Morgans AM: Friday, 28 July 2023

US equity markets retreated, with the Dow Jones Industrial Average snapping it longest winning streak since 20 January, 1987 as Treasury yields climbed following stronger-than-expected second quarter economic growth figures - Dow lost -237-points or -0.67% after rising for thirteen consecutive session. The broader S&P500 fell -0.64%, with Real Estate (down -2.12%), Utilities (-1.73%) and Financials (-1.29%) all falling over >1% to lead ten of the eleven primary sectors lower. Communication Services (up +0.85%) was the only primary sector to settle in positive territory. The Nasdaq eased -0.55%. Meta Platforms Inc rallied +4.40% The small capitalisation Russell 2000 lost -1.29%.