.44, extending its 4-day rally to +11.26% that has seen the chip giant add ~US$591B in market capitalisation – more than the total market capitalisation of Oracle Corp (down -1.08%). Nike Inc (down -3.96%) and Walt Disney Co (-3.05%) dropped over >3%.

US equity markets retreated, with the recent rally that has lifted the S&P500 and Nasdaq to record highs faltering amid uncertainty about talks between the US and Iran, and whether a formal peace accord will be reached anytime soon – Dow fell -314-points or -0.63%. Caterpillar Inc (down -3.37%) and JPMorgan Chase & Co (-2.74%) were the weakest Dow components. Salesforce Inc (up +2.84%) and International Business Machines (IBM) Corp (+2.47%) rallied over >2%, while Microsoft Corp +1.65% and Nvidia Corp +1.77% gained over >1.5%. Walt Disney Co added +0.56% a day after after posting a better-than-expected first quarter result, underpinned by a strong performance from the company’s streaming and theme park businesses.

The S&P500 and Nasdaq booked fresh record intra-day and closing highs for a second consecutive session following reports that the U.S. and Iran were getting close to a deal that would bring a resolution to the conflict – Dow rallied +612-points or +1.24%, with 10 of the index’s 30 component recording gains of over >2%.

•The S&P500 and Nasdaq booked fresh record intra-day and closing highs amid a fresh rally for technology stocks and as oil prices retreated – Dow rose +356-points or +0.73%. Caterpillar Inc (+3.41%) was the leading performer in the 30-stock index and touched a record high along with Amazon.com Inc (up +0.55%).

The S&P500 and Nasdaq retreated from record highs as oil prices soared after the United Arab Emirates said it had successfully intercepted Iranian missiles – Dow fell -557-points or -1.13%, with Home Depot Inc down -3.54%, while Boeing Co (-2.67%), Nike Inc (-2.95%) and Procter & Gamble Co (-2.61%) fell over >2.5%.

The S&P500 and Nasdaq ushered in May with fresh record intra-day and closing highs – Dow eased -153-points or -0.31%, with Amgen Inc down -4.75% a day after the biotechnology stock posted stronger-than-expected adjusted earnings per share (EPS) and revenue for the first quarter. 3M Co (-2.74%) McDonald’s Corp (-2.37%) fell over >2%. Salesforce Inc rallied +4.13% to be the leading performer in the 30-stock index on Friday (1 May). Apple Inc +3.24% after the technology giant’s first quarter result released after the close of the previous session topped Wall Street forecasts, thanks in part to strong sales of its iPhone 17.

Morgans AM - Friday, 1 May 2026 by Morgans Financial

The S&P500 and Nasdaq retreated from record highs as oil prices continued to climb and as investors eyed a huge night ahead on the corporate earnings front – Dow slipped -26-points or -0.05%. Sherwin-Williams Co -3.52%

•The S&P500 and Nasdaq edged higher to fresh closing records despite U.S.-Iran peace talks stalling yet again and pushing oil prices higher – Dow eased -63-points or -0.13%. McDonald’s Corp fell -3.06% to be the worst performer in the 30-stock index. Nvidia Corp pushed further into record territory, rallying +4% to US$216.61 after clinching its first new record close since 29 October last year last Friday (24 April) that lifted the chipmaking giant’s market capitalisation back above >US$5 trillion. Nvidia extended its advance from a year-to-date low in late March to more than >30%.

US equity markets rallied on Friday (24 April), lifting the S&P500 and Nasdaq to fresh records as investors assessed signs of progress in U.S.-Iran peace talks and weighed solid corporate earnings against downbeat forward guidance due to war-related energy price shocks – Dow slipped -80-points or -0.16%, with Merck & Co Inc (down -2.37%) the worst performer in the 30-stock index. Nvidia Corp rallied +4.32% to US$208.27, clinching its first new record close since 29 October last year and lifting the chipmaking giant’s market capitalisation back above >US$5 trillion. The stock is still below its all-time intra-day high of US$212.19. Amazon.com Inc rose +3.49% to a record closing high of US$263.99 following news that it will supply its Graviton processors to Facebook parent Meta Platforms Inc (+2.41%) to support the social media giant’s agentic artificial intelligence (AI) workloads

U.S. equity markets finished lower on Thursday, with all three (3) major indices retreating from recent highs as intraday strength proved unsustainable. Both the S&P 500 and Nasdaq Composite briefly printed fresh record levels before reversing, pressured by weakness in software and broader technology names, which weighed on overall market sentiment.

US equity markets settled sharply higher, with the S&P500 and Nasdaq booking fresh record closing highs after President Trump announced an indefinite extension to the ceasefire with Iran – Dow rose +341-points or +0.69%.

