Morgans Financial Limited

Morgans AM: Friday, 3 February 2023


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US equity markets climbed as investors seized on signs that interest rates are close to peaking on both sides of the Atlantic - Dow slipped -39-points or -0.11%, The broader S&P500 gained +1.47%, with Communication Services (up +6.74%) leading seven of the eleven primary sectors higher. Consumer Discretionary (+3.08%) and Information Technology (+2.78%) both climbed over >2.5%, while Energy sat at the foot of the primary sector leaderboard for a second straight session with a -2.52% decline. FedEx Corp rose +% buoyed by upgrades from Bank of America and Citi. The technology-centric Nasdaq outperformed for a third consecutive session, rallying +3.25% and remaining on track to log its fifth consecutive weekly gain. The index is ~19.5% above its recent low in late December and on the cusp of entering a bull market. Meta Platforms Inc soared +23.28% after providing better-than-expected first quarter revenue guidance after the close of the previous session. The small capitalisation Russell 2000 rose +2.06%.
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