Morgans AM: Friday, 22 September 2023

US equity markets fell sharply, with the S&P 500 and Nasdaq posting their lowest settlements since June as Treasury yields continued to climb in the wake of the hawkish pronouncements at the conclusion of Federal Reserve’s latest monetary policy meeting. Losses intensified following news that House Republican leaders sent the chamber into recess overnight, bolstering fears that federal lawmakers won’t pass a bill to avert a government shutdown. Market participants are concerned that a shutdown would hurt fourth-quarter GDP. Dow fell -370-points or -1.08% to 34,070.42, the lowest close for the 30-stock index since 10 July.