Morgans AM: Wednesday, 24 August 2022

Morgans Financial Limited

The Dow and S&P500 extended declines into a third straight session amid relatively thin trading volumes - Dow fell -154-points or -0.47%, The broader S&P500 slipped -0.22%, with the more defensive Real Estate (down -1.45%) and Health Care (-1.39%) both falling over >1% and leading seven of the eleven primary sectors lower. Energy sat atop the primary sector leaderboard with a +3.62% gain. The Nasdaq settled flat. Twitter Inc dropped -7.32% after a whistleblower at the company filed complaints with the Securities and Exchange Commission (SEC), Federal Trade Commission (FTC) and Justice Department alleging “extreme, egregious deficiencies by Twitter” related to privacy, security and content moderation. Tesla Inc rose +2.26% ahead of the electric vehicle maker’s three-for-one stock split becoming effective after the close of tonight’s AEST session. Tesla’s three-for-one split will be its second in as many years; the company split its shares five-for-one in August 2020. The small capitalisation Russell 2000 edged +0.18% higher.