Morgans AM: Thursday, 24 August 2023

US equity markets advanced as investors eyed the release of chipmaker Nvidia Corp’s latest quarterly result after the close and the beginning of the Jackson Hole Economic Symposium tonight AEST - Dow gained +184-points or +0.54%, Nike Inc (down -2.67%) fell for a tenth consecutive session, its longest slide on record. The broader S&P500 rose +1.10%, snapping a streak of 36 consecutive sessions without a gain of 1% or more in the process - longest such streak since the 42 trading day streak from 26 July, 2021 to 22 September, 2021, according to Dow Jones Market Data. It also marked the index’s best one day gain since 30 June. Information Technology (up +1.92%), Communication Services (+1.90%) and Real Estate (+1.46%) all gained over >1% to lead all primary sectors higher with the exception of Energy (down -0.30%).The Nasdaq rallied +1.59%, marking the technology-centric index’s largest one-day point and percentage gain since 28 July. The small capitalisation Russell 2000 rose +1.04%.