Morgans AM

Tuesday, 20 April 2021: US equity markets retreated from record highs


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US equity markets retreated from record highs amid fresh falls for the technology sector – Dow eased -123-points or -0.36%, snapping a three session inning streak that carried to index to multiple record closing highs. The broader S&P500 -0.53%, pulling back from a record closing high (4,185.47). Consumer Discretionary (down -1.14%) led ten of the eleven primary sectors lower. Real Estate (up +0.29%) was the only primary sector to advance. Tesla Inc fell -3.40% ollowing a fatal crash in Spring, Texas, over the weekend. Chief Executive Officer (CEO) Elon Musk tweeted a denial that his company’s automated driving systems were involved. The Nasdaq -0.9%, retreating for the first time in three sessions. Nvidia Corp fell -3.46% after the UK government said it would look into the national security implications of Nvidia's purchase of British chip designer ARM Holdings, raising a question mark over the US$40B deal. The Competition and Markets Authority (CMA) will assess the competition, jurisdiction and national security impact of the deal, with a report due by 30 July, the government said. The small capitalisation Russell 2000 index fell -1.36%.
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Morgans AMBy Morgans Financial Limited


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