Morgans Financial Limited

Morgans AM: Monday 17 August 2020


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US equity markets ended the week in muted fashion as the latest retail sales figures suggested consumer spending had lost some steam - Dow edged +34-points or +12% higher, moving into positive territory in the final minutes of trading. The broader S&P500 dipped -0.02%, with gains for the Energy (up +0.94%) and Industrials (+0.42%) sectors offset by declines for Utilities (down -0.91%) and Health Care (-0.22%). The technology-centric NASDAQ eased -0.21%. For the week, the Dow gained +1.81%, S&P500 +0.64% and Nasdaq +0.08%. Applied Materials Inc rose +3.92% after the company’s fiscal third quarter numbers and fourth quarter outlook released after the closing bell of the previous session exceeded analysts’ forecasts. Google-parent Alphabet Inc (down -0.71%) and Apple Inc (-0.09%) settled with modest losses, with Epic Games, the maker of “Fortnite,” launching a legal battle and accusing the technology giants of illegally exploiting a monopoly on app and in-app purchases.
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