Morgans AM: Friday, 8 September 2023

Technology stocks dragged US equity markets lower amid fresh concerns that interest rates could remain elevated for some time, and with investors eyeing the latest inflation data next week - Dow edged +58-points or +0.17% higher. Intel Corp rallied +3.24% to US$38.18, the chipmaker’s highest close since 28 July, 2022 and logging it ninth consecutive session gain – the stocks’ longest winning streak since 4 December, 2020 which has seen the company’s shares climb ~17.2%. Walt Disney Co (down -0.51%) fell for a sixth straight session – the longest losing streak in almost a year - as the impasse with Charter Communications Inc (-0.71%) over the future of their distribution deal drags on. Charter said that cable providers and media companies need a fundamentally new arrangement in the streaming era, while Disney said Charter “claims to value our direct-to-consumer services” yet wants access to them for free. Disney has fallen ~61% from its pandemic-era high of US$201.91 set in March 2021.