Morgans AM: Wednesday, 1 March 2023

Morgans Financial Limited

The benchmark US indices retreated to round out a tough month for equity markets - Dow fell -232-points or -0.71% to 32,656.70, settling at its lowest level of 2023 to date (and logging its lowest close since 9 November). Goldman Sachs Group Inc fell -3.80% after hosting their 2023 investor day, with Chief Executive David Solomon acknowledging mistakes in an ill-fated foray into consumer banking and raising the prospect of selling parts of the business The broader S&P500 -0.30%, with Utilities (down -1.72%) and Energy (-1.44%) leading eight of the eleven primary sectors lower. Materials (up +0.45%) was the leading primary sector performer overnight. Tesla Inc eased -0.92% ahead of their Investor Day tonight AEST. The Nasdaq -0.10%. Applied Materials Inc outperformed its chipmaking peers, rising +3.64% after unveiling its Centura Sculpta patterning system that promises a lower cost way of etching the transistors into the silicon wafers used to make semiconductors. Intel Corp edged +0.12% higher, while Nvidia Corp fell -1.21%. The small capitalisation Russell 2000 inched +0.04% higher. Paramount Global dropped -2.7% after The Wall Street Journal reported that the media and entertainment company had turned down a bid from former executive David Nevins to buy its Showtime streaming service for more than >US$3B.