Morgans AM: Friday, 18 November 2022

Morgans Financial Limited

US equity markets logged their first back-to-back losses in two weeks following some hawkish commentary from Federal Reserve officials - Dow dipped -8-points, The broader S&P500 -0.31%, with Utilities (down -1.79%) and Consumer Discretionary (-1.27%) leading eight of the eleven primary sectors lower. Information Technology sat atop the primary sector leaderboard with a +0.21% rise. General Motors (up +0.17%) hosted its annual investor day and raised its full year guidance, noting it expects its electric vehicle (EV) portfolio in North American to be profitable in a couple of years as it ramps up EV capacity in the region to more than 1>M EVs per year. The automaker projected full year adjusted earnings before interest and tax (EBIT) will be in a range between US$13.5B and US$14.5B compared to a prior guidance of US$13B and US$15B. The Nasdaq -0.35%. Cisco Systems Inc gained +4.96% after the networking-technology company delivered better-than-expected numbers on the top and bottom line, accompanied by encouraging guidance after the close of the previous session. The small capitalisation Russell 2000 lost -0.76%.