Morgans AM: Thursday, 22 December 2022

Morgans Financial Limited

US equity markets rallied for a second session following upbeat earnings releases after the close of the previous session from FedEx Corp (up +3.43%) and Nike Inc (+12.18%), and strong consumer confidence data - Dow gained +527-points or +1.60%, The broader S&P500 rallied +1.49%, with Energy (up +1.89%) the leading sector performer for a second session running and lifting all eleven primary sectors (with eight logging gains of over >1%). Nike’s result boosted other athletic apparel and footwear makers, with Under Armour Inc up +5.21, Skechers USA Inc +4.16% and Lululemon Athletica Inc +3.13%. Tesla Inc slipped -0.17%, with Elektrek reporting that the electric vehicle maker is planning another round of layoffs for the first quarter and is instituting a hiring freeze. The Nasdaq climbed +1.54%. The small capitalisation Russell 2000 rose +1.62%.