Morgans AM: Thursday 19 December 2024

Morgans Financial Limited

US equity markets fell sharply after the Federal Reserve cut rates as expected but pumped the brakes on future rate cuts - Dow dropped -1,123-points or -2.58%, logging its tenth consecutive session decline. Amazon.com Inc (down -4.6%), American Express Co (-4.5%) and Goldman Sachs Group Inc (-4.25%) all fell over >4%, with all 30 index components settling in the red with the exception of Unitedhealth Group Inc (+2.92%). Nvidia Corp fell -1.14%, unwinding an earlier rally of ~4.8%% and falling deeper into official correction territory. The stock was buoyed earlier in the session by a report that gave an optimistic outlook about the chipmaker's production, especially of its Blackwell NVL / GB200 system.