US equity markets fell sharply, more than erasing the bounce recorded the previous session following the Federal Reserve’s largest rate hike since 1994, as concerns about the economic outlook returned to centre stage - Dow dropped -741-points or -2.4% to 29,927.07, sliding below <30,000 for the first time since January 2021. Home Depot Inc (down -2.24%), Intel Corp (-3.39%), Walgreens Boots Alliance Inc (-2.60%), JPMorgan Chase & Co (-1.72%), 3M Co (-2.52%), and American Express Co (-5.96%) hit fresh 52-week lows The broader S&P500 shed -3.3% to 3,666.77, with the Energy sector (down -5.58%) leading the downside for a second straight session. Consumer Discretionary (down -4.76%) and Information Technology (-4.11%) both declined over >4%, with all eleven primary sectors closing in the red. Tesla Inc fell -8.54% after the electric vehicle maker hiked prices again on all its US models as it battles rising aluminium costs and the global supply chain crisis. The Dow and S&P 500 booked their lowest settlements since December 2020. The technology-centric Nasdaq slumped -4.1% to log its lowest close since September 2020. Amazon.com Inc (-3.72%), Apple Inc (-3.97%) and Netflix Inc (-3.75%) all sank nearly 4%. Tesla Chief Executive Officer Elon Musk held a question and answer session with Twitter Inc (down -1.66%) staff, pitching a vision of a one-billion-user platform (versus the current user base of ~229M) but providing no fresh updates on his US$44B deal. The small capitalisation Russell 2000 lost -4.70%.
