Morning Report 12 Jul 22: US sharemarkets fell on Monday

Investors awaited a key reading on US inflation and the start of the earnings season for clues on whether the US economy is headed for a recession. Shares of Twitter sank 11.3% after Elon Musk terminated a deal worth US$44 billion to buy the social media company. A slide in megacap tech names Apple (-1.5%), Alphabet (-3.1%), Amazon (-3.3%) and Tesla (-6.6%) also weighed on major US indexes. Nike (-2.6%) and Caterpillar (-2.3%) were the biggest drags on the Dow Jones index. At the close of trade, the Dow Jones index fell by 164 points or 0.5% and the S&P 500 index dipped by 1.2%. The Nasdaq index shed 263 points or 2.3%. 

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