Morgans AM: Thursday, 25 May 2023

US equity markets retreated as concern about the impasse in the debt-ceiling talks continued to grow - Dow fell -256-points or -0.77%. The broader S&P500 lost -0.73%, with Real Estate (down -2.21%) leading ten of the eleven primary sectors lower. Financials (down -1.31%), Financials (-1.31%) and Industrials (-1.27%) all fell over >1%. Energy (up +1.04%) was the sole primary sector to advance for a second straight session. The Nasdaq eased -0.61%. The small capitalisation Russell 2000 lost -1.16%.