Morgans AM: Wednesday, 31 May 2023

US equity markets were mixed after resuming trading following the Memorial Day long weekend fell on Tuesday as Wall Street considered the likelihood of Congress passing a tentative deal on raising the U.S. debt ceiling - Dow fell -51-points or -0.15%, The broader S&P500 unchanged, with gains for the Consumer Discretionary (up +0.76%) and Information Technology (+0.63%) sectors offsetting declines for the Consumer Staples (down -1.08%) and Energy (-0.94%) sectors. Tesla Inc rallied +4.14% as excitement built around Chief Executive Elon Musk’s first visit to China in about three years. Mr Musk is expected to spend time meeting key officials in Beijing, which may even include Premier Li Qiang. The Nasdaq added +0.32% to 13,017.43, paring an earlier rally of as much as +1.4% but still marking the technology-centric index’s highest close since August, 2022. The small capitalisation Russell 2000 lost -0.32%.