Morgans AM: Friday, 14 May 2021

Morgans Financial Limited

US equity markets rebounded despite another robust inflation report - Dow up +434-points or +1.29%, snapping a three session losing streak and logging its biggest single session percentage rise in almost two months. Boeing Co rose +0.84% after the The Wall Street Journal reported that that the aviation company had received approval from U.S. air-safety regulators to make fixes to an electrical problem that has grounded more than 100 of its 737 MAX jets, citing the company and a Federal Aviation Administration official, paving the way for airlines to return them to passenger service within days. The broader S&P500 +1.22%, with Industrials (up +1.90%) and Financials (+1.87%) leading ten of the eleven primary sectors higher. Energy (down -1.35%) was the only sector to close in the red. Tesla Inc lost -3.09% and the electric vehicle company has posted declines in 11 of the last 13 trading sessions and is on track to post its worst week since March 2020, with a week-to-date loss of -14.97%. The Nasdaq +0.72% higher, with Apple Inc (up +1.79%) and Microsoft Corp (+1.69%) both rebounding over >1.5%. The small capitalisation Russell 2000 rose +1.68%.