Morning Report 20 Jan 23: US sharemarkets fell on Thursday

Data pointing to a tight US labour market fuelled concerns that the US Federal Reserve will maintain its aggressive path of rate hikes. American Express, the only major US card company with credit exposure and highly sensitive to higher rates, fell 2.4%. Amazon.com (-1.9%) and Microsoft (-1.7%) were among the biggest drags on the market after announcing recent plans to cut thousands of jobs. Shares of Procter & Gamble fell 2.1% after warning of commodity costs pressuring profits. At the close of trade, the Dow Jones index fell 252 points or 0.8%. The S&P 500 index lost 0.8%. And the Nasdaq index shed 105 points or 1%.

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