Morgans AM: Tuesday, 24 August 2021

Morgans Financial Limited

A strong start to the new trading week for US equity markets - Dow up +216-points or +0.61% . The broader S&P500 gained +0.85% to 4,479.53, just shy of a new closing high after setting a fresh intraday high of 4,489.88 earlier in the session. Almost three-quarters of the companies in the index advanced. Energy (up +3.77%) led seven of the eleven primary sectors higher, with Consumer Discretionary (+1.36%), Information Technology (+1.27%) and Communication Services (+1.27%) all gaining over >1%. The more defensive sectors underperformed overnight after outperforming last week, with Utilities (down -1.32%) the worst performing primary sector. The Nasdaq rallied +1.54% to book its 28th record closing high of 2021 at 14,942.65, also hitting a record intraday record high of 14,963.47. The small capitalisation Russell 2000 +1.88%.