Morning Report 17 Oct 22: US sharemarkets gave back the previous day’s gains on Friday

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%

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