Morgans AM: Thursday 23 June 2022

Morgans Financial Limited

US equity markets logged modest losses, unwinding earlier gains in the final hour of trading as investors digested Federal Reserve Chair Jerome Powell’s latest congressional testimony - Dow eased -47-points or 0.15%. Dow Inc sank -4.75% to US$52.34 and its lowest levels since early 2021 after analysts at Credit Suisse cut their rating on the specialty chemicals company to “Underperform” (reducing the target price to US$49), citing concerns that the business could continue to struggle as supply chains normalise. The broader S&P500 slipped -0.13%, with Energy (down (-4.19%) leading seven of the eleven primary sectors lower. Real Estate (up +1.55%) and Health Care (+1.42%) were the best performing primary sectors. The Fed release its latest bank stress test results tonight AEST. The Nasdaq -0.15%. The small capitalisation Russell 2000 lost -0.22%.