US equity markets closed out a turbulent week marked by a surge in global volatility on a positive note - Dow up +226-points or +0.65% to 35,120.08, snapping a three session skid and climbing back above >35,000. Microsoft Corp (up +2.56%), Cisco Systems (+1.66%) and Salesforce.com Inc (+1.21%) were among the best Dow performers on Friday night (20 August). The broader S&P500 gained +0.81%. Tesla Inc rose +1.01% following their Artificial Intelligence (AI) Day that saw the company unveil a new custom chip and plans to build a humanoid robot. The Nasdaq +1.19%. Nvidia Corp’s (up +5.14%) planned $US40B acquisition of British chip designer ARM hit a major hurdle on Friday (20 August) after a UK regulator found it could damage competition and weaken rivals, and required a further lengthy investigation. The small capitalisation Russell 2000 +1.65%.

Tess Palmer Head of Investor Relations, shared TCL's results for FY21, with the Morgans network.

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#Tolls #Traffic #FY21

US equity markets mixed after another choppy session, with concerns about the impact of the Delta variant of the coronavirus and the Federal Reserve’s latest monetary policy meeting minutes continuing to reverberate - Dow lost -67-points or -0.19%, paring an earlier decline of as much as -270 points. The Dow booked its third straight drop, representing its longest bout of losses since the five-session period ended 18 June. The broader S&P500 edged +0.13% higher, with Information Technology (up +0.99%) leading six of the eleven primary sectors higher. Energy (down -2.65%) sat at the bottom of the primary sector leaderboard for a second consecutive session. Tesla Inc fell -2.25% ahead of the company showcasing its autonomous driving and artificial intelligence efforts at its Artificial Intelligence Day. The Nasdaq +0.11%. NVIDIA Corp gained +3.98% after the chip maker’s earnings, revenue and outlook released after the close of Wednesday’s (18 August) session topped Wall Street estimates. The small capitalisation Russell 2000 lost -1.22% and is nearing official correction territory, down almost 10% from its March high.

US advance retails sales are drifting down to long-term trend, as US emergency income supports end. Michael Knox, Morgans Chief Economist explains.

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#Retail #Sales #USretail

Benchmark US equity markets booked their worst declines in a month, with losses accelerating after the minutes of the Federal Reserve’s late July monetary policy meeting did little to dispel expectations that the central bank could begin tapering their US$120B per month bond buying programme soon - Dow fell -383-points or -1.08% . The broader S&P500 shed -1.07%. Energy (down -2.40%) led all but one of the eleven primary sectors lower (with eight sectors logging decline of over >1%). Consumer Discretionary added +0.15%. The technology-centric Nasdaq lost -0.89%. The small capitalisation Russell 2000 fell 0.84%.

• US equity markets retreated, with the Dow and S&P500 ending a five session run of record closing highs amid concerns the spread of the delta variant of COVID may slow economic growth and following a softer-than-expected July retail sales report - Dow dropped -282-points or -0.79% . The broader S&P500 fell -0.71% a day after logging its 49th record closing high of 2021. Consumer Discretionary (down -2.31%) led seven of the eleven primary sectors lower, with Materials (down -1.21%) and Industrials (-1.06%) down over >1%. More defensive sectors outperformed once again, with Health Care up +1.12%. The Nasdaq shed -0.93% as Facebook Inc (down -2.21%), Amazon.com Inc (-1.73%), Apple Inc (-0.62%) and Google-parent Alphabet Inc (-1.16%) all closed lower. The small capitalisation Russell 2000 lost -1.19%.

Anthony Porto provides an update on Carsales post the FY21 result with a strong share price run since upgrading the name in May seeing CAR back on a Hold rating. Despite this, the growth outlook for CAR looks promising with the launch of the domestic transactional offering ‘Carsales Select’ and increased proportion of earnings derived from International operations setting up a longer growth runway. Anthony remains positive on the stock and would see any weakness from here as a buying opportunity. In a similar vein, with REA down 10% since reporting based on near term lockdown impacts to the domestic residential market, this quality franchise is also beginning to screen attractively.

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#Carsales #Realestate #Online

Morgans Analyst Nick Harris talks with Sovereign Cloud Chair, Cathie Reid & MD, Phil Dawson.

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#Cloudstorage #Cloud #Data

Both the Dow and S&P500 recovered from early losses to record fresh record closing highs for a fifth consecutive session despite some soft economic data from China and with the fallout in Afghanistan also tempering sentiment - Dow up +110-points or +0.31% to 35,625.40 and logging its fifth straight record close to match the longest such run of all-time highs ended 8 November, 2017. The broader S&P500 added +0.26% to 4,479.71, recovering from an earlier decline of as much as -0.7% to stage its biggest intra-session comeback since 25 March. The S&P 500 has now doubled its level from its pandemic-low close on 23 March, marking the fastest bull-market doubling off a bottom since World War II, according to CNBC analysis. The S&P 500 has closed at a record high 49 times this year out of 156 trading days, or 31% of the time - the most frequent closing highs on record back to 1950. It was the more defensive sectors that led gains overnight for a second straight session, with Health Care (up +1.13%), Utilities (+0.65%) and Consumer Staples (+0.63%). Energy (down -1.83%) was the worst performing primary sector for a second consecutive session. Tesla Inc fell -4.32% after the National Highway Traffic Safety Administration announced a formal probe into the electric vehicle maker’s Autopilot partially automated driving system. T-Mobile US Inc fell -2.9% telecommunications company confirmed that there was unauthorized access to T-Mobile data, but they “have not yet determined that there is any personal customer data involved.” The last time the Dow and S&P 500 set five consecutive closing records together was a five-day stretch that ended 20 October, 2017. The Nasdaq slipped -0.20%. The small capitalisation Russell 2000 fell -0.89%.

It has been a solid reporting season so far with 30% of larger cap companies beating expectations, and only 20% missing. A big upcoming week for results this week, with our analysts calling out potential surprise candidates. Stay up to date with all the key results through Morgans Reporting Season Calendar: https://www.morgans.com.au/research-and-markets/reporting-calendar

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