US equity markets retreated following some weak consumer confidence data, and as oil prices climbed for a third day  - Dow down -491-points or -1.56%, The broader S&P500 shed -2.01%, with Consumer Discretionary (down -4.03%) and Information Technology (-3.01%) leading ten of the eleven primary sectors lower. Energy sat atop the primary sector leaderboard for a second consecutive session with a +2.70% gain.  Warren Buffett's Berkshire Hathaway Inc said it had acquired an additional 794,389 shares in Occidental Petroleum Corp (up +4.77%), lifting the conglomerate’s stake to ~16.4%. The Nasdaq dropped -2.98%. Qualcomm Inc (up +3.48%) bucked the weaker trend after a prominent analyst (Ming-Chi Kuo at TF International Securities) said Apple Inc (-2.98%) is likely to use the company’s 5G modems for its 2023 iPhones rather that relying on technology built in-house. All three benchmark indices booked their worst daily percentage declines since 16 June, according to Dow Jones Market Data. The small capitalisation Russell 2000 lost -0.49%.

Morgans AM: Wednesday, 29 June 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: Wednesday, 29 June 2022

Morgans Financial Limited

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