Morning Report 19 Nov 22: US sharemarkets dropped for a third straight session on Friday

Comments from US Federal Reserve officials unnerved investors worried that the central bank's campaign to counter inflation would push the US economy into a recession. New York Fed President John Williams said, "we're going to have to do what's necessary" to get inflation back to target. San Francisco Fed President Mary Daly said it is "reasonable" to believe that once the Fed's policy rates reached their peak they could stay there into 2024. The quarterly triple witching expiry of equity derivatives amplified market moves. At the close of trade, the Dow Jones index fell by 282 points or 0.9%. The S&P 500 index lost 1.1%, with the Nasdaq index down by 105 points or 1%. For the week, the Dow lost 1.7%, the S&P fell 2.1% and the Nasdaq shed 2.7%.   

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