Morgans AM: Tuesday, 22 November 2022

Morgans Financial Limited

US equity markets after a choppy session to open the holiday-shortened trading week - Dow fell -45-points or -0.13%, Walt Disney Co rose +6.30% after announcing that Chief Executive Officer (CEO) Bob Chapek is stepping down from the post and will be replaced by his predecessor, Robert Iger. Mr Iger served as Disney’s CEO from 2005-2020, and has served as executive chairman and chairman of the board since 2021. The broader S&P500 -0.39%, with Consumer Discretionary (down -1.41%), Energy (-1.39%) and Information Technology (-1.13%) all falling over >1% and leading four of the eleven primary sectors lower. More defensive sectors outperformed for a second straight session, with Consumer Staples up +0.98%, Real Estate +0.72% and Utilities +0.50%. Tesla Inc fell -6.84%, with the electric vehicle company’s shares touching their lowest level since July 2020. The Nasdaq -1.09%. The small capitalisation Russell 2000 lost -0.57%.