Morning Report 14 Jul 22: US sharemarkets tumbled on Wednesday

Investors digested surprisingly strong US inflation data, fuelling fears of a larger-than-expected interest rate hike by the US Federal Reserve later this month. Shares of Delta Air Lines slid 4.5% after its second-quarter earnings missed expectations. But Tesla shares climbed 1.7% with Twitter shares up 7.9% as the social media company sued Elon Musk. At the close of trade, the Dow Jones index fell by 208.5 points or 0.7% and the S&P 500 index dipped by 0.5%. The technology-heavy Nasdaq index shed 17 points or 0.2%. 

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