Wharton faculty and industry leaders discuss their latest research, books, and relevant business topics. Hosted on Acast. See acast.com/privacy for more information.
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Morgans AM: Thursday, 16 March 2023
Manage episode 358074094 series 1086780
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US equity markets retreated as concerns around a banking crisis spread to Europe - Dow fell -281-points or -0.87%, paring an earlier decline of as much as 725-points. The broader S&P500 lost -0.70%, with the Energy sector (down -5.42%) under fresh pressure and leading six of the eleven primary sectors lower. Materials (down -3.28), Financials (-2.91%) and Industrials (-2.51%) all fell over >2.5%. Communication Services (up +1.50%) and Utilities (+1.34%) rose over >1% to sit atop the primary sector leaderboard. The technology-centric Nasdaq eked out a +0.05% rise and continued its recent outperformance as hawkish interest rate expectations recede. Apple Inc rose +0.26% and Microsoft Corp +1.78%. Meta Platforms Inc gained +1.92% after the Facebook parent company announced another round of job cuts and further reduced its expense targets earlier this week The small capitalisation Russell 2000 lost -1.74%.
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