US equity markets staged a comeback overnight as investors digested minutes from the March Federal Open Market Committee meeting, showing the central bank weighing a plan to reduce its bond holdings by $95 billion per month as it tries to stamp out surging inflation. The Dow rose +87.06 points or +0.30%. The broader S&P500 gained +0.4%, with Health Care (+1.85%), Energy (+1.36%), and Consumer Staples (+1.18%) leading the way. St. Louis Fed President James Bullard on Thursday dismissed talk of recession, saying that the U.S. expansion “is not ‘old’ and can continue for a long time.” Bullard has called for the Fed to raise interest rates swiftly to counter inflation, saying he wants to get the Fed’s benchmark interest rate above 3% this year. Shares in HP Inc. jumped +14.8% after Warren Buffett’s Berkshire Hathaway Inc. disclosed that it had taken an 11.4% (US$4.2bn) stake in the computer and printer maker. This follows a near US$20bn buying spree by Berkshire Hathaway recently. The Nasdaq also rose +0.1% helped by Tesla Inc (+1.2%) and Microsoft (+0.6%), while Twitter fell -5.4% The small capitalisation Russell 2000 was lower -0.35%.

Morgans AM: Friday, 8 April 2022

Money News

Money News | 047102023 Dianne Colledge, Private Client Advisor at Morgans

Morgans is Australia's largest national full-service retail stockbroking and wealth management network with more than 240,000 client accounts, 500 authorised representatives and 950 employees operating from offices across all states and territories in Australia.

Morgans AM: Friday, 8 April 2022

Morgans Financial Limited

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