Morning Report 29 Jun 20: US sharemarkets fell sharply on Friday

Texas and Florida halted drinking at bars and Arizona reported a surge in COVID-19 infections. Bank shares fell 6.1% after the US Federal Reserve capped dividends and banned buybacks until September. A Wall Street Journal report that the 'Phase 1' US-China trade deal could be at risk also dampened sentiment. Facebook shares slid 8.3% due to advertiser defections. The Dow Jones index lost 730 points or 2.8%. The S&P500 index fell 2.4%. The Nasdaq index was down 259 points or 2.6%. For the week, the Dow Jones lost 3.3%, the S&P 500 fell by 2.9% and the Nasdaq was down 1.9%. 

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