Morgans AM: Tuesday, 19 October 2021

Morgans Financial Limited

Heavyweight technology names lifted US equity markets however global sentiment was dampened by official China data recording the slowest pace of economic growth in a year in the third quarter - Dow eased -36-points or -0.10%, paring an earlier decline of -123-points. The broader S&P500 added +0.34%, extending gains into a fourth straight session and representing its longest win streak since 25 August. Consumer Discretionary (up +1.20%) and Information Technology (+0.85%) led seven of the eleven primary sectors higher. More defensive Utilities (down -0.96%) and Health Care (-0.72%) lagged the broader market. The Nasdaq gained +0.84%, also marking its fourth consecutive rise and its longest win streak since 7 September. Facebook Inc and Apple Inc were the biggest drivers of the gains, gaining 3.3% and 1.2% respectively. Apple Inc announced new Mac personal computers featuring the company’s custom chips and an upgraded set of AirPods, filling out its holiday line-up. The small capitalisation Russell 2000 edged +0.10% higher.