Morgans AM: Thursday, 16 May 2024

Morgans Financial Limited

All three (3) benchmark US equity indices rallied to record highs, with investor sentiment buoyed by the first cooler-than-expected consumer inflation print in four months accompanied by softer retail sales in April - Dow climbed +350-points or +0.88% to 39,908.00, settling with its 18th record close of 2024. Salesforce Inc (up +3.88%) was the leading performer in the 30-stock index, while Amgen Inc (+2.45%), Home Depot Inc (+2.4%) and Merck & Co Inc (+2.39%) climbed ~2.5%. On the downside, Walt Disney Co fell 2.45% after Chief Executive Officer (CEO) Bob Iger said the company had invested too much in its streaming service and was taking steps to address enduring profitability challenges. Boeing Co fell 2.09% after the Department of Justice said the jet maker had violated a 2021 settlement stemming from two fatal 737 crashes.