Morning Report 6 Jun 22: US sharemarkets gave back most of the previous day’s gain on Friday

A bigger-than-expected lift in jobs suggested the Federal Reserve will maintain its aggressive rate policy. Shares in Tesla fell 9.2% on reports that the electric vehicle maker may cut 10% of jobs. Shares in Apple lost 3.9% on a broker report. The Dow Jones index fell by 349 points or 1.1%. The S&P 500 index fell by 1.6%. And the Nasdaq index lost 304 points or 2.5%. Over the week the Dow fell by 0.9%; S&P 500 lost 1.2%; and the Nasdaq lost 1%.

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