Morgans AM Wednesday 22 April 2026 by Morgans Financial

US equity markets settled with modest declines as uncertainty around the prospects of U.S.-Iran negotiations weighed on investor sentiment – Dow dipped -5-points or -0.01%. Apple Inc (up +1.04%) confirmed that senior vice president of hardware engineering John Ternus is succeeding Tim Cook as Chief Executive Officer (CEO), with Mr Cook to assume the role of executive chairman on 1 September. It marks the first CEO transition for Apple since Mr Cook succeeded Steve Jobs at the helm in 2011.

US equity markets rose sharply on Friday (17 April), with the S&P500 and Nasdaq recording fresh record intra-day and closing highs for a third straight session after Iranian foreign minister Abbas Araghchi said the Strait of Hormuz was “completely open” to commercial traffic following last Thursday's (16 April) announcement of a 10-day ceasefire between Israel and Lebanon – Dow rallied +869-points or +1.79%. Home Depot Inc (+3.63%), Sherwin Williams Co (+3.66%) and Merck & Co Inc (+3.13%). Chevron Corp fell -2.21%, tracking weaker crude prices and one of just three Dow components to settle in the red.

US equity markets were all stronger overnight after President Trump stated Israel and Lebanon had entered into a 10-day ceasefire, potentially paving the way for a broader peace agreement in the region. The Dow was up 118 points or +0.24% to 48,578 points.

US equity markets rallied, with unconfirmed reports that Iran has privately reached out to the US to discuss terms for ending their escalating conflict. However, Iran later denied a New York Times article that suggested operatives from its Ministry of Intelligence had reached out indirectly to the Central Intelligence Agence (CIA) with an offer to discuss terms for ending the conflict. According to Bloomberg, Iran's Tasnim News Agency cited a ministry source as saying that the New York Times report was "pure falsehood and psychological warfare"

US equity markets climbed and oil prices retreated amid signs of progress in U.S.-Iran peace talks, while investors also digested cooler-than-expected wholesale inflation figures – Dow rose +318-points or +0.66%. Nvidia Corp gained +3.8% to US$196.51 to book a tenth consecutive session advance - the artificial intelligence chip giant’s longest such winning streak since 2023 and one that has lifted the stock +17.66% over that stretch. The latest gain came a day after the company denied a report that it was seeking an acquisition of a large company that would “reshape the PC landscape.” Nvidia also announced a new family of open-source models overnight that the company it’s calling Ising, aimed at accelerating the adoption of quantum computing. Nvidia sits ~% below its all-time high of US$212.19 (adjusted for a 10-for-1 stock split that occurred in 2024) logged in October last year. Amazon.com Inc (+3.81%) extended its rally into a seventh straight session to record its best seven-day gain (+17.46%) since August 2022, with the company announced the acquisition of satellite operator Globalstar Inc (+9.63%) in a deal valued up to US$11.6B. Globalstar’s technology allows direct-to-device connectivity, meaning that consumer devices can communicate directly with satellites without additional equipment. The move could help Amazon grow its Leo satellite internet network and compete with Starlink, the satellite internet service of Elon Musk's SpaceX. Amazon also announced an agreement with Apple Inc (down -0.14%) for its Amazon Leo network to power existing and future satellite services for the iPhone and Apple Watch.

US equity markets opened the week on a positive footing, recovering from an opening slide after President Trump hinted at a possible resumption of negotiations with Iran. “We’ve been called by the other side,” President Trump said, adding “They’d like to make a deal very badly.” – Dow rose +302-points or +0.63%, recovering from an earlier session slide of over >400-points or ~0.9%. Salesforce Inc (up +4.76%) was the leading Dow component, snapping a five-session losing streak that pushed the stock -11.87% lower last week. International Business Machines (IBM) Corp (+3.06%) and American Express Co (+3.29%) rose over >3%.

US equity markets settled mostly weaker on Friday (April) as investors eyed diplomatic talks over the weekend that were the highest level negotiations between Washington and Tehran since the 1979 Islamic revolution and that sought to build on the two-week ceasefire negotiated last week – Dow lost -269-points or -0.56%. Nike Inc fell -3.14% and hit a 12-year low. The company announced chief innovation officer, Tony Bignell, was departing the company “to pursue his creative and philanthropic passions” less than a year after Chief Executive Officer (CEO) Elliot Hill installed him in the role.

The S&P500 and Nasdaq booked a seventh consecutive session of gains, reversing opening declines after Israeli Prime Minister Benjamin Netanyahu said he has given an instruction for Israel to begin talks with Lebanon that would also include the disarming of Hezbollah, which is also linked to Iran.

