Inflation expectations rose, raising expectations for rate hikes. The University of Michigan's preliminary October reading of consumer sentiment showed one-year inflation expectations rose to 5.1% from 4.7%. Bank shares rose after quarterly results from JPMorgan Chase (+1.7%); Citigroup (+0.7%) and Wells Fargo (+1.9%). Shares in supermarket firm Kroger lost 7.3% after it said it would buy smaller rival Albertsons in a $24.6 billion deal. Tesla shares slumped 7.5% on reports that it had put on hold plans to launch battery cell production at its plant outside Berlin. The Dow Jones index fell by 404 points or 1.3%. The S&P 500 index lost 2.4%. And the Nasdaq index fell by 328 points or 3.1%. Over the week the Dow rose 1.2%; S&P 500 fell 1.5%; and Nasdaq fell 3.1%
This report is approved and distributed in Australia by Commonwealth Securities Limited ABN 60 067 254 399 AFSL 238814 (CommSec) a wholly owned but non-guaranteed subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945 (the Bank), and a Market Participant of the ASX Limited and Cboe Australia Pty Limited, a Clearing Participant of ASX Clear Pty Limited and a Settlement Participant of ASX Settlement Pty Limited. The information contained within this report is general in nature and has been prepared without taking account of the objectives, financial situation or needs of any particular individual. Any advice contained in this document is general advice only. Before making any investment decision, and before acting on any information in this report, you should consider the appropriateness and suitability of the information to your own needs and if needed, seek professional investment advice. Past performance is not a reliable indicator of future performance. For certain products, you should also consider the relevant Product Disclosure Statement or prospectus in deciding whether to acquire that product. CommSec, our employees and agents may receive commission and fees from transactions involving securities and other investments referred to in this report. We have effected or may effect transactions for our own account on securities and other investments in this report and may make investment decisions that are inconsistent with the recommendations or views in this report. Please see relevant CommSec disclosures at www.commsec.com.au/disclosures. This report is produced by Commonwealth Securities Limited based on information available at the time of publishing and any opinions, statements or recommendations contained herein are subject to change without notice and do not reflect the view of CBA Group or any other employee within CBA Group. We believe that the information in this report is correct and any opinions, conclusions or recommendations are reasonably held or made as at the time of its compilation, but no warranty is made as to accuracy, reliability or completeness. To the extent permitted by law, neither CommSec, the Bank nor any of its subsidiaries accept liability to any person for loss or damage arising from the use of this report. This report is under copyright to CommSec and the Bank and may not be used without their prior consent.
Morning Report 27 Apr 23: Wall St battles bank concerns as tech earnings beat expectations
Market Close 26 Apr 23: ASX 200 slides for 4th day
Morning Report 26 Apr 23: Wall Street ends lower as weak company earnings fan fears of an economic slowdown
Morning Report 24 Apr 23: US sharemarkets inched ahead on Friday assisted by positive economic data.
Market Close 21 Apr 23: ASX 200 slips for 2nd day
Morning Report 21 Apr 23: US sharemarkets were weaker on Thursday
Market Close 20 Apr 23: Aussie market ends flat for 2nd straight day
CommSec Insights 20 Apr 23: The Week Ahead
Morning Report 20 Apr 23: US sharemarkets were mixed on Wednesday
Market Close 19 Apr 23: ASX 200 stays close to 2-month high
Morning Report 19 Apr 23: US sharemarkets were flat on Tuesday
Market Close 18 Apr 23: ASX 200 eases from 2-month high
Morning Report 18 Apr 23: US sharemarkets rose by around 0.3% on Monday
Morning Report 17 Apr 23: US sharemarkets fell by around 0.4% on Friday
Market Close 14 Apr 23: ASX 200 approaches 2-month high
Morning Report 14 Apr 23: US sharemarkets posted solid gains on Thursday
Market Close 13 Apr 23: ASX 200 falls, breaking 2-day winning streak after jobs report
CommSec Insights 13 Apr 23: The Week Ahead
Morning Report 13 Apr 23: Wall St ends lower as Fed Minutes spark caution
Market Close 12 Apr 23: ASX climbs for the 2nd straight day
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