Morgans AM: Wednesday, 28 September 2022

Morgans Financial Limited

The Dow and S&P500 extended declines into a sixth consecutive session overnight - Dow fell -126-points or -0.43% to 29,134.99, a day after entering official bear market territory for the first time in more than two years (down over >20% from its record close on 4 January). The index briefly slid below <29,000 for the first time since 12 November, 2020 earlier in the session before recovering some ground, still logging its lowest close since that same date. The broader S&P500 eased -0.21% to 3,647.29, logging its lowest close since 30 November, 2020 and cementing its longest losing streak since February 2020. Consumer Discretionary (down -1.76%) and Utilities (-1.70%) both fell over >1.5% to lead seven of the eleven primary sectors. Energy sat atop of the primary sector leaderboard with a +1.16% gain. The Nasdaq added +0.25% and remains the only one of the three main indices that hasn’t fallen below its June lows (albeit all three benchmark indices are in official bear market territory). The small capitalisation Russell 2000 gained +0.40%.