Weak US economic data rekindled investor concerns about the outlook for growth and earnings. In speeches, St. Louis Fed President James Bullard and Cleveland Fed President Loretta Mester both stressed the need to raise rates beyond 5% to tackle inflation. Shares of IBM fell 3.3% after Morgan Stanley downgraded the stock to "equal weight" from "overweight." Microsoft's shares slid 1.9% after it announced plans to cut 10,000 jobs. At the close of trade, the Dow Jones index fell 614 points or 1.8%. The S&P 500 index lost 1.6%. And the Nasdaq index shed 138 points or 1.2%.
Commonwealth Securities Limited ABN 60 067 254 399 AFLS 238814 (CommSec) is a wholly but non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 12 12 124 AFSL: 234945 (the Bank) and a Market Participant of the ASX Limited and Cboe Australia Pty Limited, a Clearing Participant of ASX Clear Pty Limited and a Settlement Participant of ASX Settlement Pty Limited. Any advice contained in this broadcast is general advice only. As the information in this broadcast has not been prepared with reference to your objectives, financial or taxation situation or needs, you should, before acting on it, consider its appropriateness to your circumstances and seek appropriate professional advice. CommSec, the Bank, and their related entities do not accept any liability arising out of or in relation to reliance on the information in this broadcast. We believe that the information in this broadcast is correct as at the time of its compilation, but no warranty is made as to its accuracy, reliability or completeness. This report is under copyright to CommSec and the Bank and may not be used without their prior consent.
The CommSec Market Update 8 Feb 23: Federal Reserve chair hogs the spotlight
Market Close 7 Feb 23: ASX 200 slides as RBA warns of more rate hikes
The CommSec Market Update 7 Feb 23: Uninspiring session on US sharemarkets
Market Close 6 Feb 23: ASX 200 ends 3-day winning streak
The CommSec Market Update 6 Feb 23: Wall Street ends last week down after monster US jobs report raises rate hike concerns
Market Close 3 Feb 23: 5 straight weekly gains for the ASX 200
The CommSec Market Update 3 Feb 23: Wall Street mixed as Tech stocks surge
Market Close 2 Feb 23: ASX 200 edges higher for a second day
CommSec Insights 2 Feb 23: The Week Ahead
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The CommSec Market Update 2 Feb 23: Stocks rally after US Federal Reserve interest rate decision
Market Close 1 Feb 23: ASX 200 closing in on record high
Executive Series 25 Jan 23: WAM Leaders (WLE) Lead Portfolio Manager, Matthew Haupt
The CommSec Market Update 1 Feb 23: US stocks rise ahead of key interest rate decisions
Market Close 31 Jan 23: ASX 200 slips as investors weigh weaker retail sales
The CommSec Market Update 31 Jan 23: US shares lower and bond yields lift
Market Close 30 Jan 23: ASX 200 eases in mixed trade
Morning Report 30 Jan 23: US sharemarkets were firmer on Friday
Morning Report 27 Jan 23: US sharemarkets were firmer on Thursday
Market Close 25 Jan 23: Winning streak ends as inflation lifts
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