Morgans AM: Wednesday 19 July 2017

Morgans Financial Limited

The technology-centric Nasdaq joined the S&P500 at fresh record levels overnight US markets - the Dow fell -55-points or -0.25%, with Goldman Sachs (down -2.6%) contributing most to the fall as investors digested a -17% decline in the investment bank's trading revenue (notably in bond trading) in their latest quarterly result. However the broader S&P500 eked out a +0.06% gain. The NASDAQ added +0.47% (settling at 6,344.30, taking out the previous record high set on June 8 of 6,321.76 and extending its winning streak into an eight consecutive session - the longest since February 2015). Netflix surged +14% (and traded at record highs) after their record second-quarter numbers after the closing bell of the previous session and led other tech heavyweights higher (e.g. Facebook up +1.96% and Alphabet +1.3%). President Trump suffered another defeat on healthcare reform as three Republican senators announced they would not support simply repealing the Affordable Care Act (or Obamacare) without a replacement plan, raising fresh concerns in some quarters around the administration's ability to push other important initiatives through Congress.