Morgans AM: Thursday. 6 June 2024

Morgans Financial Limited

US equity markets rallied, with the S&P 500 and Nasdaq hitting fresh record highs after several pieces of economic data pointed to a slowing U.S. economy, raising hopes for interest rate cuts later this year - Dow added +96-points or +0.25%. Intel Corp rose +2.50% after announcing after the close of the previous session that it would sell a 49% stake in Irish manufacturing venture Fab34 to Apollo Global Management for US$11B. The investment is part of Intel's "Smart Capital" strategy, its plan to revitalize and expand its supply chain without putting too much strain on its own balance sheet by bringing in outside investments. Intel will retain a 51% controlling stake in the Fab 34 facility.