Morgans AM: Tuesday, 14 March 2023

Morgans Financial Limited

US equity markets weaker as the collapse of SVB Financial Group ‘s Silicon Valley Bank (SVB) continued to reverberate, and with investors eyeing tonight’s AEST inflation figures - Dow fell -91-points or -0.28%, extending declines into a fifth straight session but paring an earlier decline of ~284-points. Boeing Co added +0.15%, with the Wall Street Journal reporting that the aircraft manufacturer is close to a deal under which two airlines in Saudi Arabia - Saudia, along with Riyadh Air - would buy nearly 80 wide-body 787 Dreamliners, with options for around 40 additional aircraft between the carriers. The broader S&P500 slipped -0.15%, with the Financials sector (down -3.85%) leading four of the eleven primary sectors lower. Energy (down -1.96%) and Materials (-1.09%) both fell over >1%. More defensive sectors sat atop the primary sector leaderboard, with Real Estate up +1.60%, Utilities +1.54% and Health Care +0.92%. The Nasdaq +0.45%. Apple Inc rose +1.33%. The small capitalisation Russell 2000 lost -0.49%.