Morgans AM: Wednesday 14 August 2024

•US equity markets rallied strongly following tamer-than-expected wholesale inflation data, with the S&P 500 and Nasdaq booking their biggest four-day percentage gains of 2024 - Dow gained +409-points or +1.04%. Intel Corp jumped +5.73% to be the leading performer in the 30-stock index. A filing showed the company had divested its stake (~1.8M shares) in chip designer Arm Holdings Plc (+5.69%). Nike Inc rallied +5.17% to US$78.50, with analysts at Bernstein Research reiterating their "buy" rating for the stock along with a US$112 price target.