Morgans AM: Friday, 3 September 2021

Morgans Financial Limited

S&P500 and Nasdaq booked fresh record closing highs as attention turns to tonight’s AEST August jobs data - Dow up +131-points or +0.37% . The broader S&P500 added +0.28% to 4,536.95, touching a record intraday high of 4,545.85 earlier in the session. Energy (up +2.53%) led eight of the elven primary sectors higher, with Health Care (+1.08%) and Industrials (+1.02%) both rising over >1%. The global shortage of computer chips continues, forcing automakers to temporarily close factories. General Motors Co (down -0.33%) announced that it would pause production at eight North American plants during the next two weeks, including two that make the company’s top-selling Chevrolet Silverado pickup. Ford Motor Co (-0.76%) will stop making pickups at its Kansas City Assembly Plant for the next two weeks. Shifts will be cut at two more truck plants in Dearborn, Michigan, and Louisville, Kentucky. The Nasdaq edged +0.14% higher to 15,331.18, also setting an intraday all-time high (15,380.07). Apple Inc climbed +0.75% to a record closing high of US$153.65 after the most valuable U.S. company by market capitalisation announced concessions for some large developers on its App Store regarding commissions. Apple said late Wednesday (1 September) it will allow developers of so-called “reader” apps, which offer content on a subscription basis like Netflix Inc (+1.11% to US$588.55 and extending their best-ever two-week stretch of gains into record territory) and Spotify Technology SA (+6.57%), to give customers the option of sidestepping its in-app purchase commissions by making direct purchases from the respective companies. Separately, CNBC reported that Apple was preparing mass production of the Apple Car by 2024. The small capitalisation Russell 2000 up +0.74%. In merger and acquisition (M&A) news, Baxter International Inc +4.8% higher after it said it has entered an agreement to acquire fellow medical technology company Hill-Rom Holdings Inc. for US$156 per share, in a deal with an enterprise value of ~US$12.4B.”