Morgans AM: Tuesday, 8 November 2022

Morgans Financial Limited

US equity markets advanced as US voters head to the polling booths tonight AEST for the midterm elections, and with investors eyeing inflation data later in the week - Dow +423-points or +1.31%. Walgreens Boots Alliance Inc gained +4.10% following reports that No. 2 U.S. pharmacy chain would invest ~US$3.5B to support the primary care provider VillageMD’s acquisition of urgent care provider Summit Health in a deal valued at nearly US$9B. Boeing Co (up +3.06%) was another notable Dow performer. The broader S&P500 +0.96%. The Nasdaq rose +0.85%. Apple Inc added +0.39% despite the tech company said iPhone production has been temporarily reduced because of COVID-19 restrictions in China. Meta Platforms Inc gained +6.53% a day after the Wall Street Journal report that said the company could start layoffs as soon as Wednesday (9 November). The small capitalisation Russell 2000 rose 0.64%. Carvana Co (down -15.64%) continued to tumble, with trading in the stock briefly halted after the on-line used car retailer reported disappointing third-quarter results after the closing bell of last Thursday’s (3 November) session.