US equity markets soared and oil prices tumbled after President Trump announced after the close of the previous session that the U.S. and Iran had agreed to a two-week ceasefire – Dow rallied +1,325-points or +2.85%, the 30-stock index’s best session since April 2025, when President Trump first backed down from the severity of his initial tariff announcement. Caterpillar Inc (up +6.51%), Home Depot Inc (+5.46%) and Goldman Sach Group Inc (+4.81%) were the leading trio of Dow components overnight.

US equity markets logged modest gains, climbing in the final hour of trading amid hopes that a proposal brokered by Pakistan may result in an eleventh-hour deal between the U.S. and Iran– Dow slipped -85-points or -0.18%, with Nike Inc (down -3% and trading at lows not seen since October 2014)

US equity markets resumed trading following the Good Friday (3 April) holiday, logging modest gains after President Trump said Iran was "an active, willing participant" in talks to end the countries' five-week-plus conflict but also threatened "decimation" if the nation doesn't reopen the Strait of Hormuz – Dow rose +165-points or +0.36%. Boeing Co (up +1.96%), Cisco Systems Inc (+1.79%) and American Express Co (+1.85%) all gained over >1.5%.

US equity markets made a positive start to the new month and quarter while oil prices declined amid cautious optimism the Iran war may end soon – Dow rose +224-points or +0.48% Boeing Co gained +4.17% to be the leading Dow performer, while Caterpillar Inc rose +3.09%. However, Nike Inc slumped -15.51% following the release of its third quarter result after the close of the previous session.

US equity markets opened the new week on the back foot following five consecutive weekly declines - Dow edged +50-points or +0.11% higher, with Salesforce Inc (up +3.19%) the leading component in the 30-stock index. However, Caterpillar Inc dropped -4.02% and Cisco Systems Inc -3.6%.

US equity markets opened the new week on the back foot following five consecutive weekly declines - Dow edged +50-points or +0.11% higher, with Salesforce Inc (up +3.19%) the leading component in the 30-stock index. However, Caterpillar Inc dropped -4.02% and Cisco Systems Inc -3.6%.

•US equity markets fell sharply for a second consecutive session on Friday (27 March) as oil prices continued to soar and act as the dominant driver of investor sentiment as the war in the Middle East entered its fifth week with no sign of a resolution - Dow dropped -793-points or -1.73% to 45,166.64, joining the Nasdaq in official correction territory after settling a touch over >10% below its 10 February record closing high (50,188.14). Amazon.com Inc (down -3.95%), JPMorgan Chase & Co (-3.02%), Salesforce Inc (-3.41%), UnitedHealth Group Inc (-3.37%) and Visa Inc (-3.28%) all falling over >3%. Nvidia Corp fell -2.17% after being the worst performer in the 30-stock index a day earlier.

US equity markets fell sharply, with the S&P 500 and Nasdaq recording their steepest single session decline since 20 January as oil prices continued to march higher amid mixed messages around the US-Iran conflict – Dow fell -469-points or -1.01% Nvidia Corp (down -4.16%) was the worst performer in the 30-stock index, while Boeing Co (-2.63%) and 3M Co (-2.783%) fell over >2.5%. Salesforce Inc (up +2.02%)

US equity markets advanced amid hopes of a ceasefire in the US-Iran war - Dow +305-points or +0.66%. Sherwin-Williams Co (+2.63%) and Merck & Co Inc (+2.58%) climbing over >2.5%. The latter announced that it will acquire US biotech firm Terns Pharmaceuticals for US$53 per share in cash, valuing the company at ~US$6.7B. Terns is developing TERN-701, an oral therapy for chronic myeloid leukemia. It marks Merck’s third multibillion-dollar acquisition in the past year as the company looks to strengthen its portfolio ahead of its top-selling cancer drug Keytruda losing patent protection in 2028.

US equity markets retreated as oil prices rebounded and software stocks came under fresh selling pressure - Dow slipped -84-points or -0.18%, with Salesforce Inc (down -6.23%) the worst performer in the 30-stock index. International Business Machines (IBM) Corp (-3.16%) and Microsoft Corp (-2.68%) also booked notable declines. Caterpillar Inc (up +2.13%) and Cisco Systems Inc (+2.59%) rose over >2%.

Technology stocks led fresh falls on US equity markets on Friday (20 March) as oil prices resumed their march higher - Dow fell -444-points or -0.96% to 45,577.47. International Business Machines (IBM) Corp (down -3.43%), Honeywell International Inc (-3.29%), Nvidia Corp (-3.28%) and Boeing Co (-3.01%) all fell over >3%.

