Morgans AM: Monday 25 March 2019

Morgans Financial Limited

Fresh global growth concerns weighed on US equity markets following the release of some soft manufacturing data on both sides of the Atlantic last Friday (22 March) - Dow dropped -460-points or -1.77%, with Banks (Citigroup down -4.58%, Goldman Sachs Inc -2.89%, J.P. Morgan Chase -3.02% and Bank of America -4.15%) a notable drag on the index as Treasury yields continued to slide. Boeing Co fell -2.8% after Indonesian airline Garuda cancelled a US$6B order for 49 Boeing 737 Max jets. The US Senate Commerce Subcommittee panel hearing on federal oversight on commercial aviation gets under way on Wednesday night AEDT (27 March) and comes after an Ethiopian Airlines crash earlier this month involving the 737 Max 8 jet. Nike Inc fell -6.61% following the release of their fiscal third-quarter result after the close of the previous session that saw the global athletic giant provide soft guidance for the fiscal fourth quarter. Foot Locker Inc fell -4.6%. The broader S&P500 lost -1.90% to log its biggest single session decline since 3 January. Utilities (up +0.69%) was the only primary sector to advance, with Materials (down -2.99%), Financials (-2.77%) and Energy (-2.62%) suffering the steepest declines. The NASDAQ fell -2.50%. Apple Inc (down -2.07%) is slated to hold a special event tonight AEDT from the Steve Jobs Theater in Cupertino, and it is widely expected the iPhone maker will introduce a new video streaming service, featuring original programming. Ride hailing app Lyft Inc is expected to price on 28 March and begin trading on the Nasdaq the following day. For the week, the Dow lost -1.34%, S&P500 -0.77% and Nasdaq -0.60%