Morgans Financial Limited

Morgans AM: Wednesday, 30 August 2023


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US equity markets and bonds rallied following data that showed signs of a cooling labour market that could further ease pressure on the Federal Reserve to raise interest rates - Dow up +293-points or +0.85%. The broader S&P500 rallied +1.45% to log its best day since June, with Communication Services (up +2.46%) and Consumer Discretionary (2.35%) rallying over >2% to lead all eleven primary sectors higher. Tesla Inc jumped +7.69% to a near three week high of US$257.18, logging its largest one-day percentage increase since 21 March. Analysts at Oppenheimer reported that the electric vehicle maker launched a US$300M AI Computing cluster, saying the supercomputer “will employ 10,000 Nvidia H100 GPUs and is more powerful than the world’s third highest-performing supercomputer.”
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