Morgans Financial Limited

Morgans AM: Tuesday, 3 October 2023


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The broader S&P500 eked out a +0.01% rise, with Communications Services (up +1.47%) and Information Technology (+1.33%) leading a narrow advance that saw just three of the eleven primary sectors settle in positive territory. Utilities (down -4.72%) was the worst performing primary sector overnight, while Energy (-1.91%) and Real Estate (-1.75%) both declined over >1.5%. Tesla Inc added +0.55%, recovering from a loss of as much as 3% despite the electric vehicle (EV) manufacturer reporting third quarter deliveries that were well below already-lowered expectations. Tesla said it produced 430,488 vehicles during the third quarter (up +17.6% year-on-year) and delivered 435,059 vehicles (up 26.5% year-on-year, and versus consensus 461K). Analysts had been lowering their expectations amid concerns over slowing demand in China, and as the lower-priced Model 3 was getting a refresh in some regions.
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