Morgans AM: Monday, 24 July 2023

US equity markets little changed on Friday (21 July) after a choppy trading session that saw the monthly expiration of US$2.3 trillion of listed stock options (the largest on record), and with investors preparing for a major rebalancing of the Nasdaq-100 after the closing bell (designed to diminish the concentration risk) - Dow eked out a +2.5-point or +0.01%, securing its tenth consecutive session advance and longest winning streak since 7 August, 2017. The broader S&P500 inched +0.03% higher. The Nasdaq slipped -0.22%. Nvidia Corp (down -2.66%) and Microsoft Corp (-0.89%) are the two companies most affected by the Nasdaq rebalancing. The small capitalisation Russell 2000 lost -0.35%.