Morgans Financial Limited

Morgans AM: Friday 4 December 2020


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US equity markets firmer albeit losing some momentum in the final hour of trading, with all three benchmark indices touching fresh record intra-day highs - Dow settled +86-points or +0.29% higher, having been up over >200-points earlier in the session and logging a record intra-day high (30,110.88). Boeing Co gained +5.96%. The broader S&P500 dipped -0.06% after touching a fresh record intra-day peak (3,682.73) earlier in the session. Energy (up +1.07%) was again atop the primary sector leaderboard. Utilities (down -1.10%) was the worst performing primary sector. Costco Wholesale Corp fell -1.6% even though the company reported that November comparable sales rose 13.4% year over year, beating estimates of 13%.The Nasdaq added +0.23% to a fresh record closing high (12,377.18) and carving out a record intra-day high (12,439.02) earlier in the session. Tesla Inc rallied +4.32% after Goldman Sachs upgraded the stock to “buy” in the run-up to the electric car maker’s addition to the S&P 500 index. The investment bank said that it sees more than >30% upside ahead for the stock based on forecasts for a faster-than-expected shift to electric vehicles.
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