Morgans AM Friday 29 October 2021

Morgans Financial Limited

Record closing highs for both the S&P500 and Nasdaq amid a broad-based rally despite some lacklustre economic data - Dow up +240-points or +0.68% to 35,730.48 The broader S&P500 gained +0.98% to a record closing high of 4,596.42, with all of Real Estate (up +1.447%), Consumer Discretionary (+1.37%), Industrials (+1.29%), Financials (+1.24%), Information Technology (+1.06%) and Materials (+1.02%) gaining over >1% and with all eleven primary sectors advancing. Ford Motor Co jumped +8.70% The technology-centric Nasdaq rallied +1.39% to log its first record closing high since 7 September at 15,448.12. Facebook Inc rose +1.51% after announcing a rebranding which the company says reflects a hard pivot into what it calls the “next evolution of social technology,” where mixed reality brings people together to play games, exercise, watch concerts together, work remotely and communicate. The social media giant has changed its name to Meta, relegating Facebook to one of the company’s three major platforms - which also includes Instagram and WhatsApp - rather than the overarching brand amid whistleblower revelations and regulator recriminations. The small capitalisation Russell 2000 rebounded +2.02%.