Morgans AM: Friday, 4 August 2023

US equity markets retreated as longer dated Treasury yields climbed to nine month highs - Dow slipped -67-points or -0.19%, The broader S&P500 eased -0.25%, with Utilities (down -2.29%) and Real Estate (-1.35%) leading nine of the eleven primary sectors lower and dragging the index lower for a third straight session. PayPal Holdings Inc tumbled -12.32% Energy (up +0.95%) and Consumer Discretionary (+0.34%) were the only primary sectors to advance. The Nasdaq dipped -0.10%. Qualcomm Inc shed -8.18% The small capitalisation Russell 2000 eased -0.28%.