Morgans AM: Wednesday, 16 February 2023

US equity markets retreated to five week lows and longer term Treasury yields hit their highest levels since October last year as strong retail sales figures stirred concerns that US interest rates could remain higher for longer - Dow fell -361-points or -1.02%, snapping a three session winning streak. The broader S&P500 fell -1.16% to 4,437.86, sliding below its 50-day moving average for the first time since 28 March (snapping a 96-day streak of closes above the 50-day, the index’s longest since a 102-session streak ended on 17 September, 2020) and logging its lowest close since 11 July. Energy (down -2.44%) led all eleven primary sectors lower. Financials (-1.91%), Utilities (-1.69%), and Materials (-1.65%) all fell over >1.5%. The technology-centric Nasdaq lost -1.14%. The small capitalisation Russell 2000 lost -1.29%.