Morgans AM: Wednesday, 22 February 2023

Morgans Financial Limited

US equity markets resumed trading following the Presidents Day holiday and booked their worst single session declines since 15 December last year as a fresh rise in Treasury yields continued to pressure market sentiment - Dow fell -697-points or -2.06%, The broader S&P500 -2.00% to 3,997.34, falling for a third consecutive session and erasing all of February’s gains. The index also cut its 2023 gain in half (to +4.11%), falling more than >4.7% from its 2 February intra-session peak (4,195.44). Consumer Discretionary (down -3.34), Information Technology (-2.40%), Industrials (-2.29%), Communication Services (-2.29%) and Financials (-2.01%) all declined over >2% to lead all elven primary sectors lower. The Nasdaq shed -2.50%. Microsoft Corp (down -2.09%) said it will bring its Xbox PC games to Nvidia Corp’s cloud gaming service, after the chipmaker had reportedly expressed opposition to a major Microsoft gaming deal. Nvidia lost -3.43% ahead of the release of its quarterly result tonight. The small capitalisation Russell 2000 dropped -2.99%.