US equity markets pushed modestly higher, with both the Dow and S&P500 snapping a three session decline - Dow added +60-points or +0.18%. The broader S&P500 settled +0.29% higher, with the Energy sector (up +1.2%) sitting atop the primary leaderboard for a second straight session and leading all eleven primary sectors higher. Cruise lines were among the best-performing stocks in the broader market index, with Norwegian Cruise Line Holdings jumping +8.40%, Royal Caribbean Group +7.65%, and Carnival Corp +5.35%. Advance Auto Parts Inc (down -9.62%) was the worst performer in the S&P500 after the auto-parts retailer reported a mixed second-quarter result and lowered its full year outlook after the close of the previous session. Tesla Inc added +0.22% to US$891.29 ahead of the electric vehicle maker’s three-for-one stock split becoming effective after the close of the session. Tesla undertook a 5-for-1 share split effective 31 August, 2020, and the stock has gained ~104% since then. The Nasdaq rose +0.41%. The small capitalisation Russell 2000 gained +0.84%. Peloton Interactive Inc soared +20.36% after the fitness equipment and apparel company announced a deal to sell its products on Amazon. To date, Peloton has relied on direct-to-consumer sales through its stores and website. Bed Bath & Beyond Inc popped +15.3% after The Wall Street Journal reported the meme stock has found a financing source to shore up its liquidity.

Morgans AM: Thursday, 25 August 2022

Money News

Money News | 047102023 Dianne Colledge, Private Client Advisor at Morgans

Morgans is Australia's largest national full-service retail stockbroking and wealth management network with more than 240,000 client accounts, 500 authorised representatives and 950 employees operating from offices across all states and territories in Australia.

Morgans AM: Thursday, 25 August 2022

Morgans Financial Limited

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