US equity markets settled mostly lower after the Bank of Canada joined the Reserve Bank of Australia (RBA) a day earlier in raising interest rates  - Dow rose +92-points or +0.27%, The broader S&P500 eased -0.38% a day after logging its highest close since 16 August, 2022. Communication Services (down -1.87%) and Information Technology (-1.62%) led five of the eleven primary sectors lower. The Energy sector sat atop the primary sector leaderboard overnight with a +2.65% rally.  Tesla Inc rose +1.47% after the electric vehicle maker posted an update on its website that showed new Model 3 and Model Y cars are eligible for a US$7,500 tax credit from the Inflation Reduction Act. The Nasdaq shed -1.29% a day after the technology-centric index recorded its highest close since 20 April, 2022. The small capitalisation Russell 2000 advanced +1.78%, extending a recent rally that that lifted it to the highest close since 9 March. The index is outperforming the Nasdaq Composite by 5.04% so far this month, its largest outperformance in the first five trading days of a month since October 2020, according to Dow Jones Market Data.

Morgans AM: Thursday, 8 June 2023

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, 8 June 2023

Morgans Financial Limited

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