Morning Report 12 Dec 22: US sharemarkets tumbled on Friday

Investors' worries about inflation and interest rate hikes persisted after US producer prices rose more-than-expected in November. Shares of apparel company Lululemon Athletica slid 12.9% following a disappointing profit forecast. Chevron shares dipped 3.2% as crude oil prices eased. But Netflix shares gained 3.1% after Wells Fargo upgraded the video streaming giant to "overweight" from "equal weight". At the close of trade, the Dow Jones index fell by 305 points or 0.9%. The S&P 500 index dipped by 0.7% and the Nasdaq index shed 77 points or 0.7%. For the week, the Dow lost 2.8%, S&P 500 dropped 3.4% and the Nasdaq shed 4%.

 

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