Morning Report 30 Aug 22: US sharemarkets fell on Monday

Investors worried whether aggressive rate hikes by the Federal Reserve would drive the economy into recession. But energy stocks rose 1.5% in response to a higher oil price. Technology shares eased in response to higher interest rates. Shares in Apple fell by 1.4% and Microsoft lost 1.1%. Shares in Bristol Myers Squibb slid 6.2% after its drug candidate for preventing ischemia strokes missed the main goal in a mid-stage trial. At the close of trade, the Dow Jones index was lower by 184 points or 0.6% after being down 311 points earlier in the session. The S&P 500 index fell by 0.7% and the Nasdaq index lost 124 points or 1.0%.

 

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