Morgans AM: Friday, 16 December 2022

Morgans Financial Limited

US equity markets tumbled as investors digested a wave of interest rate rises and hawkish commentary from global central banks - Dow fell -764-points or -2.25%, The broader S&P500 dropped -2.49%, with Communication Services (down -3.84%), Information Technology (-3.78%) and Materials (-3.02%) all down over >3% and leading all eleven primary sectors lower. Shoe Carnival Inc over >3.2% in after-hours trading after the shoe retailer said its board of directors approved a new US$50M share buyback program. The Nasdaq slumped -3.23%. Netflix Inc dropped -8.63% following a report in Digiday citing five agency executives that the streaming giant is falling short of ad-supported viewership guarantees made to advertisers and allowing advertisers to take their money back for ads that have yet to run. The small capitalisation Russell 2000 lost -2.52%.