Morgans AM: Monday, 6 September 2021

Morgans Financial Limited

US equity markets were modestly weaker on Friday night as investors grappled with the implications of a much weaker than expected US jobs report for August, with some market participants betting weaker data could undercut the case for the Federal Reserve to unwind its market-supportive easy money policies in coming months - Dow down -74-points or -0.21%, with American Express Co (down -1.70%) the worst performing index component. The broader S&P500 dipped -0.03%, with gains for the Information Technology sector (up +0.38%) offset by falls for the Utilities (down -0.80%) and Materials (-0.69%) sectors. The Financials sector (down -0.58%) fell despite Treasury yields climbing. The Nasdaq added +0.21% to 15,363.52 and logging its 35th record closing high of 2021. The small capitalisation Russell 2000 %. Russell 2000 lost -0.52%. Didi Global Inc ADRs rose +2.38% and gained +9.73% for the week after a Bloomberg News report that Beijing is eyeing a plan to take the troubled ride-hailing giant under state control by acquiring a stake through government-run firms. Didi is under a cybersecurity review after the Cyberspace Administration of China alleged the company had illegally collected users’ data. The ride-hailing giant was forced to stop signing up new users and its app was also removed from Chinese app stores. US equity and bond markets are CLOSED tonight AEST for the Labor Day holiday.