Morgans AM: Monday, 5 September 2022

Morgans Financial Limited

US equity markets relinquished earlier session gains to settle with sharp losses heading into the Labor Day long weekend as investors digested an August jobs report and reports of further delays to the re-opening of the Nord Stream 1 pipeline - Dow fell -338-points or -1.07%, erasing an earlier ~370-point gain. The broader S&P500 -1.07%, with Communication Services (down -1.86%) and Real Estate (-1.68%) falling over >1.5% to lead ten of the eleven primary sectors lower. Energy was the only primary sector to advance, climbing +1.81%. The Nasdaq shed -1.31%, falling for a sixth straight day in its longest losing streak since August 2019. Large cap technology names Apple Inc (down -1.36%), Microsoft Corp (-1.67%) and Meta Platforms Inc (-3.05%) all logged solid losses. Advanced Micro Devices Inc (down -2.54%) will replace DuPont de Nemours Inc (-0.85%) in the S&P 100 index effective 19 September, S&P Dow Jones Indices announced on Friday (2 September). The small capitalisation Russell 2000 lost -0.72%.