US equity markets posted their steepest single session losses since 9 November – the first session after the US midterm elections - as social unrest from China’s prolonged COVID restrictions and some hawkish commentary from Federal Reserve speakers weighed on sentiment - Dow fell -498-points or -1.45%. UnitedHealth Group Inc edged ~0.5% lower in the extended session (after a -1.0% decline in the regular session) after the health-care and insurance company issued guidance ahead of its investor day tonight AEST, with some elements falling short of analysts’ expectations. The broader S&P500 -1.54%, with Real Estate (down -2.80%), Energy (-2.74%, with Exxon Mobil down -3.00%, Chevron Corp -2.91%, and Occidental Petroleum Corp -2.92%), Materials (-2.20%) and Information Technology (-2.13%) all fell over >2% to lead all eleven primary sectors lower. The Nasdaq -1.58%. Turmoil at Apple Inc’s (down -2.63%) key manufacturing hub of Zhengzhou is likely to result in a production shortfall of close to 6M iPhone Pro units this year, according to a person familiar with assembly operations, according to a Bloomberg report citing a person familiar with assembly operations. The small capitalisation Russell 2000 dropped -2.05%.

Morgans AM: Tuesday, 29 November 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: Tuesday, 29 November 2022

Morgans Financial Limited

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