Morning Report 29 Aug 22: US sharemarkets slumped on Friday

The Fed chair suggested interest rates would be higher for longer. All 11 S&P 500 sectors were lower. At the close of trade, the Dow Jones index was lower by 1,008 points or 3.0%. The S&P 500 index fell by 3.4% and the Nasdaq index slumped by 497.6 points or 3.9%. Over the week the Dow fell 4.2%; the S&P 500 lost 4.0%; and the Nasdaq fell 4.4%.

Commonwealth Securities Limited ABN 60 067 254 399 AFLS 238814 (CommSec) is a wholly but non-guaranteed subsidiary of Commonwealth Bank of Australia  ABN 48 12 12 124 AFSL: 234945 (the Bank) and a  Market Participant of the ASX Limited and Cboe Australia Pty Limited, a Clearing Participant of ASX Clear Pty Limited and a Settlement Participant of ASX Settlement Pty Limited. Any advice contained in this broadcast is general advice only. As the information in this  broadcast has not been prepared with reference to your objectives, financial or taxation situation or needs, you should, before acting on it, consider its appropriateness to your circumstances and seek appropriate professional advice. CommSec, the Bank, and their related entities do not accept any liability arising out of or in relation to reliance on the information in this broadcast. We believe that the information in this broadcast is correct as at the time of its compilation, but no warranty is made as to its accuracy, reliability or completeness. This report is under copyright to CommSec and the Bank and may not be used without their prior consent.