Morning Report 23 Aug 22: US sharemarkets fell on Monday

Investors fret that a speech by US Federal Reserve chair Jerome Powell on Friday will confirm that the aggressive monetary policy stance will continue until inflation is under control. Technology stocks fell as treasury yields rose. Shares in Nvidia fell 4.6%, Amazon fell 3.6% and Microsoft fell 2.9%. Shares in cinema chain AMC Entertainment fell by 42% after UK-based rival Cineworld Group warned of a possible bankruptcy filing. The Dow Jones index lost 643 points or 1.9%. The S&P 500 index lost 2.1%. And the Nasdaq index fell by 324 points or 2.6%.

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