Morgans AM - Friday, 20 March 2026 by Morgans Financial

US equity markets fell sharply as investors digested the latest wholesale inflation figures, and the Federal Reserve’s latest monetary policy pronouncements and economic projections - Dow shed -768-points or -1.63% with Home Depot Inc (-3.08%), McDonald’s Corp (-3.24%), Procter & Gamble Co (-3.15%) and Visa Inc (-3.06%) all dropping over >3%. A further 10 Dow components fell over >2%. Only two (2) components in the 30-stock index – Chevron Corp (up +0.32%) and JPMorgan Chase & Co (+0.3%) – settled in positive territory.

•US equity markets advanced for a second straight session, shrugging off fresh gains in oil prices – Dow edged +47-points or +0.10% higher, with International Business Machines (IBM) Corp (up +2.75%) the leading component in the 30-stock index. Amazon.com Inc rose +1.63% after Reuters reported that Chief Executive Officer (CEO) Adam Jassy said in an internal meeting that he projects artificial intelligence (AI) will help Amazon Web Services (AWS) double its previously forecasted sales estimates to US$600M over the next 10-years. Nvidia Corp fell -0.7% as the GPU Technology Conference entered its second day, with the semiconductor chipmaker announcing a slew of robotaxi collaborations including an expanded partnership with Uber Technologies Inc (+4.19%). Separately, CEO Jensen Huang said Nvidia is gearing up to provide some customers in China with its H200 processors. “We have received purchase orders, and we’re in the process of restarting our manufacturing,” Mr Huang told reporters at the company’s GTC conference in San Jose, California. “That’s new news for all of you, and it’s different than it was two weeks ago or three weeks ago, but that’s our condition today, and and our supply chain is getting fired up.” China once accounted for at least one-fifth of Nvidia’s data center revenue, but the company has been shut out of the country since being told by the Trump administration in April that it would require a license to export chips there and to a handful of other countries.

US equity markets rallied as oil prices retreated amid fresh efforts to reopen the Strait of Hormuz - Dow rose +392-points or +0.83%,,with Salesforce Inc (up +2.86%) the leading component in the 30-stock index. Nvidia Corp’s (+1.65%) four-day GPU Technology Conference kicked off overnight with a keynote speech from Chief Executive Officer (CEO) Jensen Huang, who said the semiconductor chipmaker expects to record $US1 trillion in AI chip sales through 2027. The company previously had said it expected chip sales to reach $US500 million by the end of 2026.

Morgans AM - Monday, 16 March 2026 by Morgans Financial

All three major U.S. equity indices closed sharply lower on Thursday, as investor sentiment weakened amid heightened geopolitical and credit market concerns.

All three major U.S. equity indices closed mixed on Wednesday, as a February CPI reading that came in broadly in line with expectations, together with the International Energy Agency’s announcement of an emergency oil reserve release, failed to provide sufficient support to lift market sentiment.

All three (3) major stock indexes erased their earlier gains to finish mostly lower in a volatile session on Tuesday. Dow fell 34.29-points or -0.07%.

US equity markets advanced, staging an impressive intra-session rebound after President Trump reportedly viewed the war with Iran as “pretty much” done - Dow rose +239-points or +0.50%, recovering from an earlier decline of as much as -900-points. Caterpillar Inc (up +3.51%) sat at the top of the primary sector leaderboard, arresting a two-session slide that had dragged the manufacturer of construction and mining equipment down over >7%.

US equity markets retreated as oil prices continued to soar as the war between the US and Iran showed no signs of a resolution, while investors also digested the latest jobs figures - Dow fell -453-points or -0.95% paring an earlier decline of close to -950-points or ~2%. Caterpillar Inc (down -3.57%) and Nvidia Corp (-3.01%) fell over >3%. Boeing Co rallied +4.08% following a Bloomberg report that it was nearing one of the largest sales in its history, a 500-aircraft order for 737 Max planes, which would be unveiled when President Trump visits Beijing from 31 March to 2 April for his first state visit to China since 2017. "The two sides are also in talks for a widebody sale that includes about 100 Boeing 787 Dreamliner and 777X jets," the report added.

