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%.
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.
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