Morgans AM: Thursday, 8 December 2022

Morgans Financial Limited

US equity markets retreated as an easing of some of China’s COVID curbs failed to lift broader sentiment - Dow settled flat. The broader S&P500 slipped -0.19%, extending losses into a fifth consecutive session and marking the indices longest losing streak since the six sessions of consecutive losses ended 12 October. Communication Services (down -0.93%) and Information Technology (-0.51%) fell over >0.5% to lead eight of the eleven primary sectors lower. The more defensive Health Care (up +0.85%), Consumer Staples (+0.38%) and Real Estate (+0.26%) were the only primary sectors to advance. The technology-centric Nasdaq fell -0.51%. Apple Inc fell -1.38%,with mobile industry bellwether Murata Manufacturing Co expecting the company to reduce production plans further for the iPhone 14 in the coming months because of weak demand. Murata expects this year’s drop in smart phone sales to keep going well into 2023. The small capitalisation Russell 2000 lost -0.31%.