•US equity markets fell sharply as oil prices resumed their march higher after Iran claimed to have attacked a tanker in the Strait of Hormuz - Dow fell -785-points or -1.61%, having been down over >1,100 points or ~2.4% earlier in the session. Caterpillar Inc (-3.54%), Goldman Sachs Group Inc (-3.67%), Merck & Co (-3.5%), Sherwin-Williams Co (3.51%) and Walmart Inc (-3.52%) all fell 3.5%+. Salesforce Inc rallied +4.3% to be the leading performer in the 30-stock index as software stocks more broadly continued to rebound. Nvidia Corp edged +0.16% higher, recovering from an earlier decline that came Bloomberg News reported that the U.S. government is looking to add major restrictions to artificial intelligence (AI) chip exports. According to the report, U.S. officials have proposed regulations that would require U.S. companies to seek permission for all exports of AI accelerators, expanding restrictions that currently cover around 40 countries. The U.S. would only approve massive exports - such as more than 200,000 Nvidia GPUs owned by a single company - to allies that make strict security promises and “matching” investments in American AI, Bloomberg reported, citing sources. However, the proposal is not finalised and could see substantial changes.

US equity markets rallied, with unconfirmed reports that Iran has privately reached out to the US to discuss terms for ending their escalating conflict. However, Iran later denied a New York Times article that suggested operatives from its Ministry of Intelligence had reached out indirectly to the Central Intelligence Agence (CIA) with an offer to discuss terms for ending the conflict. According to Bloomberg, Iran's Tasnim News Agency cited a ministry source as saying that the New York Times report was "pure falsehood and psychological warfare" - Dow rose +238-points or +0.49%, snapping a three-session losing streak. Amazon.com Inc gained +3.88% to be the leading performer in the 30-stock index. Nvidia Corp rose +1.66%.

•US equity markets retreated but settled well off their session lows as concerns around a prolonged U.S.-Iran conflict continued to rattle investor sentiment, although comments from President Trump around ensuring energy supply helped assuage some fears - Dow fell -404-points or -0.83%, paring an earlier decline of over >1,250-points. Caterpillar Inc fell -4.03% to be the worst performer in the 30-stock index. Nvidia Corp fell -1.33% despite analysts at Morgan Stanley naming the world’s most valuable company by market capitalisation as its top semiconductor pick, citing an attractive valuation. International Business Machines (IBM) Corp (up +2.47%) was the leading Dow component overnight.

US equity markets steadied, reversing steep morning session losses - Dow slipped -73-points or -0.15%, paring an earlier decline of as much as 600-points. 3M Co (down -2.33%), Home Depot Inc (-2.6%) and Procter & Gamble Co (-2.21%) all fell over >2%. Nvidia Corp rose +2.99% and was the leading performer in the 30-stock index, arresting a two-day slide that saw the chipmaking giant drop over >9.5% despite. Microsoft Corp rose +1.48%. Apple Inc (+0.20%) kicked off a three-day stretch of new product announcements overnight unveiling its new iPhone 17e and a new iPad Air, refreshing its entry-level hardware offerings with updated chips to prepare for the rollout of new artificial-intelligence (AI) features later this year.

US equity markets retreated and booked their steepest monthly declines in a year, with financial and Information technology stocks under pressure and with investors eyeing US-Iran hostilities that are poised to drive crude prices sharply higher - Dow lost 521-points or -1.05%. American Express Co (down -7.88%) and Goldman Sachs Group Inc (-7.47%) both dropped over >7%. Apple Inc fell -3.21% ahead of the company kicking off its first product launches of the year this week, culminating in a “special Apple experience" event on Wednesday night AEST (4 March). Microsoft Corp -2.24%

US equity markets weaker as a strong results from Nvidia Corp and Salesforce after the close of the previous session weren’t enough to bolster the broader market - Dow inched +17-points or +0.03% higher Salesforce Inc - which has been one of the biggest victims of recent artificial intelligence (AI) disruption fears - gained +4.03% to pace gains in the 30-stock index a day after the customer service software maker reported healthy results for the fourth quarter, although its fiscal 2027 revenue forecast trailed Wall Street projections. However, Nvidia Corp shed -5.46% to book its largest single session decline since April last year despite reporting stronger-than-expected profit and revenue forecasts for the fourth quarter after the close of the previous session

•Technology stocks led US equity markets higher overnight ahead of Nvidia Corp’s much anticipated quarterly result after the closing bell - Dow rose +308-points or +0.63% International Business Machines (IBM) Corp (up +3.58%) and UnitedHealth Group Inc (+3.74%) rallied over >3.5%.

•US equity markets rebounded as Technology stocks steadied after a sharp sell-off amid artificial intelligence (AI) disruption concern - Dow rose +370-points or +0.76% Salesforce Inc rose +4.07% to be the leading performer in the 30-stock index, more than recouping the previous session’s -3.78% drop that came amid a broader decline on artificial intelligence (AI) disruption concerns from the likes of Anthropic. International Business Machines (IBM) Corp rose +2.67% a day after slumping -13.15%. Microsoft Corp rose +1.18%.