Morning Report 1 July 22: US sharemarkets tumbled on Thursday

US sharemarkets tumbled on Thursday after data showing a slowdown in consumer spending fuelled concerns about a US recession. Shares of Walgreens Boots Alliance shed 7.3% as its quarterly profit plunged. The Dow Jones index fell by 254 points or 0.8%. And the S&P 500 index lost 0.9% with the Nasdaq index down by 149 points or 1.3%. In the June quarter, the Dow fell 11.3% and the S&P 500 lost 16.4% - their worst quarters since the March quarter of 2020. The Nasdaq slid 22.4%, its worst quarterly stretch since 2008. Year-to-date the Dow shed 15.3%, its worst first half year since 1962. The S&P 500 dipped 20.6%, its worst first half since 1970 and the Nasdaq plunged 29.5%, its worst ever first half performance.

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