Morgans AM: Tuesday, 8 August 2023

US equity markets rebounded, with the Dow recording its best session since mid-June, while the S&P500 and Nasdaq arrested a four session slide - Dow rallied +408-points or +1.16%, logging its largest one-day point and percentage gain since 15 June. The broader S&P500 rose +0.90% in a broad-based rally that saw ten of the eleven primary sectors advance, led by Communication Services (up +1.88%). Utilities (down -0.02%) was the only primary sector to settle in the red. Tesla Inc lost -0.95% after the electric vehicle maker announced the immediate departure of its Chief Financial Officer (CFO) Zachary Kirkhorn after four years in the role and thirteen years with the company more broadly. Mr Kirkhorn was replaced by Vaibhav Taneja, previously Tesla’s chief accounting officer. The Nasdaq +0.61%. The small capitalisation Russell 2000 lost -0.49%. Berkshire Hathaway Inc class B shares closed at a record high (up +3.60% at US$362.58) following the release of the conglomerate’s second quarter result on Saturday (5 August).